Zodiac Gold Announces Further Upsizing of LIFE Offering

The most recent news release, dated January 23, 2026, announces the upsizing of a Listed Issuer Financing Exemption (LIFE) offering from C$4.0 million to C$6.1 million. The company will issue up to 30.5 million units at C$0.20 per unit. Each unit consists of one common share and one warrant, with each warrant exercisable at C$0.30 for a period of 36 months. The net proceeds are intended to fund a diamond drilling program at the Ben Ben target, further exploration activities, technical studies, and general working capital.

This financing is materially positive for the company. Zodiac Gold was in a precarious financial position, with a cash balance of only C$20,650 and significant negative working capital as of September 30, 2025. The C$6.1 million in gross proceeds provides essential funding to advance its high-priority exploration program at the Todi Gold Project. The upsizing from the initially announced C$4.0 million indicates stronger-than-expected investor demand. The pricing at C$0.20 per unit is at the current market price, minimizing immediate dilution pressure compared to a deeply discounted offering. This capital infusion is critical for the company to execute its revised strategy of resource definition drilling following the termination of merger discussions with Avesoro Resources.

Zodiac Gold Inc. is a Canadian exploration company focused on gold in West Africa. Its flagship asset is the Todi Gold Project in Liberia, a district-scale land package covering over 2,300 sq km along the Todi Shear Zone. The project is at an advanced exploration stage, with multiple targets identified. The Arthington target has seen extensive drilling (39 holes) with consistent, near-surface gold intersections, including high-grade intervals (e.g., 18m at 4.67 g/t Au). The company is currently advancing towards its first NI 43-101 resource estimate at Arthington. The Ben Ben target, located 1.3 km along strike, is the focus of the upcoming maiden drill program.