Lode Gold closes $1.51-million private placement

Executive Summary

• Lode Gold Resources Inc. closed an upsized non‑brokered private placement, raising $1,513,768 through the issuance of 8,409,825 units at $0.18 per unit.
• CFO Winfield Ding resigned; Wayne Moorhouse appointed acting CFO while a search for a permanent replacement begins.
• The company extended its construction loan maturity to Oct 31 2025, agreeing to pay $200,000 (half cash, half shares) in interest.

Key Details

• Private Placement Structure – 8,409,825 units; each unit = 1 common share + 1 warrant (exercise price $0.35, 36‑month term).
• Gross Proceeds: $1,513,768 from three tranches (first, second, final).
• Finder’s Compensation: $16,039 cash fee plus issuance of 89,100 finder warrants (same terms as placement warrants).
• Insider Participation: Insiders subscribed for 1,022,111 units.
• Statutory Hold Period: All securities subject to a four‑month hold period from closing.
• Use of Proceeds: Funding the execution of Lode Gold’s business plan and that of its subsidiary Gold Orogen (1475039 B.C. Ltd.).
• CFO Resignation: Winfield Ding stepped down effective immediately; acting CFO Wayne Moorhouse (former CFO of Roxgold Inc., Midnight Sun Mining Corp., etc.) appointed pending a full search.
• Construction Loan Extension: Agreement with Romspen Investment Corp. to push loan maturity to 31 Oct 2025; $100,000 cash interest and $100,000 payable in shares, subject to TSX‑V approval.
• Legal/Shareholder Update: Senior secured debtholder converted to a shareholder >19.9%; former CEO’s severance claim of $222,469 upheld by court—already accrued, no impact on 2025 results.

Notable Quotes

(No direct quotes were provided in the release.)