Alaska Silver Announces Closing of C$7.6 Million Pipe Financing
Alaska Silver closes a C$7.6 million private placement to fund a 50% drill expansion at its Illinois Creek project.
Alaska Silver Corp. announced the closing of a C$7.6 million PIPE financing on August 17, 2026. The company issued 13,846,910 units at C$0.55 per unit, raising gross proceeds of approximately US$5.48 million. Each unit includes one common share and one warrant exercisable at C$0.75 per share for three years.
Crescat Capital LLC, an existing insider shareholder holding approximately 13.8%, participated in the financing to maintain its ownership stake. The proceeds are designated to expand the 2026 exploration program at the Illinois Creek Project from 6,000 to 9,000 metres, alongside metallurgical work, baseline environmental studies, and general corporate purposes.
The financing is subject to final TSX Venture Exchange acceptance. Securities carry a six-month hold period in the U.S. and a four-month-and-one-day hold period in Canada. The company intends to file a resale registration statement within 120 days.
Alaska Silver Corp. (WAM) announced a financing on August 11, 2026, which closed six days later. The capital raise directly funds the announced expansion of the 2026 drill program by 50%, addressing a critical operational need for the pre-revenue explorer. The transaction represents an expected, incremental follow-up to previously announced exploration plans.
The issuance of 13.8 million units represents significant dilution, amounting to approximately 15.5% on a basic basis and ~10.3% on a fully diluted basis. The transaction is in line with market expectations for early-stage exploration companies advancing high-potential but unproven assets. It does not introduce new strategic upside or change the fundamental risk profile of the company.
Alaska Silver Corp. (WAM) is an exploration-stage company focused on the 100%-owned Illinois Creek Project in western Alaska. The project encompasses an 80,895-acre contiguous land package with no underlying royalties or third-party agreements. The flagship Illinois Creek mine is a past-producing oxide gold-silver deposit, historically Alaska's first open-pit heap leach gold mine.
The Waterpump Creek deposit hosts an Inferred Mineral Resource of 75 moz AgEq at 279 g/t Ag, 11.28% Zn, and 9.87% Pb. The newly discovered Silver Sage zone has shown high-grade silver-lead intercepts, with trench samples returning up to 1,235 g/t Ag. The company is in the advanced exploration phase, with no declared reserves or production guidance.