11:11 AM EDT, 03/20/2026 (MT Newswires) -- American Eagle Gold ( AMEGF ) on Friday said it raised $23 million from a private-placement offering of 19.2-million flow-through shares at $1.20 each sold to mining magnate Eric Sprott.

Sprott acquired the shares at a back-end price of $0.77, for a 9.9% equity stake in the company. He becomes the third strategic investor in the company, after Teck Resources (TECK-B.TO) and South32.

American Eagle will also close a concurrent private placement offering of 9.65-million flow-through (FT) shares at $1.132 apiece, for $10.9 million proceeds on April 9.

Teck is maintaining its 12.9% stake in the company, and will acquire 3.8 million shares at a back-end price of $0.77 each. A South32 subsidiary will acquire 5.9 million shares at the same price, to maintain its 19.9% interest in American Eagle.

Proceeds will be used to develop the Nak property in British Columbia. The closing of the offerings will see American Eagle have over $55 million in cash on its balance sheet. The company will be fully funded for substantial drill program expansions in 2026 and 2027.

American Eagle shares were last seen down $0.03 to $1.04 on the TSX Venture Exchange.

Price: 1.04, Change: -0.03, Percent Change: -2.80