Highlights
- 975 units at $1,000 per unit; gross proceeds of $975,000
- 15% unsecured convertible debentures maturing September 23, 2029
- Conversion and warrant exercise price of $0.19 (post-consolidation)
- Insiders participated for $45,000
- Proceeds for working capital and general corporate purposes
Vancouver, British Columbia — September 23, 2026 — Golden Spike Resources Corp. (now Gordon Mining Group Inc.) announced the closing of its non-brokered private placement of 975 units at a price of $1,000 per unit for gross proceeds of $975,000.
Terms of the units
Each unit consists of one 15% unsecured convertible debenture in the principal amount of $1,000 and 26,315 common share purchase warrants. The debentures bear interest at 15% per annum, payable at maturity on September 23, 2029, in cash or, subject to CSE approval, in common shares. The principal is convertible into common shares at $0.19 per share on a post-consolidation basis.
Each warrant is exercisable at $0.19 per share (post-consolidation) until maturity, subject to an acceleration right beginning January 24, 2027 if the 20-day volume-weighted average price exceeds $0.45 (post-consolidation) with minimum daily volume of 50,000 shares. The Company also holds a mandatory conversion right after January 24, 2027 if the volume-weighted average price is at least $0.525 (post-consolidation) for 20 consecutive trading days.
Use of proceeds and other details
Net proceeds will be used for working capital and general corporate purposes. Finder's fees of $29,510 in cash and 828,947 finder's warrants were paid in connection with the placement. Insiders subscribed for 45 units ($45,000), constituting a related-party transaction under MI 61-101 for which the Company relied on the available exemptions from the formal valuation and minority approval requirements. All securities issued are subject to a statutory hold period expiring January 24, 2027.
The securities have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption.