Fox Tungsten arranges $11.08-million private placement

Executive Summary

• Fox Tungsten Ltd. announced a bought deal private placement raising aggregate gross proceeds of C$11,086,500 through the issuance of hard-dollar units and charity flow-through units.
• The offering includes an over-allotment option allowing the underwriters to purchase up to an additional $1.65 million in securities.
• Net proceeds are designated for advancing the Fox tungsten project exploration, other exploration activities, and general corporate working capital.

Key Details

• Total Gross Proceeds: C$11,086,500.
• Underwriters: Stifel Nicolaus Canada Inc. (co-lead), PowerOne Capital Markets Ltd. (co-lead), and sole bookrunner.
• Securities Issued:
  • Hard-Dollar Units: 6.1 million units at a price of 16.5 cents per unit.
  • Charity Flow-Through Units: 42 million units at a price of 24 cents per unit.
• Over-Allotment Option: The underwriters have an option to sell up to an additional $1.65 million of offered securities on the same terms, exercisable until closing.
• Unit Composition:
  • Each hard-dollar unit consists of one common share and one-half of one common share purchase warrant.
  • Each charity flow-through unit consists of one share and one-half of one warrant, qualifying as a flow-through share under the Income Tax Act (Canada).
• Warrant Terms: Each warrant entitles the holder to purchase one share at an exercise price of 22 cents for a period of 36 months following the completion of the offering.
• Closing Date: Expected on or about April 23, 2026, subject to regulatory approvals (TSX Venture Exchange and securities regulatory authorities).
• Use of Proceeds (Hard-Dollar Units): Advancing exploration of the Fox tungsten project, other exploration projects, and working capital/general corporate purposes.
• Use of Proceeds (Charity Flow-Through Units): Incurrence of eligible Canadian exploration expenses qualifying as flow-through critical mineral mining expenditures (and British Columbia flow-through mining expenditures for eligible BC purchasers) in connection with the British Columbia project.
• Renunciation Timeline: Qualifying expenditures will be incurred on or before December 31, 2027, with renunciation in favor of subscribers effective no later than December 31, 2026.
• Regulatory Status: Private placement exempt from prospectus requirements under applicable Canadian securities laws.

Notable Quotes

• No direct quotes from management were included in the provided text.