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Onyx Gold closes Final Tranche of Private Placement

Mar 22, 2024

Onyx Gold Corp. has upsized and closed the final tranche of its non-brokered private placement of securities for aggregate gross proceeds of $1,507,849. 

Pursuant to the Offering, the Company issued 3,777,829 premium flow-through shares (the "Premium FT Shares") at a price of $0.27 per Premium FT Share for gross proceeds of $1,020,014 and 2,269,000 traditional flow through shares (the "FT Shares") at a price of $0.215 per FT Share for gross proceeds of $487,835. Each FT Share and Premium FT Share will qualify as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act"). 

The gross proceeds raised from the Offering will be used for exploration activities in Ontario that will qualify as "Canadian Exploration Expenses" and "flow through mining expenditures" (as such terms are defined in the Tax Act), which will be incurred on or before December 31, 2025 and renounced with an effective date no later than December 31, 2024 to the initial purchasers of FT Shares and Premium FT Shares. 

In connection with the Offering, the Company paid a total of $6,235 in cash commissions to certain arm's length finders.

The securities offered in the Final Tranche are subject to a four month and a day transfer restriction from the date of issuance expiring on July 22, 2024, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

The Offering remains subject to receipt of final TSX Venture Exchange approval and all other necessary regulatory approvals.

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