Lahontan Closes $10.4 M First Tranche of Private Placement
Lahontan Closes $10.4 M First Tranche of
Private Placement
Toronto, Ontario--(Newsfile Corp. - March 20, 2026) -
Lahontan Gold Corp. (TSXV: LG) (OTCQB:
LGCXF) (FSE:Y2F)
(the "
Company
" or "
Lahontan
") is pleased to announce that, further to its press
releases of March 12, 2026, and March 17, 2026, it has closed the first tranche of its non-brokered
private placement through the issuance of 25,310,244 units (each, a "
Unit
") in the capital of the
Company at a price of CAD$0.41 per Unit for gross proceeds of CAD$10,377,200 (the "
Offering
").
Each Unit was comprised of one common share (each, a "
Common Share
") in the capital of the
Company and one-half of one whole Common Share purchase warrant (each whole warrant, a
"
Warrant
").
Each Warrant entitles the holder thereof to purchase one Common Share at a price of
CAD$0.60 per Common Share for a period of two (2) years from the date of issuance, provided,
however, that should the closing price at which the Common Shares trade on the TSX Venture Exchange
(or any such other stock exchange in Canada as the Common Shares may trade at the applicable time)
is equal to or exceeds CAD$1.00 for ten (10) consecutive trading days at any time following the date that
is four months and one day after the date of issuance, the Company may accelerate the Warrant Term
(the "
Reduced Warrant Term
") such that the Warrants shall expire on the date which is 30 business
days following the date a press release is issued by the Company announcing the Reduced Warrant
Term.
Gross proceeds raised from the Offering will be used for exploration at the Company's Santa Fe Mine
and West Santa Fe Projects and for general working capital purposes.
All securities issued in connection with the Offering will be subject to a hold period of four months plus a
day from the date of issuance and the resale rules of applicable securities legislation. Subject to
compliance with applicable regulatory requirements, all securities to be issued pursuant to the Offering in
jurisdictions outside of Canada and the United States pursuant to Ontario Securities Commission Rule
72-503 -
Distributions Outside Canada
will not be subject to any statutory hold period under applicable
Canadian securities laws.
The Offering constituted a related party transaction within the meaning of TSX Venture Exchange Policy
5.9 and Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special Transactions
("
MI 61-101
") as an insider of the Company acquired 60,000 Units pursuant to the Offering. The
Company is relying on the exemptions from the valuation and minority shareholder approval
requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is
not listed on a specified market and the fair market value of the participation in the Offering by the insider
does not exceed 25% of the market capitalization of the Company in accordance with MI 61-101. The
Company did not file a material change report in respect of the related party transaction at least 21 days
before the closing of the of the Offering, which the Company deems reasonable in the circumstances in
order to complete the Offering in an expeditious manner.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in
the United States. The securities have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "
U.S. Securities Act
") or any state securities laws and may
not be offered or sold within the United States or to U.S. Persons as defined under applicable United
States securities laws unless registered under the U.S. Securities Act and applicable state securities
laws or an exemption from such registration is available.
About Lahontan Gold Corp.
Lahontan Gold Corp. is a Canadian mine development and mineral exploration company that holds,
through its US subsidiaries, four gold and silver exploration properties in the Walker Lane of mining
friendly Nevada. Lahontan's flagship property, the 28.3 km
2
Santa Fe Mine project, had past production
of 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995 from open pit mines
utilizing heap-leach processing. The Santa Fe Mine has a Canadian National Instrument 43-101
compliant Indicated Mineral Resource of 1,539,000 oz Au Eq (48,393,000 tonnes grading 0.92 g/t Au
and 7.18 g/t Ag, together grading 0.99 g/t Au Eq) and an Inferred Mineral Resource of 411,000 oz Au Eq
(16,760,000 grading 0.74 g/t Au and 3.25 g/t Ag, together grading 0.76 g/t Au Eq), all pit constrained
(Au Eq is inclusive of recovery, please see Santa Fe Project Technical Report and note below*). The
Company plans to continue advancing the Santa Fe Mine project towards production, update the Santa
Fe Preliminary Economic Assessment, and continue drill testing its satellite West Santa Fe project
during 2026. For more information, please visit our website:
www.lahontangoldcorp.com
.
* Please see the "Preliminary Economic Assessment, NI 43-101 Technical Report, Santa Fe Project", Authors: Kenji Umeno, P. Eng., Thomas Dyer, PE,
Kyle Murphy, PE, Trevor Rabb, P. Geo, Darcy Baker, PhD, P. Geo., and John M. Young, SME-RM; Effective Date: December 10, 2024, Report Date:
January 24, 2025. The Technical Report is available on the Company's website and SEDAR+. Mineral resources are reported using a cut-off grade
of 0.15 g/t AuEq for oxide resources and 0.60 g/t AuEq for non-oxide resources. AuEq for the purpose of cut-off grade and reporting the Mineral
Resources is based on the following assumptions gold price of US$1,950/oz gold, silver price of US$23.50/oz silver, and oxide gold recoveries
ranging from 28% to 79%, oxide silver recoveries ranging from 8% to 30%, and non-oxide gold and silver recoveries of 71%.
Qualified Person
Brian J. Maher, M.Sc., CPG-12342, is a "Qualified Person" as defined under Canadian National
Instrument 43-101, Standards of Disclosure for Mineral Projects, and has reviewed and approved the
content of this news release in respect of all technical disclosure other than the Mineral Resource
Estimate as noted above. Mr. Maher is Vice President-Exploration for Lahontan Gold and has verified
the data disclosed in this news release, including the sampling, analytical and test data underlying the
disclosure.
On behalf of the Board of Directors
Kimberly Ann
Founder, CEO, President, Executive Chair
FOR FURTHER INFORMATION, PLEASE CONTACT:
Lahontan Gold Corp.
Kimberly Ann
Founder, CEO, President, Executive Chair
Phone: 1-530-414-4400
Email:
Website:
www.lahontangoldcorp.com
Cautionary Note Regarding Forward-Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release. Except for statements of historical fact, this news release contains certain "forward-looking
information" within the meaning of applicable securities law. Forward-looking information is frequently
characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate"
and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-
looking statements are based on the opinions and estimates at the date the statements are made and
are subject to a variety of risks and uncertainties and other factors that could cause actual events or
results to differ materially from those anticipated in the forward-looking statements including, but not
limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There are
uncertainties inherent in forward-looking information, including factors beyond the Company's control.
The Company undertakes no obligation to update forward-looking information if circumstances or
management's estimates or opinions should change except as required by law. The reader is
cautioned not to place undue reliance on forward-looking statements. Additional information
identifying risks and uncertainties that could affect financial results is contained in the Company's
filings with Canadian securities regulators, which filings are available at
www.sedarplus.ca
.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/289444