07:35 AM EDT, 09/17/2025 (MT Newswires) -- Onyx Gold ( ONXGF ) overnight Tuesday said it agreed with Cormark Securities and Canaccord Genuity, as co-lead underwriters, on a bought-deal private placement for gross proceeds of C$15 million.

The offering consists of 4.7 million common shares qualifying as flow-through shares (FT shares) at $2.11 each for gross proceeds of C$10 million, and 3.3 million common shares (HD shares) at $1.50 each for gross proceeds of $5 million.

The company will also grant the underwriters an option to increase the offering by up to an additional $2 million on the same terms and conditions.

Onyx said it will use an amount equal to the gross proceeds from the sale of the FT Shares, to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" related to its projects in Ontario.

The company will use the net proceeds from the HD Shares for exploration of its mineral properties and general corporate purposes.

The offering is expected to close on or about October 2, subject to certain conditions.