Cameo Resources Corp. has closed the first tranche of its previously announced non-brokered private placement, accepting subscriptions for 4,124,800 units totaling $616,720 to fund drilling, marketing, and general working capital at its Katoro Gold Property in Tanzania.

Each unit consists of one common share and one-half of a share purchase warrant, with each whole warrant exercisable at $0.30 for two years. The warrants are subject to an accelerated expiry clause allowing Cameo to reduce the exercise period to 30 days if its shares trade at $0.45 for 10 trading days. Securities issued under the first closing are subject to a hold period ending January 3, 2027.

Net proceeds are directed toward the company's active exploration program at Katoro, which is designed to systematically evaluate 80 high-priority drill targets generated from prior drone magnetic and induced polarization geophysical surveys. The 19.58-square-kilometre property is situated within the Sukumaland greenstone belt of Tanzania's Lake Victoria goldfield, a prolific mining district hosting multiple multimillion-ounce gold deposits and active operations by major producers.

Regional activity within the district includes recent diamond drilling by Lake Victoria Gold Ltd. at its Imwelo project, which returned high-grade assay results including 28.71 g/t gold over 2.75 metres.

Read the full announcement: Cameo Announces Private Placement First Tranche Closing