Viva Gold Corp. announced a non-brokered private placement of up to 18,750,000 units at CDN$0.16 per unit to raise gross proceeds of up to CDN$3,000,000.

Each unit includes one common share and one-half of a common share purchase warrant. Each whole warrant allows the holder to acquire one common share at CDN$0.24 for 36 months from issuance.

Financing proceeds will fund follow-up exploration drilling at the Midway Hills zone of the Tonopah Gold Project, plus detailed engineering work, environmental baseline studies, and a Mine Plan of Operations to advance permitting.

Dundee Corporation, holding about 19.9% of Viva Gold’s common shares, plans to participate pro-rata to maintain its ownership. Certain insiders may also acquire units, constituting a related party transaction expected to be exempt from formal valuation and minority approval requirements.

Viva Gold owns a 100% interest in the Tonopah Gold Project on the Walker Lane Structural Trend in western Nevada, its core asset for feasibility and permitting. The project hosts a measured and indicated mineral resource of 394,000 ounces of gold at 0.78 grams per tonne and an inferred resource of 206,000 ounces at 0.87 grams per tonne.

The company expects to report a Prefeasibility Study in the fourth quarter of 2026. 

“Discovery of long thicknesses of +1.0 g/t gold in the Midway Hills opened up a new target type at Tonopah —gold in a rock package that prior operators never tested,” said James Hesketh, President and Chief Executive Officer of Viva Gold. “This financing allows us to get back on that discovery with the drill while continuing to advance the base project, completing the engineering and environmental work required to file a Mine Plan of Operations and begin the permitting process. Dundee’s participation on a pro rata basis is a strong endorsement from a shareholder that knows this asset well.”

— James Hesketh, President and Chief Executive Officer

Closing remains subject to TSX Venture Exchange approval. Securities issued will have a statutory hold period of four months and one day.

Nearby, Scorpio Gold Corporation recently reported step-out drilling results intersecting 3.38 g/t gold over 33.31 metres at its Manhattan project.

Read the full announcement: Viva Gold Announces CDN$3.0 Million Private Placement to Fund Drilling of the New Midway Hills Gold Discovery and to Advance Permitting at Tonopah