Lahontan Gold Corp. Secures $2.5 Million in Upsized Private Placement for Nevada Mining Projects
TL;DR
Lahontan Gold's $2.5 million private placement provides capital to advance exploration, potentially increasing shareholder value through resource development at their Nevada properties.
Lahontan Gold issued 16.67 million units at $0.15 each, consisting of one share and half-warrant exercisable at $0.25 for two years with acceleration clauses.
Lahontan Gold's funding supports responsible mineral exploration that could create jobs and contribute to sustainable resource development in mining-friendly Nevada communities.
Lahontan Gold's Santa Fe Mine previously produced over 359,000 ounces of gold and now holds 1.54 million indicated gold equivalent ounces in Nevada.
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Lahontan Gold Corp. has successfully closed an upsized non-brokered private placement, raising $2,499,880.20 through the sale of 16,665,868 units at $0.15 per unit. Each unit consists of one common share and one-half warrant, with each full warrant exercisable at $0.25 for a period of two years, subject to an acceleration clause. The offering included $28,910.39 in finder fees and 192,735 broker warrants on the same accelerated-term structure.
The proceeds from this financing will support general working capital requirements and fund exploration activities at the company's Santa Fe Mine and West Santa Fe Projects in Nevada's Walker Lane mineral belt. This transaction constituted a related party transaction that was exempt from MI 61-101 valuation and minority approval requirements, streamlining the capital raising process.
The significance of this funding extends beyond the immediate capital infusion, representing investor confidence in Lahontan's Nevada mining properties. The company holds four top-tier gold and silver exploration properties in mining-friendly Nevada, with the flagship Santa Fe Mine project covering 26.4 square kilometers. Historical production at Santa Fe between 1988 and 1995 yielded 359,202 ounces of gold and 702,067 ounces of silver from open pit mines using heap-leach processing.
According to the technical documentation available at https://ibn.fm/jgZMr, the Santa Fe Mine currently boasts a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 ounces of gold equivalent and an Inferred Mineral Resource of 411,000 ounces of gold equivalent. These resources are pit-constrained and represent substantial potential for future mining operations. The company plans to advance the Santa Fe Mine project toward production, update the Preliminary Economic Assessment, and conduct drill testing at the satellite West Santa Fe project during 2025.
For investors seeking ongoing updates, the company maintains a newsroom at http://ibn.fm/LGCXF where additional information about corporate developments and project progress is regularly posted. The technical content of the company's disclosures has been reviewed and approved by Michael Lindholm, CPG, an Independent Consulting Geologist who serves as a Qualified Person as defined in National Instrument 43-101.
This successful financing round comes at a critical time for the mining sector, particularly for gold exploration companies operating in established mining jurisdictions like Nevada. The ability to secure substantial funding in current market conditions demonstrates both the quality of Lahontan's assets and the market's recognition of the Santa Fe project's potential. The additional capital will enable accelerated exploration and development activities, potentially bringing the company closer to production decisions and creating value for shareholders through systematic resource advancement.
Curated from InvestorBrandNetwork (IBN)
