Lode Gold Closes $1.51 Million Upsized Private Placement
Lode Gold Closes $1.51 Million Upsized
Private Placement
Toronto, Ontario--(Newsfile Corp. - September 5, 2025) -
Lode Gold Resources Inc. (TSXV: LOD)
(OTCQB: LODFF)
("Lode Gold" or the "Company") is pleased to announce that it has now closed its
previously announced non-brokered private placement offering for $1.0 million (the "Offering"). In three
tranches, the Company raised total gross proceeds of $1,513,768 through the issuance of 8,409,825
units of the Company ("Unit") at a price of $0.18 per Unit, (see related Company news
first tranche
,
second tranche
, and
final tranche
).
Each Unit consists of one common share of the Company ("Common Share") and one common share
purchase warrant ("Warrant"). Each Warrant shall entitle the holder to purchase one Common Share at
an exercise price of $0.35 per share for a period of 36 months following the date of closing. The
Company may accelerate the Warrant expiry date if the Company's shares trade at $0.65 or more for a
period of 10 days, including days where no trading occurs.
In conjunction with the private placement finder's fees of $16,039 will be paid in cash and 89,100
Finders' Warrants will be issued. Each Finders' Warrant shall entitle the holder to purchase one
Common Share of the Company at an exercise price of $0.35 per share for a period of 36 months
following the date of closing.
Insiders of the Company subscribed to 1,022,111 Units of the private placement.
All securities issued pursuant to this private placement, including common shares underlying the
Warrants, are subject to a statutory hold period which expires 4 months from the date of closing.
The completion of the private placement remains subject to the final acceptance of the TSX Venture
Exchange.
The proceeds raised from the Offering will go toward execution of the business plans for Lode Gold and
its subsidiary, Gold Orogen (
1475039 B.C. Ltd
.).
Management Changes
Winfield Ding has resigned as the CFO with immediate effect. The Company has initiated a search for a
new CFO and has identified several potential candidates for the position. Wayne Moorhouse has
agreed to act as the Company's Acting CFO. Wayne has a wealth of senior company management
experience including holding the position of CFO for Roxgold Inc. (TSXV), Midnight Sun Mining Corp.
(TSXV), Genco Resources Inc. (TMX), Bluestar Gold (TSXV), and other private and public companies.
Construction Loan Extension
The Company has entered into an amending agreement with Romspen Investment Corporation (the
"Lender") to extend the maturity date of a construction loan agreement. The new maturity date of the loan
is October 31, 2025. In consideration for extending the maturity date of the loan, the Company will pay
the Lender $200,000 of interest owing consisting of $100,000 to be paid in cash and $100,000 to be
paid in shares subject to final approval of the TSX Venture Exchange.
Legal Update
As part of the 2024 Restructuring and Growth Plans, a senior secured debt holder, aligned with the
Company's new strategic direction, converted to become one of the largest shareholders, exceeding
19.9%. The former CEO resigned, citing change of control as the reason and proceeded to make a
severance compensation claim. The Company disagreed that compensation is due as this debt holder
is an existing key shareholder and a Director of the Board.
A claim was filed and the court ruled in favor
of the claimant for a payment of $222,469. The outcome will have no material impact on the Company's
2025 financial results as this amount had been accrued in the Company's accounting records in a prior
period.
About Lode Gold
Lode Gold (TSXV: LOD) is an exploration and development company with projects in highly prospective
and safe mining jurisdictions in Canada and the United States.
In Canada Lode Gold holds assets in the Yukon and New Brunswick. Lode Gold's Yukon assets are
located on the southern portion of the prolific Tombstone Belt and cover approximately 99.5 km2 across
a 27 km strike.
Over 4,500 m have been drilled on the Yukon assets with confirmed gold endowment and
economic drill intercepts over 50 m. There are four reduced-intrusive targets (RIRGS), in addition to
sedimentary-hosted orogenic exploration gold.
In New Brunswick, Lode Gold, through its subsidiary 1475039 B.C. Ltd., has created one of the largest
land packages in the province with its Acadian Gold Joint Venture, consisting of an area that spans 445
km
2
with a 44 km strike. It has confirmed gold endowment with mineralized rhyolites.
In the United States, the Company is focused on its advanced exploration and development asset, the
Fremont Mine in Mariposa, California. It has a recent
2025 NI 43-101 report and compliant MRE
that
can be accessed here
https://lode-gold.com/project/freemont-gold-usa/
Fremont was previously mined until gold mining prohibition in WWII, when its mining license was
suspended. Only 8% of the resource identified in the 2025 MRE has been extracted. This asset has
exploration upside and is open at depth (three step-out holes at 1,300 m hit structure and were
mineralized) and on strike. This is a brownfield project with over 43,000 m drilled, 23 km of underground
workings and 14 adits. The project has excellent infrastructure with close access to electricity, water,
state highways, railhead and port.
The Company recently completed an internal scoping study evaluating the potential to resume
operations at Fremont based on 100% underground mining. Previously, in March 2023, the Company
completed a Preliminary Economic Assessment ("PEA") in accordance with NI 43-101
which evaluated
a mix of open pit and underground mining. The PEA and other technical reports prepared on the
Company's properties are available on the Company's profile on SEDAR+ (
www.sedarplus.ca
) and the
Company's website (
www.lode-gold.com
)
ON BEHALF OF THE COMPANY
Wendy T. Chan
CEO & Director
Information Contact:
Wendy T. Chan
CEO
+1-(604)-977-GOLD (4653)
Kevin Shum
Investor Relations
+1 (604) -977-GOLD (4653)
Cautionary Statement Regarding Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
This news release includes "forward-looking statements" and "forward-looking information" within the
meaning of Canadian securities legislation. All statements included in this news release, other than
statements of historical fact, are forward-looking statements including, without limitation, statements
with respect to the use of proceeds, advancement and completion of resource calculation, feasibility
studies, and exploration plans and targets. Forward-looking statements include predictions,
projections and forecasts and are often, but not always, identified by the use of words such as
"anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and
statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and
other similar expressions and includes the negatives thereof.
Forward-looking statements are based on a number of assumptions and estimates that, while
considered reasonable by management based on the business and markets in which the Company
operates, are inherently subject to significant operational, economic, and competitive uncertainties,
risks and contingencies. These include assumptions regarding, among other things: the status of
community relations and the security situation on site; general business and economic conditions; the
availability of additional exploration and mineral project financing; the supply and demand for,
inventories of, and the level and volatility of the prices of metals; relationships with strategic partners;
the timing and receipt of governmental permits and approvals; the timing and receipt of community
and landowner approvals; changes in regulations; political factors; the accuracy of the Company's
interpretation of drill results; the geology, grade and continuity of the Company's mineral deposits; the
availability of equipment, skilled labour and services needed for the exploration and development of
mineral properties; currency fluctuations; and impact of the COVID-19 pandemic.
There can be no assurance that forward-looking statements will prove to be accurate and actual
results, and future events could differ materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from the Company's expectations include a
deterioration of security on site or actions by the local community that inhibits access and/or the ability
to productively work on site, actual exploration results, interpretation of metallurgical characteristics of
the mineralization, changes in project parameters as plans continue to be refined, future metal prices,
availability of capital and financing on acceptable terms, general economic, market or business
conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals,
unknown impact related to potential business disruptions stemming from the COVID-19 outbreak, or
another infectious illness, and other exploration or other risks detailed herein and from time to time in
the filings made by the Company with securities regulators, including those described under the
heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does
not undertake to update or revise any forward-looking statements, except in accordance with
applicable law.
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https://www.newsfilecorp.com/release/265413