Carlin Gold Corporation announced it intends to raise up to approximately $31.3 million through two separate private placements. Each placement will issue units at a price of $1.30, with each unit consisting of one common share and one warrant. The warrants entitle holders to purchase an additional common share at $1.50 per share, exercisable for two years following closing.
The non-brokered placement, led by Electrum Gold Exploration LLC and its affiliates, involves 16,538,462 units for gross proceeds of about $21.5 million. The brokered placement, facilitated by Canaccord Genuity Corp., offers up to 6,538,462 units for up to $8.5 million in gross proceeds; Canaccord also holds an option to sell an additional 980,769 units, which would add roughly $1.3 million.
Upon completion, Electrum’s ownership would rise from its current 8.1% to approximately 34.49% on a non-diluted basis and about 40.03% on a fully-diluted basis, making it a control person under TSX Venture Exchange policies. If Electrum maintains at least a 10% stake, it will receive rights to participate in future securities issuances to preserve its ownership and to nominate one board director.
The company plans to use the net proceeds for exploration at its Nevada properties and for general corporate purposes. Both placements are subject to customary closing conditions and require TSX Venture Exchange approval, but they are not conditional on each other. Shareholder approval, excluding Electrum and its affiliates, is required at the annual meeting scheduled for October 23, 2026.
