Financings Routine +

Zodiac Gold Announces Closing of Upsized Non-Brokered Private Placement for Gross Proceeds of C$5.6 Million

Zodiac Gold secured c$5.6m to fund an aggressive drilling campaign at its Todi project as part of a district-scale exploration push.

By The Northwire Desk — AI Analysis Jun 23, 2026 · 08:01 ZAU · 0.33 Zodiac Gold Inc.

Executive Summary

Zodiac Gold closed an oversubscribed non-brokered private placement of 16,000,000 units at C$0.35 per unit, raising C$5.6 million in gross proceeds.
Net proceeds will be allocated to expand the drill program at the Todi Gold Project, advance exploration across the company's license package, and fund working capital.
Each unit includes one common share and a half-warrant exercisable at C$0.54 for 24 months, featuring an acceleration clause if the 30-day VWAP exceeds C$0.65 after four months.
The offering was incrementally upsized from an initial C$4.025 million announcement on June 4, to C$5.0 million on June 9, and finally to C$5.6 million on June 17.
Insider participation was noted, and the company now holds approximately C$9 million in treasury, providing substantial financial flexibility.

Material Impact

The closing of this financing is a routine follow-up to the series of announcements made throughout June 2026. It fulfills the company's stated need to fund its 14,000m drilling program and working capital.
The financing is dilutive but necessary to maintain exploration momentum. It does not introduce new strategic shifts, partnerships, or material changes to the geological model.
The market had already priced in the need for capital given the company's negative equity and high cash burn. The oversubscription indicates baseline shareholder confidence, but the incremental nature of the closing means it is not market-moving.
Impact is Routine - Positive as it extends the cash runway without altering the fundamental exploration thesis or valuation drivers.

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Company Overview

Zodiac Gold Inc. is a West African gold and iron ore explorer focused on the Todi Gold Project in Liberia.
The company holds a 2,316 km² land package, including a 418 km² flagship area and two exploration licenses.
The project is situated near existing infrastructure and operating mines, including MNG's New Liberty Gold Mine.
Key targets include the Arthington discovery and the Ben Ben target, which are part of a 16km gold-in-soil corridor along the Todi Shear Zone.
The company is executing a 14,000m diamond drilling program and a 3,600m trenching program to define a district-scale gold system.

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