GFG Closes Upsized Financing of $8.1 Million
GFG secured C$8.1 million to advance its Timmins gold exploration program.
GFG Resources Inc. has closed a best-efforts private placement that raised aggregate gross proceeds of C$8.1 million, an increase from the previously announced target of C$7.0 million. The financing structure comprised hard dollar units priced at C$0.19, flow-through shares at C$0.22, and premium flow-through units at C$0.266. Alamos Gold Inc. participated in the offering to maintain its approximate 10.8% ownership interest on a non-diluted basis.
Paradigm Capital Inc. served as the sole agent and bookrunner for the transaction, receiving a 6.0% cash commission. The company intends to use the capital to advance an aggressive exploration program at the Aljo gold system, expand the Nahanni discovery, and test targets at Goldarm. The proceeds are designated for Canadian exploration expenses, specifically flow-through mining expenditures, as well as general corporate and working capital purposes. Warrants issued as part of the offering are exercisable at C$0.285 per share and expire on October 23, 2028.
GFG Resources Inc. (GFG) announced the closing of a financing transaction on October 1, 2026, upsizing the previously disclosed deal from C$7.0 million to C$8.1 million. The increase reflects stronger-than-expected investor demand. Alamos Gold participated in the round to maintain its stake.
The capital infusion funds the company’s stated 2026 exploration plan. This includes a 6,000-meter drill program at Aljo and regional sonic and diamond drilling across Goldarm. The transaction does not introduce new strategic shifts or material changes to the company's trajectory.
GFG Resources Inc. is a gold exploration company focused on properties in the Timmins Gold District, Ontario, Canada. The company’s flagship asset is the 100%-owned Goldarm Property, which covers approximately 263 km² and hosts multiple targets, including the brownfield Aljo project and greenfield targets such as Nahanni, Hawker, and Carr.
Additionally, GFG Resources holds the Pen Gold Project, located along the Porcupine-Destor Deformation Zone, which is currently under an earn-in agreement with Barrick Gold. The company also owns the Dore Gold Project, a greenfield property positioned between the Cote Gold Mine and Borden Gold Mine. The company is in the exploration stage with no production, revenue, or formal mineral resources/reserves disclosed.