North Valley Resources Ltd. has completed an oversubscribed non-brokered private placement, raising aggregate gross proceeds of $1,981,083 to advance its Comstock copper-gold project in British Columbia. The financing, which saw strong investor demand, was secured through a mix of critical mineral flow-through common shares, special flow-through units, and non-flow-through units.

The capital injection is specifically designated to fund an inaugural 2,500-metre drill program at the Comstock property, where the company holds an option to earn 100% ownership. These funds will cover eligible Canadian exploration expenses, with the company committing to incur the required expenditures on or before December 31, 2027. The tax benefits associated with these flow-through investments will be renounced in favour of subscribers by the end of 2026. The balance of the proceeds from the non-flow-through units will be used for general working capital.

“We are very pleased with the strong investor support reflected in this oversubscribed financing. The proceeds will allow us to continue building on the positive results from recent exploration programs as we advance the Comstock Project toward its inaugural 2,500-metre drill program planned for Fall 2026.”

— Cameron Dorsey, CEO

Under the terms of the placement, the company issued 2,207,354 flow-through shares at $0.17 each and 4,583,334 special flow-through units at $0.22 each. Each special flow-through unit includes one-half of a common share purchase warrant. Additionally, the company issued 3,983,333 non-flow-through units at $0.15, also carrying a one-half warrant entitlement. Each full warrant allows the holder to acquire one common share at an exercise price of $0.25 over a 24-month period. These warrants are subject to an acceleration provision, allowing the company to move the expiry date forward if its share price hits $0.35 for ten consecutive trading days.

The company paid finders’ fees totaling $102,742 in cash alongside the issuance of 664,346 finder warrants, which mirror the terms of the unit warrants. All securities issued under the placement are subject to a standard four-month statutory hold period.

North Valley intends to leverage the upcoming drilling in the fall of 2026 to progress the project toward the mineral resource stage, building on previous exploration data collected at the site.

Read the full announcement: North Valley Resources Closes Oversubscribed $1.98 Million Financing to Advance the Comstock Copper-Gold Project