Lahontan Gold increases placement to $13.9-million

Executive Summary

• Lahontan Gold Corp. has upsized its non-brokered private placement to up to 33,902,439 units at $0.41 per unit, raising gross proceeds of up to $13.9 million, driven by strong investor demand.
• Each unit consists of one common share and one-half of one common share purchase warrant, with warrants exercisable at $0.60 per share for two years, subject to an acceleration clause if the share price exceeds $1.00 for 10 consecutive days.
• Proceeds will be utilized for general working capital and exploration activities at the Santa Fe mine and West Santa Fe projects in Nevada.

Key Details

• Transaction Structure: Upsized non-brokered private placement.
• Units Offered: Up to 33,902,439 units.
• Price Per Unit: $0.41 CAD.
• Gross Proceeds: Up to $13.9 million CAD.
• Warrant Terms:
  • Each unit includes one-half of one whole common share purchase warrant.
  • Exercise Price: $0.60 per common share.
  • Term: Two years from the date of issuance.
  • Acceleration Clause: If the common shares trade at or above $1.00 for 10 consecutive trading days (starting 4 months and 1 day after issuance), the company may accelerate the warrant expiration to 30 business days following the announcement of the reduced term.
• Use of Proceeds: General working capital and exploration at the Santa Fe mine and West Santa Fe projects.
• Hold Period: Four months plus one day from the date of issuance for all securities issued, subject to applicable securities legislation.
• Regulatory Conditions: Closing is subject to regulatory approvals, including TSX Venture Exchange approval.
• Company Context: Lahontan Gold holds four gold and silver exploration properties in Nevada, with the flagship Santa Fe mine project having an indicated resource of 1,539,000 oz AuEq and an inferred resource of 411,000 oz AuEq.

Notable Quotes

• Kimberly Ann, Executive Chair, CEO, President and Founder: "Lahontan Gold is very pleased with the overwhelming support for this equity financing from existing shareholders, institutional investors and new individual investors who clearly see and understand our path forward with the Santa Fe mine and West Santa Fe projects in mining-friendly Nevada. We continue to aggressively pursue mine operating permits and new stepout drilling at Santa Fe, while preparing for additional drilling at our exciting West Santa Fe project. Two thousand twenty-six promises to be a transformative year for Lahontan and we look forward to continued success at all our projects."