Dryden Gold Raises C$9.6M Financing, Backed by Centerra and Alamos
CGAU•Dryden Gold closed an upsized financing of 22.7 million flow-through shares to raise C$9.6 million at C$0.41 FT and C$0.452 charity FT prices. Centerra and Alamos maintained 9.9% and 10.46% stakes by purchasing 2.3 million and 2.41 million shares, funding drilling on its 90,000-hectare Ontario property.
1. Financing Details
Dryden Gold issued 22,716,146 flow-through and charity flow-through common shares under an upsized non-brokered financing, raising aggregate gross proceeds of C$9,595,045.60. The financing comprised 16,031,449 FT shares at C$0.41 and 6,684,697 CFT shares at C$0.452, with a 6% cash finders’ fee of C$291,028.46.
2. Strategic Investments
Alamos Gold purchased 2,410,000 charity flow-through shares to retain a 10.46% equity stake, while Centerra Gold exercised its top-up right to acquire 2,305,000 charity flow-through shares, maintaining its 9.9% interest. Both strategic investors affirmed commitment to Dryden’s growth by preserving their positions in the company.
3. Exploration Funding
Proceeds from the financing will fund drilling and exploration activities across Dryden’s 90,000-hectare land package in Northwestern Ontario along the Manitou-Dinorwic deformation zone. All issued shares are subject to a four-month hold period, with final acceptance pending TSX Venture Exchange approval and compliance with regulatory requirements.
