| TORONTO, Oct. 15, 2025 (GLOBE NEWSWIRE) -- White Gold Corp. (TSX.V: WGO, OTCQX: WHGOF, FRA: 29W) (the “Company” or “White Gold”) is pleased to announce it has closed its previously announced brokered private placement consisting of the sale of units (the “Units”), premium flow-through units (the “FT Units”) and common shares issued as “flow-through shares” (the “FT Shares”, and together with the Units and FT Units, the “Offered Securities”), for aggregate gross proceeds of approximately $23 million, which included the exercise in full of the Agents’ (as defined below) option (the “Offering”).
The Offering was conducted by Clarus Securities Inc. as sole bookrunner and lead agent (the “Lead Agent”) and a syndicate of agents including Canaccord Genuity Corp., SCP Resource Finance LP and ATB Securities Inc. (collectively with the Lead Agent, the “Agents”).
Pursuant to an existing investor rights agreement between the Company and Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) (“Agnico”), Agnico exercised its right to participate in the Offering. Insider participation also included PowerOne Capital Corp., David D’Onofrio, CEO and Dylan Langille, VP Exploration.
“We are very grateful for the interest from new and existing shareholders as we continue to advance our flagship White Gold Project which has now grown into a leading large scale high-grade open pittable gold deposit in a tier-one jurisdiction in Canada. This financing provides the resources to execute our largest drill program to date to build on the recent growth, targeting expanding the high-grade core as well as further expanding and/or testing the many other targets in close proximity, as well as ongoing economic evaluation. Exploration activities will also continue to focus on unlocking value across our district scale land package targeting gold and critical mineral opportunities in the underexplored White Gold District, which is seeing resurgent interest along with other areas of the Yukon,” stated David D’Onofrio, Chief Executive Officer.
White Gold owns a portfolio of 15,364 quartz claims across 21 properties covering 305,102 hectares (3,051 square kilometres) representing approximately 40 per cent of Yukon's emerging White Gold district. The company's flagship White Gold project hosts four near-surface gold deposits, which collectively contain an estimated 1,732,300 ounces of gold in indicated resources (35.2 million tonnes grading 1.53 grams per tonne gold) and 1,265,900 ounces of gold in inferred resources (32.2 million tonnes grading 1.22 g/t Au) (see the Company's news release dated October 6, 2025), with significant expansion potential on the resource itself and in the immediately surrounding area. Regional exploration work has also produced several other new discoveries and prospective targets on the company's claim packages, some of which border sizable gold and copper projects, including the Coffee project owned by Newmont Corp., (which Newmont has entered into an agreement to sell to Fuerte Metals Corp.) and Western Copper and Gold Corp.'s Casino project.
The Offering consisted of the sale of: (i) 9,411,710 Units at a price of $0.85 per Unit, (ii) 8,547,000 FT Units at a price of $1.17 per FT Unit, and (iii) 5,000,000 FT Shares at a price of $1.00 per FT Share. Each Unit was comprised of one common share in the capital of the Company (“Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share at a price of $1.15 for a period of 24 months following the closing date of the Offering. Each FT Unit was comprised of one FT Share and one-half of one Warrant. The Warrants were issued pursuant to a warrant indenture dated October 15, 2025 between the Company and Computershare Trust Company of Canada, as warrant agent. The FT Shares (including the FT Shares underlying the FT Units) were issued as “flow-through shares” as defined in the subsection 66(15) of the Income Tax Act (Canada).
The gross proceeds from the sale of the FT Units and the FT Shares will be used by the Company to incur exploration expenditures on its properties in the White Gold District of the Yukon Territory (the “Qualifying Expenditures”) prior to December 31, 2026. The Qualifying Expenditures will be renounced to subscribers of FT Units and FT Shares for the fiscal year ended December 31, 2025. The gross proceeds from the sale of the Units are expected to be used for working capital and general corporate expenses.
As consideration for the Agents’ services in connection with the Offering, the Agents received a cash commission equal to 6.0% of the gross proceeds from the Offering, excluding gross proceeds from the issuance of Offered Securities sold to Agnico from which no commission on such gross proceeds was paid by the Company to Agents. The Company also issued to the Agents non-transferable compensation options (the “Compensation Options”) equal to 6.0% of the number of Offered Securities sold under the Offering, excluding the Offered Securities sold to Agnico. Each Compensation Option entitles the holder to acquire one Common Share at a price equal to the following: (i) if the security sold is a Unit, $0.85 per Common Share; (ii) if the security sold is an FT Unit, $1.17 per Common Share; and (iii) if the security sold is an FT Share, $1.00 per Common Share, in each case, until the date that is 24 months following the Closing Date.
The Offered Securities and Compensation Options, including any underlying securities, are subject to a statutory hold period of four-months and one day in accordance with applicable Canadian securities laws.
Participation by Agnico, PowerOne Capital Corp., David D’Onofrio, CEO and Dylan Langille, VP Exploration (collectively, the “Insiders”), in the Offering was considered a “related party transaction” pursuant to Multilateral Instrument 61- 101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company was exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the Insiders’ participation in the Offering in reliance of sections 5.5(a) and 5.7(1)(a) of MI 61-101. A material change report will be filed in connection with the participation of Insiders in the Offering less than 21 days in advance of the closing of the Offering, which the Company deemed reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and complete the Offering in an expeditious manner.
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