Onyx Announces Closing of $8 Million Financing and Increases Non-Brokered Offering with Strategic Investors
Summary
The Underwriters received a cash commission equal to 6% of the gross proceeds of the Offering, which is $482,280.The Company will use an amount equal to the aggregate gross proceeds received by the Company from the sale of the Tranche 1 FT Shares and the Tranche 2 FT Shares (collectively, the "FT Shares"), pursuant to the provisions in the Income Tax Act (Canada) (the "Tax Act"), to incur (or be deemed to incur) eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" (as both terms are defined in the Tax Act) (the "Qualifying Expenditures") related to the Companys projects in Ontario and the Yukon, on or before December 31, 2026, and to renounce all the Qualifying Expenditures in favour of the subscribers of the FT Shares effective December 31, 2025. The Tranche 1 FT Shares issued under the Listed Issuer Financing Exemption are not subject to a hold period pursuant to applicable Canadian securities laws.The Tranche 2 FT Shares were offered for sale to purchasers resident in Canada, except for Qu\xe9bec, and other qualifying jurisdictions pursuant to one or more exemptions from the prospectus requirements under NI 45-106 (but not pursuant to the Listed Issuer Financing Exemption), including in the United States pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended, and in certain other jurisdictions outside of Canada and the United States provided that no prospectus filing or comparable obligation, ongoing reporting requirement or requisite regulatory or governmental approval arises in such other jurisdictions. The TSX Venture Exchange has conditionally approved the first tranche of the Non-Brokered Private Placement.The second tranche of the Non-Brokered Private Placement is expected to close on or about June 6, 2025, or such other date as the Company and the subscribers may agree, and is subject to certain conditions to closing, including the approval of the TSX Venture Exchange.The Non-FT Shares and NB FT Shares will be offered pursuant to applicable exemptions from the prospectus requirements under applicable securities laws and will be subject to a hold period of four months and one day from the respective closing dates in accordance with applicable Canadian securities laws.This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. "United States" and "U.S. person" have the meaning ascribed to them in Regulation S under the 1933 Act.Onyx Gold is an exploration company focused on well-established Canadian mining jurisdictions, with assets in Timmins, Ontario, and Yukon Territory. Onyx Golds experienced board and senior management team are committed to creating shareholder value through the discovery process, careful allocation of capital, and environmentally/socially responsible mineral exploration.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws.