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CALGARY, Alberta, Nov. 10, 2026 (GLOBE NEWSWIRE) -- San Lorenzo Gold Corp. ("San Lorenzo" or the "Company") (TSXV: SLG) is pleased to announce the successful closing of its previously announced upsized private placement (the "Offering") for aggregate gross proceeds of C$80,000,320, with participation from leading global institutional investors specializing in the natural resources sector. The Offering was led by SCP Resource Finance LP and National Bank Financial Inc., as lead agents (the "Lead Agents"), on behalf of a syndicate of agents including BMO Nesbitt Burns Inc. and Haywood Securities Inc. (together with the Lead Agents, the "Agents"), on a "best efforts" agency basis. Argonaut Securities Pty Limited acted as financial advisor to the Company in connection with the Offering.
Brandon Gaspar, Chief Executive Officer of San Lorenzo, commented: “Raising C$80 million at this stage of our exploration is a significant milestone for San Lorenzo, particularly given the calibre of investors supporting the Company. These are among the world's leading resource investors, with established track records of backing successful gold exploration companies, including several that have ultimately been acquired by major gold producers.
This financing gives us the flexibility to pursue a substantially larger exploration program across Salvadora, following up on results and testing new targets as we continue to expand our technical and operational capabilities. We are grateful for the confidence of both our new and existing shareholders. Our priority is to scale systematically, allocating capital where the geology justifies it, with a clear focus on creating long-term shareholder value.”
Offering Details
Pursuant to the Offering, the Company issued an aggregate of 15,094,400 common shares of the Company (the "Offered Shares") at a price of C$5.30 per Offered Share, for aggregate gross proceeds of C$80,000,320, consisting of:
- 9,433,900 Offered Shares (the "LIFE Shares") issued pursuant to the "listed issuer financing exemption" under Part 5A of National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), as modified by Coordinated Blanket Order 45-935 (the “LIFE Exemption”), for gross proceeds of C$49,999,670 (the "LIFE Offering"); and
- 5,660,500 Offered Shares (the "Non-LIFE Shares") issued pursuant to other available prospectus exemptions (the "Non-LIFE Offering"), for gross proceeds of C$30,000,650.
The Company intends to use the net proceeds raised from the Offering for exploration drilling and technical studies at its Salvadora project, operational capabilities and infrastructure, and general corporate and working capital purposes.
The LIFE Shares issued pursuant to the LIFE Exemption are freely tradeable and are not subject to a hold period under applicable Canadian securities laws. The Non-LIFE Shares issued pursuant to the Non-LIFE Offering are subject to applicable resale restrictions, including, where applicable, a hold period under applicable Canadian securities laws expiring on March 11, 2027.
In connection with the Offering, the Company paid aggregate cash commissions and advisory fees of C$4,771,519 (excluding applicable taxes), representing 6.0% of the gross proceeds of the Offering, other than gross proceeds from sales to purchasers on the president’s list, in respect of which a reduced commission of 3.0% was paid.
The Offering remains subject to final acceptance by the TSX Venture Exchange.
MI 61-101 Disclosure
Brandon Gaspar, Chief Executive Officer and a director of the Company, and Al Kroontje, Executive Chair and a director of the Company, each an insider of the Company, purchased an aggregate of 75,472 Offered Shares under the Offering for aggregate gross proceeds of C$400,000. The participation of insiders in the Offering constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities issued to, nor the consideration paid by, such insiders exceeds 25% of the Company’s market capitalization.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
Additional Information
Prelia Canada LLP acted as legal counsel to San Lorenzo. Bennett Jones LLP acted as legal counsel to the Agents.
About San Lorenzo
San Lorenzo Gold Corp. is a Canadian mineral exploration company advancing its 100%-owned Salvadora Project in Chile’s Atacama Region, approximately 15 kilometres from Codelco’s El Salvador copper-gold mine. The Company is conducting a systematic exploration program across the Salvadora property, including drilling, geophysics and surface exploration. San Lorenzo is focused on advancing exploration at Salvadora and testing a pipeline of exploration targets across the property.
For further information, please contact:
San Lorenzo Gold Corp.
Brandon Gaspar, Chief Executive Officer
Email: info@slgold.com
Investor Relations: Acuity Advisory Corp.
Telephone: +1-604-837-5440
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of San Lorenzo. All statements included herein other than statements of historical fact are forward-looking information. Forward-looking information in this news release includes, but is not limited to, statements regarding: the receipt of final acceptance of the Offering by the TSX Venture Exchange; the anticipated use of the net proceeds of the Offering; the Company’s planned exploration, programs at the Salvadora Project; the expansion of the Company’s technical and operational capabilities; and the Company’s future plans, objectives and growth strategy. Such forward-looking information is based on assumptions management believes to be reasonable, including that the TSX Venture Exchange will grant final acceptance of the Offering, that the net proceeds will be used as anticipated, and that the Company will be able to carry out its exploration programs as planned. Such forward-looking information involves various risks and uncertainties, including risks inherent in mineral exploration, changes in market conditions, the availability of financing and personnel, and regulatory and permitting risks in Chile. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Any forward-looking information is made as of the date of this release and, other than as required by applicable securities laws, San Lorenzo does not assume any obligation to update or revise it to reflect new events or circumstances.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.