Dryden Gold receives $4.4-million from warrant exercise

Executive Summary

• Dryden Gold Corp. reports that 14,681,130 warrants have been exercised to date, generating gross proceeds of $4,404,339.
• Significant warrant exercises by major shareholders EuroPac Gold Fund and Delbrook Capital Advisors have resulted in both entities becoming insiders, holding 5.94% and 11.33% of outstanding shares, respectively.
• The company holds a treasury of $8.8 million and plans to significantly expand its 2026 exploration program, with remaining warrants expiring on December 28, 2025.

Key Details

• Warrant Exercise Statistics:
  • Total warrants issued in connection with TSX Venture listing (effective Dec. 28, 2023): 38,489,148.
  • Warrants exercised to date: 14,681,130.
  • Gross proceeds from exercises: $4,404,339.
  • Exercise price: 30 cents per warrant.
  • Expiration date: December 28, 2025.
  • Total common shares outstanding post-exercise: 207,960,506.
• EuroPac Gold Fund Activity:
  • Previously held 5.05 million common shares.
  • Exercised 7.3 million warrants.
  • Total control/direction: 12.35 million shares (5.94% of current outstanding shares).
• Delbrook Capital Advisors Activity:
  • Previously managed funds controlling 16,723,935 shares.
  • Exercised 6,829,270 warrants.
  • Total control/direction: 23,553,205 shares (11.33% of current outstanding shares).
  • Board approved Delbrook Capital Advisors as an insider under applicable securities laws.
  • An early warning report (Form 62-103F3) will be filed with SEDAR+.
• Financial Position & Strategy:
  • Current treasury: $8.8 million.
  • Strategic plan: Significantly expand the 2026 exploration program.
  • Potential for additional warrant exercises before expiration to further enhance treasury.
• Advisors:
  • Bunt Capital Corp. acted as a strategic adviser to the company regarding the warrant exercise.

Notable Quotes

• Trey Wasser, CEO: "We are pleased to see the continued support from two of our largest shareholders. With a current treasury of $8.8-million, we will be significantly expanding our 2026 exploration program. With the warrants expiring Dec. 28, it is possible that additional warrants may be exercised, which would further enhance our treasury. Again, I would like to thank our entire team and our loyal shareholders for a very successful year."