Viva Gold Corp. has increased the size of its previously announced non-brokered private placement from up to CDN$3.0 million to CDN$6.5 million in response to strong investor demand.

The amended financing consists of up to 40,625,000 units priced at CDN$0.16 per unit. Each unit comprises one common share and one-half of a common share purchase warrant, with each whole warrant exercisable at CDN$0.24 per share for a period of 36 months from issuance.

The additional capital will be directed principally toward an expanded follow-up exploration drill program at the Tonopah project's new Midway Hills gold discovery. Remaining proceeds will support detailed engineering work, environmental baseline studies, and preparation of the Mine Plan of Operations required to initiate mine permitting.

Dundee Corporation, which holds an approximate 19.95% stake in the company, intends to participate on a pro-rata basis to maintain its current ownership position. Certain insiders may also subscribe to units, constituting a related party transaction exempt from formal valuation and minority approval requirements under applicable rules.

Closing of the upsized offering remains subject to formal approval from the TSX Venture Exchange. Securities issued under the placement, along with any shares issuable upon warrant exercise, will carry a statutory four-month-and-one-day hold period.

The Tonopah project hosts a measured and indicated mineral resource of 394,000 ounces of gold at a grade of 0.78 grams per tonne, alongside an inferred resource of 206,000 ounces at 0.87 grams per tonne. Viva Gold is advancing a Prefeasibility Study for the asset, with a final report scheduled for delivery in the fourth quarter of 2026.

“The response to this financing has been exceptional, and the increase will allow us to do considerably more with our Tonopah project,” said James Hesketh, President and Chief Executive Officer of Viva Gold.

Viva Gold is advancing the Tonopah project toward feasibility and permitting, supported by its institutional shareholders and leadership team.

Read the full announcement: Viva Gold Announces Upsize of Private Placement to CDN$6.5 Million