09:09 AM EST, 12/23/2025 (MT Newswires) -- U.S. Gold ( USAU ) said Tuesday it has closed a private placement of about 1.9 million of its common shares at $16.25 apiece and warrants to buy 961,077 common shares at an exercise price of $23 per share, for total gross proceeds of roughly $31.2 million.

The warrants may be exercised immediately and will expire two years after the initial date of issuance, according to the company.

U.S. Gold ( USAU ) said it plans to use the net proceeds to fund initial development of its CK Gold project, potential land acquisitions, further exploration of its properties, and general working capital requirements.

Shares of the company were down more than 6% in recent Tuesday premarket activity.