Business
Geiger Energy Announces Closing of Equity Offerings for Gross Proceeds of C$7.6 Million
Toronto, Ontario--(Newsfile Corp. - May 7, 2026) - Geiger Energy Corporation (TSXV: BEEP) (OTCQB: BSENF) ("Geiger" or the "Company") is pleased to announce,
About this update from Geiger Energy Corporation
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - May 7, 2026) - Geiger Energy Corporation (TSXV: BEEP) (OTCQB: BSENF) (\"Geiger\" or the \"Company\") is pleased to announce, further to its news releases dated April 16, 2026 and May 4, 2026, the closing of its previously announced \"best efforts\" public offering (the \"Public Offering\") and private placement (the \"Private Placement\", and collectively with the Public Offering, the \"Offerings\") for aggregate gross proceeds of C$7,623,850, which includes the partial exercise of the agents' option. Red Cloud Securities Inc. and Haywood Securities Inc. (collectively, the \"Agents\") acted as co-lead agents and joint bookrunners in connection with the Offerings. Pursuant to the Public Offering, the Company sold (i) 5,455,000 units of the Company (the \"Units\") at a price of C$0.22 per Unit and (ii) 4,550,000 flow-through units of the Company to charitable purchasers (the \"Charity FT Units\", and together with the Units, the \"Public Offering Securities\") at a price of C$0.325 per Charity FT Unit for aggregate gross proceeds of C$2,678,850 from the sale of Public Offering Securities. Each Unit consists of (i) one common share of the Company (a \"Unit Share\") and (ii) one-half of one common share purchase warrant (each whole warrant, a \"Unit Warrant\"). Each Charity FT Unit consists of (i) one common share of the Company (each, a \"Charity FT Share\") and (ii) one-half of one common share purchase warrant (each whole warrant, a \"Charity FT Warrant\"). Each Charity FT Share and each whole Charity FT Warrant qualify as a \"flow-through share\" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the \"Income Tax Act\"). Each Unit Warrant and Charity FT Warrant entitles the holder to purchase one common share of the Company on a non-flow-through basis (each, a \"Warrant Share\") at a price of C$0.30 at any time on or before May 7, 2029. Pursuant to the Private Placement, the Company sold 19,780,000 flow-through shares of the Company (the \"FT Shares\") at a price of C$0.25 per FT Share for gross proceeds of C$4,945,000 from the sale of FT Shares. Each FT Share qualifies as a \"flow-through share\" within the meaning of subsection 66(15) of the Income Tax Act. The net proceeds from the Offerings will be used by the Company to fund the exploration of the Company's projects ...