Viva Gold Corp. has completed its oversubscribed non-brokered private placement, securing gross proceeds of CDN$6,500,228 to fund development and exploration across the Tonopah Gold Project in Nevada.

The financing raised more than double the CDN$3.0 million originally targeted. Viva Gold issued 40,626,425 units priced at CDN$0.16 each. Every unit comprises one common share and one-half of a common share purchase warrant. Whole warrants carry an exercise price of CDN$0.24 and remain valid for 36 months until September 9, 2029.

The company allocated the net proceeds to advance several operational streams in parallel. Funds will support follow-up exploration drilling at the new high-grade Midway Hills gold discovery, initial detailed engineering and environmental baseline studies following the Prefeasibility Study currently underway, and preparation of the Mine Plan of Operations required to initiate the mine permitting process. A final report for the Prefeasibility Study is scheduled for delivery in the fourth quarter of 2026.

Viva Gold holds a 100% interest in the Tonopah asset, situated on the Walker Lane Trend in western Nevada. Company insiders acquired 8,105,800 units under the offering, constituting a related party transaction that is exempt from formal valuation and minority approval requirements. Canaccord Genuity, Ventum Financial, Research Capital, Richardson Wealth, Red Cloud Securities and Haywood Securities acted as finders, receiving aggregate fees of CDN$106,410 and 665,062 finder’s warrants on identical terms to the placement warrants. The offering remains subject to final approval from the TSX Venture Exchange.

“The response to this financing was exceptional, and we are grateful for the strong support from our existing shareholders and from the new investors who joined the register,” said Jim Hesketh, President and Chief Executive Officer of Viva Gold. “Closing at CDN$6.5 million — more than double what we originally set out to raise — allows us to push Tonopah forward on several fronts at once: follow-up drilling on our new high-grade discovery at Midway Hills, the engineering and environmental work that supports our Prefeasibility Study, and preparation of the Mine Plan of Operations that is used to start the permitting process. Strong participation of insiders in the Offering reflects confidence in our Board and management and in the unlocked value we are building at Tonopah.”

— Jim Hesketh, President and Chief Executive Officer

Read the full announcement: Viva Gold Closes Oversubscribed Cdn$6.5 Million Private Placement