Centurion Closes Non-Brokered Private Placement
Centurion secures $1m funding to advance its Suriname gold project amid liquidity constraints.
Centurion Minerals Ltd. has closed a non-brokered private placement of 19,047,616 units, priced at $0.0525 per unit, which generated gross proceeds of approximately $1.0 million. Each unit consists of one common share and one common share purchase warrant. The warrants are exercisable at $0.10 per share for a period of three years from closing.
The company stated that the proceeds are allocated to ongoing exploration, working capital, and general corporate activities. The transaction includes a 4-month statutory hold period and a 12-month contractual hold period for subscribers. This release serves as a minor correction and closing confirmation of the fully subscribed $1.0 million placement announced on June 23, 2026.
Centurion Minerals Ltd. (CTN) has completed a routine follow-on financing, a move that follows a previously announced and fully subscribed offering. The transaction provides essential working capital but does not introduce new strategic developments or exploration results.
The $1.0 million injection addresses immediate liquidity needs but remains modest relative to the company's $1.42 million working capital deficiency and approximately $2.0 million in total liabilities. The deal involves the issuance of approximately 19.0 million new shares and warrants against approximately 33.8 million existing shares, representing approximately 36% immediate dilution.
The news aligns with prior expectations and does not alter the company's pre-revenue status or exploration timeline.
Centurion Minerals Ltd. (CTN) is a pre-revenue junior exploration company focused on precious minerals in the Americas. Its flagship asset is the Limestone Gold Project, a 3,548-hectare concession located in Suriname's Guiana Shield. The project holds a strategic position, situated less than 35 km west of Zijin Mining's producing Rosebel Gold Mine and 17 km west of the Saramacca Mine.
Centurion executed a six-year option agreement to earn a 100% interest in the project for a total consideration of $1.0 million, comprising $500,000 in cash and $500,000 in exploration expenditures over the six-year term. The project carries a 2% Net Smelter Return (NSR) royalty, with an option to purchase 1% NSR for $1.0 million.
Exploration activities are led by Dr. Dennis LaPoint, P.Geo., an independent qualified person with over 26 years of experience in Suriname who was previously involved in the discovery of Newmont's Merian mine. Recent efforts include a helicopter reconnaissance survey that identified extensive alluvial terrace systems and potential bedrock gold sources in the Toeboeka Hills.