Stardust Metal closes $14.5M private placement on TSX Venture

Stardust Metal Corp. (TSXV: ZIGY) has closed a brokered private placement raising approximately $14.5 million in gross proceeds, the company announced in a press release dated October 8, 2026.

Canaccord Genuity Corp. acted as lead agent and sole bookrunner, alongside a syndicate that included Velocity Trade Capital Ltd., CIBC World Markets Inc., and Clarus Securities Inc.

The offering comprised two tranches: 3,847,000 premium flow-through common shares priced at $2.725 per share, generating approximately $10.5 million, and 2,051,000 common shares priced at $1.95 per share, generating approximately $4.0 million. The total includes the full exercise of the agents' option.

The agents received a cash commission of $450,978, equal to 6.0% of aggregate gross proceeds, excluding proceeds from a designated strategic investor for which no commission was payable.

As part of the offering, a strategic investor acquired 2,556,410 common shares, representing approximately 5% of issued and outstanding shares. Under an investor rights agreement, that investor is entitled to participate in future equity financings to maintain its pro rata ownership, subject to TSX Venture Exchange approval, for as long as it holds at least 5% of outstanding shares.

Net proceeds from the common shares will be directed toward advancing the company's mineral properties and for general corporate purposes. Proceeds from the flow-through shares will fund eligible Canadian exploration expenses related to the company's Ontario projects, to be incurred by December 31, 2027, with qualifying expenditures to be renounced to subscribers no later than December 31, 2026.

All shares issued carry a statutory hold period in Canada expiring four months and one day from the closing date. The offering remains subject to final acceptance by the TSX Venture Exchange.

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