Business
Gold X2 Announces Closing of Second and Final Tranche of Private Placement for Gross Proceeds of Approximately $72,738,000
All dollar amounts are in Canadian dollars ("$") unless otherwise indicated Vancouver, British...
About this update from Gold X2 Mining Inc.
[{"type":"text","content":"Gold X2 Announces Closing of Second and Final Tranche of Private Placement for Gross Proceeds of Approximately $72,738,000All dollar amounts are in Canadian dollars (\"$\") unless otherwise indicatedVancouver, British Columbia--(Newsfile Corp. - February 26, 2026) - Gold X2 Mining Inc. (TSXV: AUXX) (OTCQB: GSHRF) (FSE: DF8) (\"Gold X2\" or the \"Company\") is pleased to announce that it has closed the second and final tranche (the \"Second Tranche\") of its non-brokered private placement (the \"Private Placement\") as previously announced in the Company's news releases dated January 27, 2026 and February 19, 2026. Michael Henrichsen, CEO of Gold X2, commented, \"We are pleased to officially close this private placement which marks a pivotal moment for Gold X2 Mining as we welcome strategic investments from AngloGold Ashanti and Hess Capital. The transaction significantly increases the Company's treasury, bringing the current cash position to approximately $122 Million and positions the Company to fund infill, expansion and exploration drill programs as we advance the Moss Gold Project towards a Feasibility Study in 2027. We look forward to moving forward with pace as we continue to derisk the project and unlock shareholder value.\"In connection with the Second Tranche, Gold X2 issued 58,992,945 charity flow-through common shares of the Company (each, a \"Charity FT Share\") at a price of $1.233 per Charity FT Share for gross proceeds of $72,738,307. With the Second Tranche closing, the Company has raised total gross proceeds of $115,898,306 in the Private Placement.The gross proceeds from the sale of the Charity FT Shares in the Second Tranche will be used to advance exploration and resource expansion activities at the Company's Moss Gold Project in Thunder Bay which will qualify as \"Canadian exploration expenses\" and \"flow-through mining expenditures\", as those terms are defined in the Income Tax Act (Canada) (the \"Qualifying Expenses\"). $9,450,000 in Qualifying Expenses will be incurred and renounced by Gold X2 to the subscribers of the Charity FT Shares in the Second Tranche effective as at September 15, 2026, and $63,288,300 in Qualifying Expenses will be incurred and renounced by Gold X2 to the subscribers of the Charity FT Shares in the Second Tranche effective as at December 31, 2026.In connection with their strateg...