Trans Canada Gold closes final tranche of private placement for CDN $2.2 million
Trans Canada Gold has closed the second and final tranche of its non-brokered placement and is preparing Phase 2 drilling at its Harrison Lake project in British Columbia.
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what happened
Trans Canada Gold Corp. has announced the closing of the second and final tranche of its non-brokered private placement. In this tranche the company raised about CDN $61,018 by issuing 242,200 flow-through units and 88,234 non-flow-through units. Across both tranches, aggregate gross proceeds reached CDN $2,205,737.
The funds will go to exploration drilling at the Harrison Lake gold project in southwestern British Columbia, as well as to working capital. The Phase 2 budget is roughly $1,700,000 including a 15% contingency. Part of the money is reserved for participating in future drill programs on the company's oil and gas property in Lloydminster, Alberta. All securities issued in this tranche are subject to a four-month hold period ending February 24, 2027.
why it matters
The placement is small, so its market impact is limited. For investors in the company, the timing of drilling and exploration results matter more than the closing itself. Dilution from new shares and warrants should be considered.
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