Canadian Gold Resources Ltd. (TSXV: CAN) has announced a non-brokered private placement of up to 20,000,000 units at $0.05 per unit, targeting aggregate gross proceeds of up to $1,000,000. The Dieppe, New Brunswick-based gold explorer intends to direct the majority of funds toward bulk sampling and exploration at its Lac Arsenault property in Quebec's Gaspé Gold Belt. The offering includes a warrant component, adding potential upside for participating investors. Closing remains subject to TSX Venture Exchange approval.

Key Points

  • Canadian Gold Resources Ltd. (TSXV: CAN) announced a non-brokered private placement on November 6, 2026.
  • The company is offering up to 20,000,000 units at $0.05 each, for gross proceeds of up to $1,000,000.
  • Each unit includes one common share and one warrant exercisable at $0.10 per share for 36 months from issuance.
  • Investors will be watching for TSX Venture Exchange approval and confirmation of closing tranches.

Unit Structure and Warrant Terms for the CAN Private Placement

Each unit issued under the offering comprises one common share and one common share purchase warrant. The warrant entitles the holder to acquire one additional common share at an exercise price of $0.10 per share for a period of 36 months from the date of issuance. All securities issued under the offering will be subject to a statutory hold period of four months plus one day from issuance. The company notes that closing may occur in one or more tranches, and that finder's fees and non-transferable finder's options may be paid to eligible arm's length parties in connection with the offering.

Proceeds Directed Toward Lac Arsenault Bulk Sampling and Gaspé Gold Belt Projects

The company states that proceeds from the offering will be used primarily for bulk sampling and exploration at its Lac Arsenault property, as well as other high-grade gold projects within Quebec's Gaspé Gold Belt, with the remainder allocated to general working capital. Canadian Gold Resources describes itself as focused on under-explored, past-producing properties in this region. The announcement follows a previously disclosed commencement of a bulk sampling programme at Lac Arsenault, suggesting the financing is intended to support active field operations already underway.

Insider Participation and MI 61-101 Exemption Considerations

The company has disclosed that certain insiders may participate in the offering, which would constitute a related party transaction under Multilateral Instrument 61-101. Canadian Gold Resources expects any such insider participation to qualify for an exemption from formal valuation and minority shareholder approval requirements, on the basis that the fair market value of units subscribed for by insiders is not expected to exceed 25% of the company's market capitalisation. Investors may be watching the final disclosed breakdown of insider versus non-insider participation once closing details are confirmed.