Canoe Mining Ventures Corp. Closes Second and Final Tranche of Subscription Receipt Financing for Total Gross Proceeds of C$9.59 Million
Canoe Mining Ventures Corp. has closed the second and final tranche of its non-brokered private placement of subscription receipts, raising C$503,397.78. This completion brings the total gross proceeds from the concurrent financing, which includes the first tranche, to C$9,590,137.27. These funds exceed the C$6.2 million minimum required for the company’s pending business combination with Longview Gold Corp. The net proceeds are designated for exploration at the Red Hill Project, transaction costs, and working capital.
The second tranche involved the issuance of 4,377,372 Subscription Receipts at C$0.115 per receipt. In total, the company has issued 83,392,498 Subscription Receipts for aggregate gross proceeds of C$9,590,137.27, with the first tranche comprising 79,015,126 receipts for C$9,086,739.49. The financing is conducted in connection with the business combination with Longview Gold Corp. pursuant to an agreement dated July 24, 2026.
Under the terms of the offering, Subscription Receipts convert automatically into one Unit upon satisfaction of Release Conditions. Each Unit consists of one pre-Consolidation common share and one-half of one common share purchase warrant. Each whole warrant is exercisable to acquire one pre-Consolidation share at C$0.18 for 36 months from closing. These terms are subject to adjustment for a 3.32-for-one share consolidation. Proceeds from the financing are held in escrow with Marrelli Trust Company Limited pending the satisfaction of conditions precedent to the Transaction, including approval from the TSX Venture Exchange.
In connection with the second tranche, 18,000 broker warrants were issued, bringing the total broker warrants issuable to 3,916,610. These warrants are exercisable at C$0.115 for two years from closing. All securities are subject to a statutory hold period expiring on February 21, 2027. Additionally, the company’s annual and special meeting, originally scheduled for November 10, 2026, has been rescheduled to November 23, 2026, to approve the share consolidation and transaction.