White Gold Corp. Announces Completion of First Tranches of Fully Subscribed $10M W2 Critical Minerals Corp. Subscription Receipt Financing
White Gold secures $1m in financing from Agnico Eagle as the spin-out company proceeds with its gold drilling program.
White Gold Corp. announced that its wholly-owned subsidiary, W2 Critical Minerals Corp., has closed the first and second tranches of a non-brokered private placement offering for gross proceeds of up to $10 million. The first tranche involved the issuance of 23,055,000 Subscription Receipts at $0.25 each, generating $5,763,750 in gross proceeds. The second tranche consisted of 4,000,000 Subscription Receipts issued to Agnico Eagle Mines Limited at $0.25 each, generating $1,000,000 in gross proceeds. The balance of the $10 million offering is fully subscribed and will close in due course.
Proceeds from the offering are held in escrow with Marrelli Trust Company and will convert into one common share of W2 upon satisfaction of escrow release conditions. Finder’s fees for the first tranche include a $402,588 cash fee and 1,610,350 warrants exercisable at $0.25/share for 24 months. No finder’s fees or warrants were issued for the second tranche. A third tranche of 12,945,000 Subscription Receipts for $3,236,250 is anticipated shortly prior to the Spin-Out completion.
Agnico Eagle entered into an Investor Rights Agreement effective upon completion of the Arrangement. Under the agreement, Agnico Eagle gains the right to nominate one director, or two if the board expands to eight or more members. Agnico Eagle retains top-up rights to participate in equity offerings or increase holdings to maintain unaffected ownership or increase to 19.99%. The agreement terminates if Agnico Eagle’s ownership falls below 5%.
White Gold shareholders will receive pro rata W2 Shares upon satisfaction of all conditions. Shareholders must hold White Gold common shares until the record date. Regulatory context notes that participation by insiders, including Agnico Eagle, was treated as a related party transaction under MI 61-101, with exemptions from formal valuation and minority shareholder approval. Securities are subject to a statutory fourth month and one day hold period.
White Gold Corp. (WGO) has confirmed that the closure of the first two tranches of its capital raise is proceeding on schedule, marking an expected incremental milestone in the spin-out process. This development follows the August 28, 2026 announcement in which the financing was upsized from $5 million to $10 million. The confirmation that the raise is on track de-risks the timeline for the completion of the W2 spin-out.
Agnico Eagle’s $1 million investment and board nomination rights serve as a validation of the critical mineral portfolio's potential. However, Agnico was already identified as a strategic partner in May 2026 news, meaning this is not a first-time strategic investment. The terms of the deal, including subscription receipts at $0.25, an escrow hold, and top-up rights, are standard for this type of corporate restructuring and financing.
The financing proceeds are designated for the exploration and advancement of critical mineral assets, general corporate purposes, and working capital for W2. This update does not introduce new metallurgical data, updated PEA metrics, or new drill intercepts, serving purely as a corporate action and financing update.
White Gold Corp. is a Yukon-based exploration and development company focused on a district-scale land package of over 300,000 hectares. The company is executing a strategic spin-out of its non-gold critical mineral assets, including copper, molybdenum, tungsten, antimony, zinc, and bismuth, into a standalone entity, W2 Critical Minerals Corp.
The company’s flagship White Gold Project hosts four near-surface gold deposits: Golden Saddle, Arc, Ryan's Surprise, and VG. A maiden Preliminary Economic Assessment (PEA) filed in September 2026 outlines a 9.4-year open pit operation with an average production of 188,000 oz/yr. Base case economics at US$3,600/oz gold yield a C$1.86B after-tax NPV(5%) and a 41% after-tax IRR, with a rapid 1.5-year payback period. Life-of-mine AISC is projected at US$1,480/oz.
The PEA incorporates only ~60% of the current mineral resource, leaving significant upside for resource conversion, underground mining potential at Golden Saddle, and district exploration.