American Eagle closes $23.04-million private placement

Executive Summary

• American Eagle Gold Corp. has closed a $23.04 million non-brokered private placement of 19.2 million flow-through shares at $1.20 per share, securing a ~9.9% strategic equity stake from Eric Sprott.
• A concurrent private placement with existing strategic investors Teck Resources and South32 is expected to close around April 9, 2026, adding $10.92 million in gross proceeds while maintaining their respective 12.9% and 19.9% ownership interests.
• Total proceeds will be deployed to expand drilling at the NAK copper-gold project in British Columbia, leaving the company with over $55 million in cash to fully finance substantial exploration programs through 2027.

Key Details

• Closed Tranche: 19.2 million FT shares issued at $1.20/share for $23.04 million gross proceeds.
• Eric Sprott Investment: Acquired ~9.9% equity interest via 2176423 Ontario Ltd. at a back-end price of $0.77/share.
• Concurrent Offering: 9,650,550 FT shares at $1.1319/share for $10,923,458 gross proceeds, expected to close ~April 9, 2026.
• Strategic Investor Terms: Teck Resources will acquire 3,797,058 shares at $0.77 back-end to maintain 12.9% interest; South32 subsidiary will acquire 5,853,492 shares at $0.77 back-end to maintain 19.9% interest.
• Use of Proceeds: Fund comprehensive testing of the NAK project thesis, build on 2024/2025 drill program successes, and finance substantial drill program expansions in 2026 and 2027.
• Cash Position: Over $55 million in cash on the balance sheet post-closing.
• Finders' Fees: $147,840 aggregate paid to finders.
• Hold Period: 4-month hold period on all issued securities, expiring July 21, 2026.
• Share Count: 192,621,487 common shares issued and outstanding following completion.
• Warrants: None included in either the closed or concurrent offerings.
• Flow-Through Tax Terms: Gross proceeds will fund eligible Canadian exploration expenses, renounced to purchasers no later than Dec 31, 2026, with qualifying expenditures incurred on or before Dec 31, 2027. Company indemnifies purchasers for tax shortfalls if renunciation fails.
• NAK Project Status: Located in the Babine copper-gold porphyry district, BC. Historical drilling identified a 1.5km x 1.5km near-surface system. 2025 program completed 31,500m of drilling to expand the mineral footprint; assays are currently being received.