Viva Gold enlarges private placement to fund Tonopah Gold Project, Nevada – Resource World Magazine

Viva Gold enlarges private placement to fund Tonopah Gold Project, Nevada – Resource World Magazine

Viva Gold Corp. [TSXV: VAU] reported that, in response to strong investor demand, it has increased the size of its previously announced non-brokered private placement (the Offering) from up to CDN$3,000,000 to up to CDN$6,500,000. As amended, the Offering consists of up to 40,625,000 units at CDN$0.16 per Unit for gross proceeds of up to CDN$6,500,000. Each Unit will continue to consist of one common share in the capital of the company and one-half of one non-transferable common share purchase warrant with each whole warrant exercisable to acquire one share at an exercise price of CDN$0.24 per share for 36 months from the date of issuance. All other terms of the Offering, including the price per Unit, remain unchanged from those announced by the company on August 26, 2026. “The response to this financing has been exceptional, and the increase will allow us to do considerably more with our Tonopah project,” said James Hesketh, President and CEO of Viva Gold. Dundee Corp., which currently holds approximately 19.95% of Viva Gold’s outstanding common shares, has indicated its intention to participate in the Offering, as increased, on a pro-rata basis to maintain its current ownership position. Certain insiders of the company may acquire Units in the Offering. Viva Gold intends to use the net proceeds of the Offering, after payment of any finder’s fees, to advance its 100%-owned Tonopah Gold Project in Nevada. The additional proceeds raised through the increase in the size of the Offering are expected to be directed principally to an expanded follow-up exploration drill program at the new gold discovery in the Midway Hills zone of the project. The balance of the net proceeds will be used for detailed engineering work; environmental baseline studies; preparation of the Mine Plan of Operations required to commence the mine permitting process; and general working capital purposes. The company may pay finder’s fees on a portion of the Offering. The company will file an amended notice with the TSX Venture Exchange in respect of the increased size of the Offering. Viva Gold’s 100%-owned Tonopah Gold Project is located within a large land position in established goldmining country on the prolific Walker Lane Structural Trend in western Nevada, approximately a 30-minute drive south of Kinross Gold’s Round Mountain Mine. Viva has defined a high-confidence gold mineral resource and has demonstrated the potential for an economically viable open-pit, heap leach/mill gold project through its 2025 preliminary economic assessment (PEA). Prefeasibility Study has been initiated on the project with a final report due in fourth quarter of 2026. Viva Gold currently has approximately 172 million shares outstanding.