Mosaic Minerals Corp. (CSE: MOC) has closed the first tranche of its private placement offering, raising $592,031, the company said in a Tuesday news release.
The firm sold 3,526,190 flow-through units at $0.0105 per unit, each comprising one common share and one warrant exercisable at $0.17 for 12 months. An additional 2,609,191 regular units were sold at $0.085 per unit, each consisting of one common share and one warrant exercisable at $0.12 for 24 months. Mosaic paid an 8% finder’s fee totaling $20,160 and issued 192,000 finder’s warrants exercisable at $0.085 for 24 months.
The securities are subject to a hold period ending January 22, 2027, and expenditure renunciations will apply to investors effective December 31, 2026. The offering still requires final approval from the Canadian Securities Exchange before settlement.
The capital will support an initial diamond-drill campaign of at least 2,500 meters across 10 holes, each targeting a minimum depth of 250 meters, at Mosaic’s Golden Island gold project in the Abitibi region of Quebec. The planned drill targets lie near historical holes drilled by SOQUEM in 1982 as well as newly identified gold-bearing zones along the southwest extension of the main showing.
Technical work during the summer of 2026 generated over 340 channel samples, with results expected in the coming weeks. Several samples returned visible gold, and exploration delineated a structural network within a mineralized granodiorite matrix alongside a geophysical corridor running more than a kilometer in length.
"We are excited about the potential of the Golden Island property in light of the technical work conducted in the summer of 2026," President and CEO Jonathan Hamel said in the release. Robert Gagnon, a qualified person under National Instrument 43-101, reviewed the exploration results.
Mosaic remains on track to move into its next phase of drilling once the exchange provides its final approval, with the company expecting to announce updated assay results later this year.
