Onyx Arranges $15 Million Bought Deal Financing
Executive Summary
- Onyx Gold Corp. announced a bought‑deal private placement raising approximately $15 million in gross proceeds.
- The offering consists of 4,740,000 flow‑through (FT) shares at $2.11 each and 3,333,500 non‑flow‑through (HD) shares at $1.50 each, with an underwriter option to increase the size by up to $2 million.
- Proceeds will be used for eligible Canadian exploration expenses on Ontario projects (FT portion) and for general exploration and corporate purposes (HD portion).
Key Details
- Securities Offered
- FT Shares: 4,740,000 common shares, $2.11 per share → $10,001,400 gross proceeds.
- HD Shares: 3,333,500 common shares, $1.50 per share → $5,000,250 gross proceeds.
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Total aggregate gross proceeds: $15,001,650.
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Underwriter Option
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Underwriters may increase the offering by up to $2 million on the same terms, exercisable up to 48 hours before closing.
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Use of Proceeds
- FT Shares: Funds will be applied to eligible “Canadian exploration expenses” that qualify as flow‑through mining expenditures for Ontario projects, with renunciation of those expenses to shareholders by Dec 31 2025 (subject to CRA approval).
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HD Shares: Net proceeds earmarked for exploration of mineral properties and general corporate purposes.
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Closing Timeline
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Expected closing date on or about Oct 2 2025, subject to regulatory approvals, including conditional TSX Venture Exchange approval.
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Offering Structure & Exemptions
- Conducted under National Instrument 45‑106 – Prospectus Exemptions (Listed Issuer Financing Exemption).
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Shares offered to Canadian residents and other qualifying jurisdictions; no hold period required.
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Bookrunners / Underwriters
- Sole bookrunner: Cormark Securities Inc.
- Co‑lead underwriters: Canaccord Genuity Corp. (part of the underwriting syndicate).
Notable Quotes
“This financing provides us with the capital needed to advance our high‑potential Ontario projects while delivering tax‑efficient flow‑through benefits to investors,” – Brock Colterjohn, President & CEO.