Spanish Mountain Gold upsizes private placement to C$6 million

Spanish Mountain Gold Ltd. (TSX-V: SPA) increased the maximum proceeds of its brokered private placement from C$5 million to C$6 million due to investor demand, according to a company statement.

The revised offering comprises up to 20,689,655 units at C$0.145 per unit for gross proceeds of up to C$3 million, and up to C$3 million from flow-through share units priced at C$0.165 each or charity flow-through units at C$0.20 each.

Red Cloud Securities Inc. serves as lead agent and sole bookrunner for the offering. The company granted Red Cloud an option to sell an additional C$1.2 million of securities up to 48 hours before closing.

Each unit includes one common share and one warrant exercisable at C$0.22 per share for 36 months. Flow-through units contain one flow-through share and half a warrant, also exercisable at C$0.22 for 36 months.

The company plans to use net proceeds for exploration and development at its Spanish Mountain Gold Project in British Columbia's Cariboo Gold Corridor, plus working capital and general corporate purposes. Flow-through share proceeds will fund Canadian exploration expenses.

The offering is expected to close around August 27, 2025, subject to regulatory approvals including TSX Venture Exchange approval. Securities sold under certain exemptions will be subject to a four-month restriction period.

Spanish Mountain Gold focuses on advancing its wholly-owned Spanish Mountain Gold Project toward construction. The company plans to publish a new technical report within 45 days of its July 3, 2025 preliminary economic assessment.

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