Golden Spike Resources Corp. has proposed a non-brokered private placement aiming for gross proceeds of up to $500,000 through the issuance of up to 500 units priced at $1,000 each.

Each unit comprises a 15% unsecured convertible debenture in the principal amount of $1,000 and 26,315 common share purchase warrants. The debentures mature 36 months from the closing date, with annual interest payable in cash or common shares at the company's option, subject to Canadian Securities Exchange approval.

Following the completion of the financing, Golden Spike intends to execute a one-for-five share consolidation, change its corporate name to Gordon Mining Group Inc., and trade under the new symbol GORD.

The principal amount of each debenture will be convertible into common shares at a pre-consolidation price of $0.038, or $0.19 on a post-consolidation basis. Warrants will be exercisable at the same price thresholds until the maturity date, subject to an acceleration right if the company's shares trade above specified volume-weighted average price and volume thresholds over twenty consecutive trading days. The company may also force a mandatory conversion of the debentures under similar trading price and volume conditions.

Eligible finders may receive a cash commission of 7% alongside finder's warrants equivalent to 7% of the common shares issuable upon conversion of the debentures placed by those finders, exercisable for 24 months post-consolidation at the $0.038 pre-consolidation or $0.19 post-consolidation price. Net proceeds from the offering are earmarked for working capital and general corporate purposes.

The private placement, share consolidation, and name change remain subject to regulatory and stock exchange approvals.

Corporate activity across the wider jurisdiction includes Magna Terra Minerals Inc. commencing its Phase 1 summer exploration program at the Humber copper-cobalt project within the surrounding district in June 2026, following up on the 2025 discovery of the 2.2-kilometre Birch Zone. Golden Spike holds a 100% interest in the 5,175-hectare Gregory River Property in Newfoundland, which previously received a grant of $95,691.86 under the Junior Exploration Assistance program from the Government of Newfoundland and Labrador, and more recently issued 1,720,000 common shares to settle $86,000 in outstanding debt owed to directors and the corporate secretary.

Read the full announcement: Golden Spike Announces Non-Brokered Private Placement, Consolidation and Name Change