Key Takeaways:
Tiger Gold Corp. (TSXV: TIGR, OTCQB: TGRGF) has increased its previously announced special warrant offering from C$15 million to as much as C$18 million to accelerate drilling at its Ceibal gold target in Colombia. The company aims to use the funds to deliver a maiden resource estimate for the target by the end of 2026.
"The Offering is being led by SCP Resource Finance LP," the company said in a statement, acting as lead agent for a syndicate of agents.
The financing consists of up to 21,951,220 special warrants priced at C$0.82 each. Each special warrant will automatically convert into one unit, comprising one common share and one-half of one purchase warrant. Each whole warrant entitles the holder to acquire an additional common share at C$1.20 for 36 months.
The upsized offering suggests strong investor interest in the Quinchía Gold Project, where the Ceibal target is located. The additional capital is expected to fully fund an accelerated drill program, potentially fast-tracking a significant value-driving catalyst for the company. The project is situated in the prolific Mid-Cauca belt of Colombia, a region known for multi-million-ounce gold deposits.
The offering's over-allotment option, if fully exercised, could bring total gross proceeds to C$23 million. Agents will receive a 6 percent cash commission on gross proceeds and compensation special warrants equal to 2 percent of the special warrants sold. A reduced 2 percent cash commission applies to a "president's list" of purchasers, capped at C$5 million in gross proceeds.
The financing is a key step for Tiger Gold as it works to advance the Quinchía project. In comparison, Wallbridge Mining Company (TSX: WM) recently announced a C$56 million financing to advance its Fenelon project in Quebec, highlighting the capital-intensive nature of gold exploration and development.
The offering is expected to close on or about June 10, 2026, subject to approval from the TSX Venture Exchange. Tiger Gold plans to file a preliminary short form prospectus within three business days of closing. Failure to secure a final receipt for the prospectus by the qualification deadline will trigger a penalty provision, granting holders 1.1 units per special warrant.
Proceeds will be used to accelerate drilling at Ceibal with the goal of completing a maiden resource estimate by the end of the year. The company's exploration efforts are focused on defining a bulk-tonnage, open-pit-style gold resource at the target.
This article is for informational purposes only and does not constitute investment advice.
