Funding for Lode Gold Fully Realized: Secures $1.51 Million in Final Round of Financing
Lode Gold Resources Raises CAD 1.51 Million for Fremont Mine Project
Lode Gold Resources Inc., a Canadian mining company, has successfully completed a CAD 1.51 million financing round, marking a significant step towards advancing its business plans. The funds raised will primarily support the execution of Lode Gold’s operations, with a focus on the Fremont Mine project in California.
The financing, which consisted of 8,409,825 units priced at CAD 0.18 each, was raised through a non-brokered private placement. Each unit comprises one common share and one warrant, with the warrants exercisable at CAD 0.35 for three years. An acceleration clause is in place, allowing for the warrants to be exercised earlier if the company’s shares trade at CAD 0.65 or more for 10 consecutive days.
The Fremont project, managed by Lode Gold’s subsidiary Gold Orogen, offers significant exploration upside and is open at depth and on strike. It is a brownfield project with over 43,000 meters drilled, 23 kilometers of underground workings, and 14 adits.
The financing is earmarked to initiate or continue work at the Fremont Mine. Only 8% of the resource identified in the 2025 MRE has been extracted from the project. The Fremont project was previously mined, but mining was suspended during WWII.
The project boasts excellent infrastructure, with close access to electricity, water, state highways, railhead, and port. In March 2023, Lode Gold completed a Preliminary Economic Assessment (PEA) in accordance with NI 43-101, which evaluated a mix of open pit and underground mining. Recently, the company completed an internal scoping study evaluating the potential to resume operations at Fremont based on 100% underground mining.
Wendy T. Chan serves as the CEO and Director of Lode Gold Resources. For further information, investors can refer to the PEA and other technical reports prepared on the company’s properties, which are available on the company’s profile on SEDAR+ (www.sedarplus.ca) and the company’s website (www.lode-gold.com). Contact information for Wendy T. Chan and Kevin Shum, Investor Relations, are provided in the press release.
The financing raised by Lode Gold Resources Inc. will be utilized primarily in investing in the Fremont Mine project, a critical step towards advancing its business in the mining industry. This move is expected to enhance the company's financial position, enabling it to continue executing its operations more effectively in the finance sector.
