Eskay Mining closes private placement

Executive Summary

• Eskay Mining Corp. closed a non‑brokered charity flow‑through private placement of 2.25 million units at C$0.56 per unit, generating gross proceeds of approximately C$1.26 million.
• Proceeds will be used for Canadian exploration expenses on the Eskay project in British Columbia, with required renunciation to subscribers by Dec. 31 2025.
• A finder was compensated $54,000 cash plus 135,000 warrants; securities are subject to a hold period expiring Dec. 29 2025.

Key Details

• Placement Size: 2.25 million charity FT units.
• Unit Price: C$0.56 per charity FT unit.
• Gross Proceeds: Approximately C$1.26 million (2.25 M × $0.56).
• Unit Composition: Each unit = one common share + ½ of a common‑share purchase warrant (full warrant allows purchase at C$0.65, exercisable until Aug. 28 2027).
• Use of Proceeds: Canadian exploration expenses under Subsection 66.1(6) and flow‑through mining expenditures under Subsection 127(9); to be incurred by Dec. 31 2026 and renounced to subscribers by Dec. 31 2025 in an amount ≥ total gross proceeds.
• Project Funding: Entirely allocated to the 100% controlled Eskay project in the Golden Triangle, B.C.
• Finder Compensation: $54,000 cash plus issuance of 135,000 finder’s warrants (each warrant permits purchase of one common share at C$0.40, exercisable until Aug. 28 2027).
• Hold Period: Securities issued under the placement are subject to a hold period expiring Dec. 29 2025.
• CEO Comment: Mac Balkam highlighted that financing supports ongoing exploration in the Vermillion and TM zones, including channel sampling, extensive sample collection, and planned Worldview‑3 satellite imagery mapping slated for early September.

Notable Quotes

“We are pleased with the financing support from our shareholder base demonstrating their enthusiasm for our current exploration program in the Vermillion and TM zones… This financing will also allow us to undertake a Worldview 3 satellite imagery mapping strategy to enhance the proficiency of drill target selection.” – Mac Balkam, CEO