Pirate Gold Corp. (TSXV: YARR | OTCQB: YARRF) has closed a brokered private placement raising aggregate gross proceeds of $13,609,430, the company announced on October 22, 2026. The offering comprised flow-through and special flow-through common shares structured to direct capital toward Canadian exploration expenses at the company's Treasure Island Project in Newfoundland. The financing was conducted through an agency agreement led by Canaccord Genuity Corp. and a syndicate of agents, and remains subject to final TSX Venture Exchange approval.

Key Points

  • Pirate Gold Corp. (TSXV: YARR | OTCQB: YARRF) closed a brokered private placement on October 22, 2026
  • The offering raised aggregate gross proceeds of $13,609,430 through flow-through and special flow-through share issuances
  • All qualifying expenditures must be incurred at the Treasure Island Project on or before December 31, 2027, with renunciation effective no later than December 31, 2026
  • Investors will be watching for final TSX Venture Exchange approval and confirmation of eligible exploration expenditure deployment

Structure of the Pirate Gold Flow-Through Share Offering

The offering consisted of two tranches. The company issued 48,277,000 flow-through common shares at $0.215 per share, generating gross proceeds of $10,379,555, and 13,050,000 special flow-through common shares at $0.2475 per share, generating gross proceeds of $3,229,875. Both share classes qualify as flow-through shares under the Income Tax Act (Canada), allowing the company to renounce eligible Canadian exploration expenses to subscribers. The renunciation is expected to carry an effective date of no later than December 31, 2026, with expenditures to be incurred on or before December 31, 2027.

Agent Compensation and Statutory Hold Period

In consideration for their services, the agents received a cash commission equal to 6.0% of aggregate gross proceeds and were issued 3,679,620 non-transferable broker warrants. Each broker warrant is exercisable to acquire one common share at $0.215 for a period of 24 months following the closing date. All securities issued under the offering are subject to a statutory hold period expiring on February 23, 2027, in accordance with applicable Canadian securities laws. The offering remains subject to final TSX Venture Exchange approval, the release states.

Proceeds Directed at Treasure Island Project Exploration

The release states that gross proceeds from both share classes will be used exclusively to incur qualifying Canadian exploration expenses at the Treasure Island Project, a 100%-owned property covering more than 90 kilometres of strike along the Valentine Lake Fault Zone in Newfoundland. Exploration focus includes the high-grade Moosehead gold system and the Moby Dick copper-gold porphyry discovery. The company has committed to indemnifying subscribers for any additional taxes arising should qualifying expenditures not be fully renounced or be reduced by the Canada Revenue Agency.