G2 Goldfields secures C$49.5m in placement
Toronto-listed G2 Goldfields has raised firm commitments for a C$49.5-million non-brokered private placement to fund exploration and development of its gold projects in Guyana.
The company will issue up to 15-million shares at C$3.30 each, representing gross proceeds of C$49.5-million. The financing is fully subscribed and expected to close later in September, subject to Toronto Stock Exchange approval and customary conditions, G2 said on Thursday.
Net proceeds will be used to advance exploration and development at its Guyana properties as well as for working capital and corporate purposes.
"The completion of this offering, backed by the continued support of our two largest shareholders, places the company in a strong financial position ahead of delivering on key milestones in the fourth quarter of 2025, including the updated mineral resource estimate and preliminary economic assessment. Their confidence underscores the quality of our assets and our near-term strategy, and with this strengthened balance sheet we are well positioned to advance our projects and deliver value to all shareholders," said CEO Daniel Noone.
Insiders are expected to subscribe for 325 000 shares, raising about C$1.07-million, G2 said. That makes the financing a related-party transaction under Canadian securities rules. The company said it was exempt from requirements for a formal valuation or minority shareholder approval as insider participation did not exceed 25% of its market capitalisation.
G2 Goldfields’ founders and principals have been credited with discovering more than 10-million ounces of gold in the Guiana Shield. The company is currently focused on advancing its portfolio of exploration and development projects in the underexplored district.
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