ONGold Resources closes $3.25M Flow-Through Private Placement
“We are thrilled to announce the successful close of our oversubscribed flow-through private placement, which underscores the confidence of our investors in ONGold’s exploration strategy and growth potential,” said Kyle Stanfield, CEO.
ONGold Resources has completed its previously announced non-brokered flow-through private placement, raising $3,250,995 in aggregate gross proceeds. The offering included the issuance of 5,001,532 flow-through common shares priced at $0.65 each.
The proceeds will be allocated to Canadian Exploration Expenses, as defined by the Income Tax Act (Canada), to advance ONGold’s exploration projects in Manitoba and Ontario. The shares issued under the offering qualify as “flow-through shares” under Canadian tax regulations, benefiting investors with tax incentives.
In accordance with TSX Venture Exchange policies, ONGold paid a 6% finder’s fee in cash and issued warrants equivalent to 6% of the total flow-through shares sold. The issued securities are subject to a statutory hold period expiring four months and one day from issuance.
This funding comes at a pivotal time for ONGold, as it advances exploration across its growing portfolio of highly prospective gold and base metal properties.
About ONGold Resources Ltd.
ONGold Resources is a junior exploration company with a focus on high-quality mineral assets in Canada. Its significant projects include the district-scale TPK Project and October Gold Project in Ontario, and the recently acquired Monument Bay and Domain Projects in Manitoba.
Monument Bay & Domain
Monument Bay, located near the Ontario-Manitoba border, represents a district-scale opportunity with advanced-stage exploration assets, including more than 800 historic drill holes over 232,000 metres. The property offers substantial exploration upside, hosting historic mineral resource estimates of 2.3 million ounces of gold in Measured and Indicated categories and an additional 720,000 ounces in Inferred resources.
TPK Project
The TPK Project, known for its extensive gold mineralization, spans 47,976 hectares in a geologically favorable region with high potential for discoveries.
October Gold Project
The October Gold Project covers an area of 271 km² and holds significant promise for large-scale gold deposits. Recent exploration activities have identified mineralized zones with notable gold anomalies.
With its strong commitment to social responsibility, Indigenous partnerships, and environmental stewardship, ONGold Resources is well-positioned to unlock the full potential of its extensive property portfolio.
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