Onyx Gold Announces $1.5 Million Private Placement
Onyx Gold Announces $1.5 Million Private
Placement
Vancouver, British Columbia--(Newsfile Corp. - February 26, 2024) -
Onyx Gold Corp.
(TSXV: ONYX)
(OTCQX: ONXGF)
("Onyx" or the "Company")
is pleased to announce a non-brokered private
placement of securities for aggregate gross proceeds of up to $1,500,000 (the "
Offering
").
The Offering will be comprised of a combination of flow-through shares (the "
FT Shares
") to be sold at a
price of $0.215 per FT Share and premium flow-through shares (the "
Premium FT
Shares
") to be sold
at a price of $0.27 per Premium FT Share. Each FT Share and Premium FT Share will qualify as a "flow-
through share" within the meaning of subsection 66(15) of the
Income Tax Act
(Canada) (the "
Tax Act
").
"The flow-through funds raised in this offering enables us to launch a 3,000 meter follow-up drill program
on our Munro-Croesus property in Timmins, Ontario while preserving the Company's $3M hard dollar
treasury of cash and marketable securities," said Brock Colterjohn, President & CEO. "By capitalizing
on the winter months we can access certain drill sites while the ground is frozen, allowing for more
favourable drilling orientations on the new GM Vein discovery. Additionally, we will drill the Argus Zone
further towards the west, where our westernmost hole suggested that the zone is increasing in strength
as it likely converges with the regional Pipestone Fault. The company is also planning a summer field
program with these raised funds to generate and refine drill targets on our recently acquired Lalonde
property, which is contiguous with our Munro-Croesus property."
The gross proceeds raised from the sale of the FT Shares and Premium FT Shares will be used for
exploration activities in Ontario that will qualify as "Canadian Exploration Expenses" and "flow through
mining expenditures" (as such terms are defined in the Tax Act), which will be incurred on or before
December 31, 2025 and renounced with an effective date no later than December 31, 2024 to the initial
purchasers of FT Shares and Premium FT Shares.
The Company may pay finders' fees comprised of cash and securities in connection with the Offering,
subject to compliance with the policies of the TSX Venture Exchange. All securities issued and sold
under the Offering will be subject to a hold period expiring four months and one day from their date of
issuance. Completion of the Offering and the payment of any finders' fees remain subject to the receipt
of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
About Onyx Gold
Onyx Gold is an exploration company focused on well-established Canadian mining jurisdictions, with
assets in Timmins, Ontario, and Yukon Territory. The Company's extensive portfolio of quality gold
projects in the greater Timmins gold camp includes the Munro-Croesus Gold property, renowned for its
high-grade mineralization, plus two additional earlier-stage large exploration properties, Golden Mile
and Timmins South. Onyx Gold also controls four properties in the Selwyn Basin area of Yukon Territory,
which is currently gaining significance due to recent discoveries in the area. Onyx Gold's experienced
board and senior management team are committed to creating shareholder value through the discovery
process, careful allocation of capital, and environmentally/socially responsible mineral exploration.
About the Timmins Area Gold Properties
Onyx owns 100% of its three Timmins properties, totaling 420 km
2
in size. The Munro-Croesus Gold
Project is located approximately 75 kilometers (47 miles) east of Timmins, proximal to the Porcupine-
Destor and Pipestone Faults, and approximately two kilometers (1.2 miles) northwest and along trend of
Mayfair Gold Corp.'s multi-million ounce Fenn-Gib gold deposit. Mining occurred intermittently at Munro-
Croesus between 1915 and 1936. The Golden Mile 140 square kilometer (54 square miles) property is
located nine kilometers (5.6 miles) northeast of Newmont's multi-million-ounce Hoyle Pond deposit in
Timmins. The Timmins South (Golden Perimeter) 187 square kilometers (72 square miles) property is
located to the south and southeast of Timmins and surrounds the Shaw dome structure.
On Behalf of Onyx Gold Corp.
"
Brock Colterjohn
"
President & CEO
For further information, please visit the Onyx Gold Corp. website at
www.onyxgold.com
or contact:
Brock Colterjohn, President & CEO
or
Nicole Hoeller, VP of Corporate Communications
Phone:
1-604-629-1165
or North American toll-free
1-855-629-1165
Email:
or
.
Website:
www.onyxgold.com
Twitter :
@OnyxGoldCorp
Neither 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.
Cautionary and Forward-Looking Statements
This news release includes certain statements and information that may constitute forward-looking
information within the meaning of applicable Canadian securities laws. Forward-looking statements
relate to future events or future performance and reflect the expectations or beliefs of management of
the Company regarding future events. Generally, forward-looking statements and information can be
identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of
such words and phrases or statements that certain actions, events or results "may", "could", "should",
"would" or "occur". This information and these statements, referred to herein as "forward-looking
statements", are not historical facts, are made as of the date of this news release and include without
limitation, statements regarding discussions of future plans, estimates and forecasts and statements
as to management's expectations and intentions with respect to, among other things, completion of
the Offering, the use of proceeds from the Offering, the payment of finders' fees under the Offering and
the proposed exploration plans for the Munro-Croesus and Lalonde properties.
These forward-looking statements involve numerous risks and uncertainties and actual results might
differ materially from results suggested in any forward-looking statements. These risks and
uncertainties include, among other things, the Company not receiving the necessary regulatory
approvals in respect of the Offering; recent market volatility; the state of the financial markets for the
Company's securities; the exploration of the Munro-Croesus and Lalonde properties not occurring as
anticipated, or at all.
In making the forward looking statements in this news release, the Company has applied several
material assumptions, including without limitation, that the Company will receive the necessary
regulatory approvals in respect of the Offering and that the Company will have sufficient resources to
be able to conduct the exploration of the Munro-Croesus and Lalonde properties as anticipated.
Although management of the Company has attempted to identify important factors that could cause
actual results to differ materially from those contained in forward-looking statements or forward-looking
information, there may be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements and forward-looking
information. Readers are cautioned that reliance on such information may not be appropriate for other
purposes. The Company does not undertake to update any forward-looking statement, forward-looking
information or financial out-look that are incorporated by reference herein, except in accordance with
applicable securities laws. We seek safe harbor.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/199202