Upside Gold Provides Update On Use Of Proceeds
Executive Summary
- Upside Gold Corp. completed an oversubscribed non‑brokered private placement on Jan 26, 2026 raising $800,000 (2,000,000 common shares at $0.40 each).
- The company revised its total estimated use of funds to $1.7 million, up from the original $900,000 disclosed in its Dec 19, 2025 prospectus.
- Allocation of proceeds includes $480,000 for investor awareness/market making, $123,200 for additional 2026 exploration work at Kena Gold‑Copper Property, $38,000 for a U.S. OTC Markets listing, and $159,000 for general working capital.
Key Details
- Financing Terms:
- 2,000,000 common shares sold at $0.40 per share → gross proceeds of $800,000.
-
Finder’s fees: $30,450 cash plus 76,125 non‑transferable warrants (each warrant for one common share at $0.40 exercisable for 12 months).
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Original vs. Updated Use‑of‑Funds:
| Category | Original Estimate | Updated Estimate |
|---|---|---|
| Legal & prospectus filing costs | $20,000 | $20,000 |
| Kena Property work program (2025‑2026) | $261,800 | $385,000 |
| Other exploration expenses | $150,200 | $150,000 |
| General & Administrative Expenses | $442,000 | $960,000 |
| Working capital | $26,000 | $185,000 |
| Total | $900,000 | $1,700,000 |
- Specific Allocation of New Proceeds:
- Investor awareness and market‑making agreements (3 short‑term contracts) – $480,000.
- Additional exploration work for summer 2026 at Kena – $123,200.
- OTC Markets U.S. listing costs – $38,000.
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Incremental working capital (exploration follow‑up, new project acquisition, cash reserve) – $159,000.
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Notes:
1. The $443,000 “Kena Gold‑Copper Property – Recommendations – Project” work program is now fully completed; $261,000 of the original estimate remained as of Nov 30, 2025.
2. Investor awareness initiatives will focus on Europe (especially Germany) following a recent Frankfurt listing and dual‑listing strategy.
Notable Quotes
- “The Corporation has elected to allocate a significant portion of its financial resources to investor awareness initiatives in Europe… Following its Frankfurt listing, the Corporation believes it is appropriate to support shareholder communication, market awareness and liquidity in those jurisdictions in connection with its dual listings.” – Sophy Cesar, CEO & Director
Materiality Assessment: Material – Positive (the financing and revised use‑of‑funds provide material information about capital structure, future exploration spending, and market‑making activities that are likely to influence investor decisions).