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Tiger Gold Corp. Announces Upsize of Offering Special Warrants to $18,000,000

Tiger Gold Upsizes Financing Amidst Dilution Concerns as Exploration Momentum Continues

By The Northwire Desk — AI Analysis May 20, 2026 · 20:47 TIGR · 0.79 Tiger Gold Corp.

Executive Summary

Financing Upsize: Tiger Gold Corp. increased its special warrant offering from C$15 million to C$18 million on May 20, 2026.
Offering Terms: Priced at C$0.82 per Special Warrant; closing expected June 10, 2026.
Use of Proceeds: Funds designated to accelerate drilling at the Ceibal target with a goal to complete a Maiden Resource estimate by end of 2026.
Warrant Structure: Each unit upon exercise consists of one common share and one-half warrant; warrants exercisable at C$1.20 for 36 months post-closing.
Agent Commission: SCP Resource Finance LP acting as lead agent with standard junior mining financing fees (6% cash + 2% compensation warrants).
Over-Allotment: Agents have option to sell additional warrants for up to C$5 million in gross proceeds.

Material Impact

Dilution Impact: The upsizing from $15M to $18M increases the equity dilution burden on existing shareholders. While demand appears strong enough to support an upsizing, the immediate market reaction was negative (price dropped from C$0.88 to C$0.79).
Strategic Alignment: The capital raise directly supports the stated goal of a Maiden Resource at Ceibal by year-end 2026, aligning with previous drilling results that showed broad mineralization (e.g., CEDDH-009: 226m @ 0.6 g/t Au).
Market Sentiment: The stock price decline suggests investors are prioritizing the immediate dilution cost over the long-term exploration potential, or view the warrant terms (C$1.20 exercise vs C$0.79 share price) as insufficient upside to offset the offering size.
Routine Nature: This follows a previously announced financing on May 19, making it an incremental update rather than a new strategic pivot. It is classified as routine capital formation for a junior explorer in the pre-resource definition phase.

TIGR · Price

Company Overview

Project: Quinchía Gold Project in Colombia's Mid-Cauca gold belt.
Flagship Assets:
- Tesorito Deposit: Inferred resource of 104 Mt @ 0.47 g/t Au (1.57 Moz). Recent drilling has identified potential feeder zones and extensions below the conceptual pit shell.
- Miraflores Deposit: Measured + Indicated resource of 6.1 Mt @ 2.62 g/t Au (0.51 Moz). High-grade underground target.
- Ceibal Target: High-priority exploration target with recent step-out results showing broad mineralization (e.g., 226m @ 0.6 g/t Au). Goal is Maiden Resource by end of 2026.
PEA Economics: Preliminary Economic Assessment shows post-tax NPV (5%) of US$534 million at $2,650/oz Au with an IRR of 21.3%.

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