Soma Gold closes $1.73M final tranche of placement

Executive Summary

• Soma Gold Corp. completed the second and final tranche of its non‑brokered private placement, raising a total of approximately $17.25 million across both tranches.
• The company issued 1,508,260 units at $1.15 per unit, generating $1.7345 million in gross proceeds for the second tranche.
• Proceeds will fund mill expansion, ore‑sorting infrastructure, accelerated exploration and development of the Nechi mine, and general working capital.

Key Details

• Total units issued to date: 14,997,826 units (both tranches).
• Aggregate gross proceeds from both tranches: ~$17.25 million.
• Unit composition: 1 common share + ½ common‑share purchase warrant.
• Warrant terms: Exercise price $2 per share, exercisable for 36 months; accelerated exercise if TSX Venture price > $3 for 30 days (warrants expire 30 days after such period unless exercised).
• Second tranche pricing: $1.15 per unit; gross proceeds ~$1,734,500.
• Cash commissions paid on second tranche: $104,070.
• Finder’s warrants issued in connection with the second tranche: 90,496 warrants, each for 1 common share at $2 exercise price, exercisable for 36 months.
• Use of proceeds:
• Continuing mill expansion efforts.
• Installation of ore‑sorting infrastructure.
• Accelerated exploration and development of the Nechi mine.
• General working capital needs.
• Offering remains subject to final approval by the TSX Venture Exchange.

Notable Quotes

“We are extremely pleased to have successfully closed this oversubscribed financing. The strong demand we received, including participation from strategic investors, gives us the flexibility to aggressively advance our growth plans while continuing to build long‑term value for shareholders,” – Geoff Hampson, CEO, Soma Gold Corp.