01:00 PM EDT, 05/22/2025 (MT Newswires) -- Onyx Gold ( ONXGF ) on Thursday it closed an $8-million bought-deal private placement of flow-through shares.

The offering included 5-million Tranche 1 flow-through shares at a price of $1.00 each for aggregate gross proceeds of $5 million and 3.1-million Tranche 2 flow-through shares at a price of $0.98 each for aggregate gross proceeds of around $3 million.

The company said it will use an amount equal to the aggregate gross proceeds from the sale of the FT shares to incur eligible "Canadian exploration expenses". Tranche 1 FT shares also qualify for the Ontario focused flow-through share tax credit.

Additionally, the company also announced that will add a second tranche of flow-through shares for combined aggregate gross proceeds of up to $5.39 million, in connection with its previously announced $3 million non-brokered private placement with strategic investors.

This non-brokered private placement will offer 3.5-million common shares priced at $0.85 each for aggregate gross proceeds for around $3 million and roughly 2-million flow-through shares at a price of $1.19 each for gross proceeds of up to $2.39 million.

The TSX Venture Exchange has conditionally approved the first tranche of the non-brokered private placement.

The company expects the first and second tranches of the non-brokered private placement to close on or about May 29 and June 6, respectively. The closing of the second tranche is also subject to approval from the TSX Venture Exchange.

Shares of the company were last seen down $0.08 at $1.21 on the TSX Venture Exchange

Price: 1.21, Change: -0.08, Percent Change: -6.20