07:17 AM EDT, 08/21/2025 (MT Newswires) -- Soma Gold ( SMAGF ) overnight Wednesday announced it has closed the second and final tranche of its previously announced non-brokered private placement.

Under the second tranche, the company issued and sold an additional 1,508,260 units at a price of C$1.15 per unit, for aggregate gross proceeds of approximately $1,734,500. In total, the company has sold and issued an aggregate of 14,997,826 Units for aggregate gross proceeds of approximately $17.25 million over both tranches of the Offering.

A statement noted each unit consists of one common share in the capital of the company and one-half of one common share purchase warrant. Each Warrant entitles the holder thereof to acquire one additional common share at an exercise price of C$2.00 per common share for a period of 36 months from the date of issuance. The Warrants are subject to an Accelerated Exercise provision that stipulates that if the shares of the company trade above $3.00 for a period of 30 days, the Warrants will expire 30 days after such date unless exercised earlier.

Soma said the proceeds from the Offering will support its ongoing mill expansion efforts, installation of ore sorting infrastructure, accelerated exploration and development of the Nechi mine, and general working capital needs.

Its stock rose $0.03 or 2.5% yesterday in Canada.