Business
Fox Tungsten Closes Bought Deal Private Placement for Gross Proceeds of C$12.7M
Toronto, Ontario – TheNewswire - April 23, 2026 – Fox Tungsten Ltd. (“Fox Tungsten” or the “Company”) (TSXV: FOXT) is pleased to announce that it has
About this update from Fox Tungsten Ltd.
Toronto, Ontario – TheNewswire - April 23, 2026 – Fox Tungsten Ltd. (“Fox Tungsten” or the “Company”) (TSXV: FOXT) is pleased to announce that it has completed its previously announced “bought deal” private placement offering consisting of an aggregate of (i) 6,100,000 hard dollar units of the Company (the “Hard Dollar Units”) at a price of C$0.165 per Hard Dollar Unit (the “Hard Dollar Unit Issue Price”) and, (ii) 48,875,000 charity flow-through units of the Company (the “Charity FT Units”) at a price of C$0.24 per Charity FT Unit (the “Charity FT Unit Issue Price”), including partial exercise of the underwriter’s over-allotment option of 6,875,000 Charity FT Units, for aggregate gross proceeds of C$12,736,500 (the “Offering”). The Hard Dollar Units and the Charity FT Units will be referred to herein as the “Offered Securities”. The Offering was conducted by Stifel Canada as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters including PowerOne Capital Markets Limited and Canaccord Genuity Corp. (collectively, the “Underwriters”). In consideration for the services provided by the Underwriters, the Company paid the Underwriters an aggregate cash commission of C$823,845.91. As additional consideration for their services, the Underwriters were also issued an aggregate of 3,566,128 broker warrants (the “Broker Warrants”). Each Broker Warrant is exercisable into one common share of the Company at a price of C$0.165 per share until April 23, 2029. Each Hard Dollar Unit will consist of one common share of the Company (a “Share”) plus one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Charity FT Unit will consist of one Share of the Company plus one-half of one Warrant, each of which will qualify as a “flow-through share” within the meaning of the Income Tax Act (Canada). Each Warrant will entitle the holder thereof to purchase one Share (a “Warrant Share”) at an exercise price of C$0.22 until April 23, 2029. The Company intends to use the net proceeds from the sale of Hard Dollar Units for advancing the exploration of the Company’s Fox Tungsten Project as well as other exploration projects and for working capital and general corporate purposes. The Company will use an amount equal to the gross proceeds from the sale of the Charity FT Units, pursuant to the provisions in the Inco...