Onyx Announces Closing of Brokered Financing for $20 Million

Executive Summary

• Onyx Gold Corp. closed a bought‑deal private placement raising $19,999,999.50 through the sale of 4,740,000 flow‑through shares at $2.11 and 6,665,733 non‑flow‑through shares at $1.50.
• Underwriters exercised their full option, adding an extra 1,333,333 HD Shares for an additional $1,999,999.50, bringing total gross proceeds to ~$20 M.
• Proceeds will be used for eligible Canadian exploration expenses (FT shares) and general exploration/corporate purposes (HD shares); a separate non‑brokered private placement targeting ~​$5.6 M is also pending closure.

Key Details

• Offering Structure:
• FT Shares: 4,740,000 units @ $2.11 = $10,001,400 gross.
• HD Shares: 6,665,733 units @ $1.50 = $9,998,599.50 gross.
• Option Exercise: Underwriters exercised the full $2 M option, issuing an additional 1,333,333 HD Shares for $1,999,999.50.
• Underwriter Compensation: Cash commission of 6% of gross proceeds = $1,199,999.97.
• Use of Proceeds – FT Shares: To incur eligible Canadian exploration expenses (flow‑through mining expenditures) on Ontario projects and to renounce those expenses to subscribers by 31 Dec 2025; indemnification provision if CRA reduces qualifying expenditures.
• Use of Proceeds – HD Shares: General exploration of mineral properties and corporate purposes.
• Non‑Brokered Private Placement (pending):
• 2,300,000 FT shares @ $2.43 = $5,589,000 gross (target ~​$5.6 M).
• Expected to close in the coming weeks; previously announced on 17 Sept 2025.
• Syndicate Lead Managers: Cormark Securities Inc. and Canaccord Genuity Corp.

Notable Quotes

• “We are pleased to announce the successful closing of our bought‑deal private placement, which provides significant capital to advance our exploration programs in Ontario and Yukon.” – Brock Colterjohn, President & CEO

Materiality Assessment: Material – Positive (substantial financing that materially enhances the company’s balance sheet and funding for exploration activities).