Labrador Gold Closes $2.1 Million First Tranche of Non-Brokered Private Placement and Announces Appointment of Raymond D. Harari as Director

Labrador Gold Corp. completed the first tranche of its upsized non-brokered private placement on October 19, 2026. The company raised $2,133,790.45 at a price of $0.05 per share. The offering was increased from a maximum of $4,000,000 to $7,000,000 following strong investor interest.

Matachewan Consolidated Mines and McChip Resources acted as lead investors, subscribing for 42,675,809 flow-through shares. Raymond D. Harari was appointed as a director following the closing. The final tranche is expected to close on or about October 23, 2026, with lead investors targeting a combined holding of up to 19.99% of issued shares. Four insiders intend to subscribe for an additional 11,700,000 shares for $585,000 upon final closing.

Proceeds are designated for eligible Canadian exploration expenses for the flow-through shares and for general corporate and exploration purposes for the non-flow-through shares. Securities carry a one-year contractual lock-up for lead investors and a statutory four-month hold period.

Matachewan Consolidated Mines, Limited (MCM) completed a financing that had been fully anticipated, following its initial announcement on September 17, 2026, and subsequent upsizing on October 13, 2026. The transaction was executed at an issue price of $0.05, representing an approximate 84% discount to the recent market price of $0.32. This pricing structure indicates that strategic capital was secured only at a significant dilution cost.

As part of the transaction, Raymond D. Harari was appointed as a director, a governance update that aligns with the previously announced investor rights agreement. The capital raise secures necessary working capital for exploration; however, the issuance of up to 140,000,000 total shares will dilute existing shareholders. The news does not introduce new operational milestones, resource estimates, or strategic partnerships.

Labrador Gold Corp. is a mineral exploration company focused on Canadian properties. Specific flagship project details, property locations, and exploration status are not provided in the source materials. Management references prior success with the "Kingsway property" and a sale to New Found Gold, indicating experience in grassroots exploration and corporate transactions.