Canoe Mining Ventures Announces Strategic Business Combination with Longview Gold and Subscription Receipt Financing

Canoe Mining Ventures Corp. announced on July 29, 2026, a definitive business combination with Longview Gold Corp. that constitutes a Reverse Takeover (RTO). The resulting entity will be named Longview Gold Corp. and continue under British Columbia law. The transaction involves a 3.32:1 share consolidation of Canoe shares, after which Longview shareholders will receive approximately 49.655 million post‑consolidation shares. Metalla Royalty & Streaming Ltd. will receive shares equal to 19.9% of the post‑transaction outstanding shares (after the financing) plus share purchase warrants exercisable at twice the subscription receipt price.

Concurrently, Canoe is conducting a private placement of subscription receipts at $0.115 each, targeting a minimum of C$6.2 million. Each receipt converts into a unit with one pre‑consolidation Canoe share and one‑half warrant (full warrant exercisable at $0.18 for three years). Proceeds will fund exploration at the Red Hill Project in Nevada and general working capital.

The Red Hill Project is a large sediment‑hosted gold exploration property on the Cortez Trend, ~24 km from the Cortez district centre. Longview holds an option to earn 100% by spending US$7 million in exploration and US$4 million in cash payments over seven years, plus a US$1 million milestone payment upon delineating >1 moz gold‑equivalent resource. A 3% Gross Overriding Royalty is payable to Metalla upon earn‑in completion, and a 2% Net Profits Royalty to Barrick Gold on 817 claims. New management will come from Longview (CEO Gary Thompson, CFO Kevin Chen), and the board will combine directors from both companies. The transaction requires TSXV approval, shareholder votes (expected early‑September), and completion of the minimum financing.

Canoe Mining Ventures Corp. (CLV) has completed a reverse takeover that transforms the company from a micro-cap shell with two modest Ontario exploration properties, no revenue, and a cash balance of $648k as of March 2026, into an entity holding a large, district-scale gold project. The combination with Longview Gold places Canoe on one of the world’s premier gold trends, bringing a seasoned management team and an immediate financing of at least C$6.2M. The Red Hill Project, an early-stage earn-in, is located on the Cortez Trend, a position that materially elevates the company’s potential. Additionally, Metalla Royalty, a streaming company, has become a 19.9% strategic shareholder.

Existing Canoe shareholders will hold roughly 15% of the post-closing entity before accounting for the financing. The financing price was $0.115, a modest discount to the last traded price of $0.12, and the accompanying warrants provide additional upside if the story gains traction. The transaction exceeds prior expectations for Canoe and materially alters the company’s market cap, risk profile, and strategic direction.

Canoe Mining Ventures Corp. (CLV) is an exploration-stage company listed on the TSX Venture Exchange. Prior to the reverse takeover, its primary assets were the Butt Property, comprising 87 claims in Ontario, and the Kerrs Gold Property, which included 12 leased claims plus 79 cells in Ontario. Both properties had seen minimal work and held zero resources. The company had no revenue and was reviewing new project acquisitions.

Following the RTO, the company’s flagship asset is the Red Hill Project in Eureka County, Nevada, a sediment-hosted gold exploration property located on the Cortez Trend. The project is held under an earn-in option that requires US$7 million in exploration and US$4 million in cash over seven years. A US$1 million milestone payment is triggered upon reaching a 1 moz gold-equivalent resource. The property carries a 3% GOR to Metalla and a 2% NPR to Barrick on a portion of the claims.