Lahontan Gold Corp. (TSX.V: LG) (OTCQB: LGCXF) announced the closing of an upsized non-brokered private placement, raising gross proceeds of $2,499,880.20 through the issuance of 16,665,868 units at $0.15 per unit. Each unit consists of one common share and one-half warrant, with each whole warrant exercisable at $0.25 for a period of two years, subject to an acceleration clause if the company's shares trade at or above $0.50 for 20 consecutive trading days. The offering, which was upsized from its initial target, included finder fees of $28,910.39 and the issuance of 192,735 broker warrants on the same accelerated-term structure.
The proceeds from the offering will be used for general working capital and to support exploration activities at the company's flagship Santa Fe Mine project and the West Santa Fe project, both located in the Walker Lane trend of Nevada. This financing is a related party transaction that is exempt from the formal valuation and minority approval requirements of Multilateral Instrument 61-101.
Lahontan Gold Corp. is a Canadian mine development and mineral exploration company that holds four top-tier gold and silver exploration properties in Nevada. The Santa Fe Mine project, covering 26.4 square kilometers, had historical production of 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995 from open pit mines using heap-leach processing. The project hosts a NI 43-101 compliant Indicated Mineral Resource of 1,539,000 ounces of gold equivalent (48,393,000 tonnes grading 0.92 g/t Au and 7.18 g/t Ag) and an Inferred Mineral Resource of 411,000 ounces of gold equivalent (16,760,000 tonnes grading 0.74 g/t Au and 3.25 g/t Ag). The company plans to update the Santa Fe Preliminary Economic Assessment and drill test the West Santa Fe project in 2025.
The closure of this financing provides Lahontan with the capital needed to advance its exploration and development programs. The company's focus remains on moving the Santa Fe Mine towards production while exploring the potential of its satellite projects. For more information, visit the company's website at www.lahontangoldcorp.com.
This news release includes technical disclosure that has been reviewed and approved by Michael Lindholm, CPG, an independent consulting geologist and Qualified Person under NI 43-101. The company's mineral resource estimates are based on a preliminary economic assessment technical report dated January 24, 2025, available on SEDAR+ and the company's website.
Investors can find the latest news and updates on LGCXF at http://ibn.fm/LGCXF.
