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Loyalist Exploration Announces Closing of $398,000 Second and Final Tranche of Non-Brokered Financing
Toronto, Ontario – TheNewswire – February 6, 2026 – Loyalist Exploration Limited (CSE: PNGC) (“Loyalist” or the “Company”) is pleased to announce the closing of
About this update from Loyalist Exploration Limited
[{"type":"text","content":"Toronto, Ontario – TheNewswire – February 6, 2026 – Loyalist Exploration Limited (CSE: PNGC) (“Loyalist” or the “Company”) is pleased to announce the closing of the second and final tranche (the “Second Tranche”) of its non-brokered private placement first announced on October 8, 2025 (the “Offering”). The Second Tranche consisted of the sale of : (i) 7,950,000 hard dollar common shares in the capital of the Company (“Common Shares”) at a price of $0.04 per Common Share for gross proceeds of $318,000; and (ii) 1,600,000 Common Shares, each to be issued as “flow-through shares” (the “FT Shares”) within the meaning of the Income Tax Act (Canada)(the “Tax Act”) at a price of $0.05 per FT Share for aggregate gross proceeds of $80,000. The first tranche (the “First Tranche”) of the Offering consisted of the sale of 810,000 FT Shares for aggregate gross proceeds of $40,500, and together with the Second Tranche, the aggregate gross proceeds of the Offering were $438,500. In connection with the Second Tranche, the Company paid finder’s fees of $12,020 and issued 338,000 share purchase warrants exercisable at $0.075 expiring 2 years from issuance. The proceeds from the sale of FT Shares will be used to incur \"Canadian exploration expenses\" as defined in subsection 66.1(6) of the Income Tax Act and \"flow through mining expenditures\" as defined in subsection 127(9) of the Income Tax Act (\"Qualifying Expenditures\"). Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2025, in the case of the First Tranche and December 31, 2026, in the case of the Second Tranche, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of such FT Shares. The proceeds from the sale of the Common Shares will be for property payments on Gold Rush Property and the DeSantis Property as well as general working capital. Errol Farr, CEO of Loyalist stated “I am once again very pleased with the support from our current shareholders and would like to welcome our new ones. Permitting and mine planning work is commencing on Tully immediately and the closing process for DeSantis will be completed as soon as possible”. All of the securities issued and issuable in connection with the Offering are subject to a hold period expiring four months and one day after the date of issuan...