Ongold Resources increases financing to $9.3-million

Executive Summary

• Ongong Resources Ltd. upsized its previously announced bought‑deal private placement from ~ $7.7 M to $9.3 M in gross proceeds.
• The offering consists of 2,590,700 Ontario flow‑through (FT) shares at C$0.965, 3,374,300 Manitoba FT shares at C$1.095, and 3,970,600 hard‑dollar (HD) shares at C$0.68.
• Proceeds from the FT shares will be used for eligible Canadian exploration expenses in Ontario and Manitoba; HD proceeds are earmarked for working capital and general corporate purposes.

Key Details

• Total Gross Proceeds: $9,300,042 CAD.
• Ontario FT Shares: 2,590,700 shares @ C$0.965 each → $2,500,025.50 gross proceeds; qualify as flow‑through shares for Ontario exploration expenditures.
• Manitoba FT Shares: 3,374,300 shares @ C$1.095 each → $4,100,008.50 gross proceeds; qualify as flow‑through shares for Manitoba mining expenditures.
• Hard‑Dollar (HD) Shares: 3,970,600 shares @ C$0.68 each → $2,700,008 gross proceeds; to be used for working capital and general corporate purposes.
• Underwriters/Bookrunners: Paradigm Capital Inc. (lead underwriter & sole bookrunner), with Cormark Securities Inc. and Agentis Capital Partners as co‑underwriters.
• Use of Proceeds – FT Shares:
• Ontario FT proceeds to be applied to eligible exploration expenses in Ontario, qualifying as Ontario exploration expenditures per Subsection 103(4) of the Ontario Tax Act.
• Manitoba FT proceeds to be applied to eligible mining expenditures in Manitoba, qualifying under Subsection 11.7(1) of the Manitoba Income Tax Act.
• Use of Proceeds – HD Shares: Working capital and general corporate purposes.
• Regulatory Exemptions: Offered under the listed issuer financing exemption (NI 45‑106 Part 5A) to Canadian investors (excluding Quebec); also exempt from U.S. registration requirements for offshore resale.
• Closing Date: Expected on or about October 1, 2025, subject to regulatory approvals including TSX Venture Exchange consent.
• Documentation: Amended offering document available on SEDAR+ and the company website; investors urged to review before investing.

Notable Quotes

(No executive quotes were provided in the release.)