1911 GOLD CLOSES $35,650,000 BOUGHT DEAL FINANCING
1911 raised $35.65 million at $0.64 per share to fund the 2027 restart of its project amid ongoing scrutiny of its preliminary economic assessment.
1911 Gold Corporation has closed a $35,650,000 bought deal financing, including the full exercise of the underwriters' over-allotment option. The transaction follows the June 2026 announcement of a $31 million offering, which was upsized upon closing.
Gross proceeds total $35.65 million, structured across three tranches: Standard Units at $0.64, Canadian Development Expense (CDE) Units at $0.793, and Canadian Exploration Expense (CEE) Units at $0.752. Each unit includes one common share and one-half of a common share purchase warrant, exercisable at $1.00 per share until July 29, 2028.
Proceeds are designated for ongoing exploration and development of the True North Gold Project, technical studies, and working capital.
1911 Gold Corporation (AUMB) has closed a financing that serves as an expected, incremental follow-up to its June 2026 capital raise announcements. The transaction brings in $35.65 million, significantly bolstering the company's liquidity. Prior-period context from Q1 2026 showed cash of $25.4 million and a net loss of $10.66 million. The new capital brings total cash reserves to approximately $61 million, providing a clear runway to execute the planned 2027 mine restart and complete technical studies.
The issuance of approximately 47 million units increases the share count by roughly 15%. This dilution is material but standard for a pre-revenue developer. The offering price of $0.64 aligns with recent market trading, indicating fair market execution without significant discounting pressure.
Regulatory overhang remains, as a July 2, 2026 clarification retracted misleading statements from the February PEA release regarding production certainty and NI 43-101 compliance. While the financing de-risks the capital table, it does not resolve the disclosure compliance issues highlighted by the BCSC.
1911 Gold Corporation is an advanced-stage gold explorer and developer transitioning to a production-stage company. Its flagship asset is the True North Gold Project, a 100%-owned property located in Manitoba's Archean Rice Lake greenstone belt. The project leverages existing, fully built and permitted infrastructure, including shafts, underground workings, and a 1,300 t/d processing plant. The company is targeting a 2027 operational restart following 2026 test mining and bulk sampling.
In the context of a preliminary economic assessment, the project projects 58,114 oz Au/year steady-state production over an 11-year mine life. This profile carries an after-tax NPV of $391M and an IRR of 105% at a $3,000/oz gold price assumption. Additionally, satellite targets including the Ogama-Rockland deposit, which holds an inferred resource of 1.28 Mt @ 8.17 g/t Au, and surface targets such as SAM W, SAM SE, and Shore are being actively drilled to expand the district-scale resource base.