Pirate Gold closes $13.6M brokered private placement

Pirate Gold Corp. (TSXV: YARR) (OTCQB: YARRF) has closed a brokered private placement raising aggregate gross proceeds of $13,609,430, according to a press release from the company.

The offering included 48,277,000 flow-through common shares at $0.215 per share, generating $10,379,555, and 13,050,000 special flow-through common shares at $0.2475 per share, generating $3,229,875. Both share types qualify as flow-through shares under Canada's Income Tax Act.

Proceeds will be used to incur eligible Canadian exploration expenses on the company's Treasure Island Project on or before December 31, 2027. Pirate Gold will renounce qualifying expenditures to subscribers with an effective date no later than December 31, 2026.

The offering was conducted through an agency agreement with Canaccord Genuity Corp. and a syndicate of agents. The agents received a cash commission of 6.0% of aggregate gross proceeds and 3,679,620 non-transferable broker warrants, each exercisable at $0.215 per common share for 24 months following closing.

All securities issued are subject to a statutory hold period expiring February 23, 2027. The offering remains subject to final approval from the TSX Venture Exchange.

You May Also Be Interested In

• MSG Rangers, Huron Consulting to join S&P SmallCap 600
• SpaceX in talks to access 80,000 cell sites for wireless network - Bloomberg
• NowVertical closes $15.1M private placement final tranche