Snowline Gold Completes Oversubscribed C$31.9 Million Financing

Snowline Gold Corp. announced the completion of a C$31.9 million financing through an oversubscribed bought deal private placement. This included 3,685,750 charity flow-through shares (FT Shares) offered at C$7.80 each. The issuance generated a gross of C$28,748,850, incorporating an underwriters' option of C$3,749,850.

Additionally, Snowline conducted a simultaneous non-brokered private placement of 405,000 FT Shares. This raised another C$3,159,000, enabling B2Gold Corp. to retain its 9.9% stake in Snowline. The proceeds will finance eligible Canadian exploration expenses, enhancing exploration and drilling across Snowline's projects in the Yukon Territory with a complete spend mandate by the end of 2025.

The company credited the funding for allowing a broader scope in their upcoming field season. CEO Scott Berdahl highlighted the potential to advance in their Rogue Project's Valley target and a regional drill campaign. Snowline plans to renounce the qualifying expenses to the FT Shares' purchasers by the end of 2024.

The offering involved leading underwriters Cormark Securities Inc. and BMO Capital Markets, among others, who collectively received a 5% commission on the gross proceeds of the offering. The securities issued are bound by a four-month hold period as per Canadian securities laws.