Onyx Gold arranges $5.58-million private placement

Executive Summary

• Onyx Gold Corp. upsized its previously announced $15 M bought‑deal private placement to a total of $18 M and added a concurrent $5.6 M non‑brokered flow‑through share offering, targeting aggregate gross proceeds of approximately $23.6 M (up to $25.6 M if the underwriters’ option is fully exercised).
• The brokered portion consists of 4.74 M FT shares at $2.11 and 5.3324 M HD shares at $1.50, with an underwriter option for up to an additional $2 M of securities.
• Proceeds will be used for eligible Canadian exploration expenses in Ontario (FT shares) and general exploration/corporate purposes (HD shares); the non‑brokered FT shares carry a four‑month hold period.

Key Details

• Brokered Private Placement (bought‑deal):
• 4.74 M flow‑through (FT) common shares @ $2.11 per share → $10,001,400 gross proceeds.
• 5,332,400 hard‑dollar (HD) common shares @ $1.50 per share → $7,998,600 gross proceeds.
• Total brokered proceeds: $18 M.
• Underwriters’ Option: Up to an additional $2 M of FT and/or HD shares may be issued upon notice up to 48 hours before closing, on the same terms as the original offering.
• Non‑Brokered Private Placement (NB):
• 2.3 M flow‑through common shares @ $2.43 per share → $5,589,000 gross proceeds.
• No finders’ fees; shares subject to a four‑month + one day hold period.
• Aggregate Expected Proceeds: Approximately $23.6 M, potentially $25.6 M if the full underwriter option is exercised.
• Use of Proceeds – FT Shares (both brokered & NB):
• To incur eligible Canadian exploration expenses qualifying as flow‑through mining expenditures for Ontario projects, with renunciation to subscribers effective Dec 31 2025.
• Indemnification provision if CRA reduces qualifying expenditures or renunciation fails.
• Use of Proceeds – HD Shares: Exploration of mineral properties and general corporate purposes.
• Closing Dates: Expected on or about Oct 2 2025 for the brokered offering; NB placement to close on its respective closing date, subject to TSX‑V conditional approval and other regulatory approvals.
• Regulatory Framework: Offerings rely on NI 45‑106 listed issuer financing exemption; FT shares not subject to a hold period, while NB FT shares are.

Notable Quotes

(No executive quotes were provided in the release.)