Blue Jay Gold plans C$3M Ocean Partners placement at C$0.90 a unit
Ocean Partners would own about 6.5 per cent before warrant exercise, with proceeds supporting Steller exploration and a study in the first half of 2027.
Mara Quinlan
Blue Jay Gold Corp. CVEJAY OTCMKTSJAYGF FRAJAY said on Monday it plans to raise C$3 million from privately held Ocean Partners UK Limited through a unit placement priced at C$0.90. Ocean Partners would hold about 6.5 per cent of the company before warrant exercise, while proceeds would support a Steller economic study planned for the first half of 2027.
Shares fell 2.74 per cent to C$0.71 at the Oct. 23 close, at 4 p.m. EDT on the TSX Venture Exchange CVEJAY. The unit price is 26.8 per cent above that Oct. 23 close at 4 p.m. EDT CVEJAY, before assigning value to the attached warrant.
Net proceeds are earmarked for exploration and study work at Steller, including the preliminary economic assessment, and general working capital. Blue Jay is a Canadian explorer whose wholly owned flagship is a past-producing gold-silver project in southern Yukon.
Completion requires TSX Venture Exchange approval and other customary conditions. Securities issued in the placement would carry a statutory hold period of four months and one day from issuance.
Under the Oct. 26 terms, Ocean Partners would buy 3,333,300 units, each comprising one common share and one warrant. Each warrant would allow the purchase of another share at C$1.20 for one year after closing.
Blue Jay could accelerate warrant expiry if the daily volume-weighted average share price on the TSX Venture Exchange reaches at least C$1.25 for five consecutive trading days, according to the Oct. 26 release. Warrants would then expire 30 days after acceleration.
The expected ownership figure excludes those additional warrant shares. No finder's fees are payable, and the announcement does not identify a broker.
Ocean Partners offers trading services to miners, smelters and refiners. Blue Jay had already announced an Oct. 21 materials purchase agreement with the investor covering remediation stockpiles at Steller and exclusivity over further stockpile and similar material during 2027.
That contract calls for payment of 90 per cent of each shipment's estimated value shortly after loading, with the balance settled on final weights and assays. Blue Jay said the shipping experience would inform its planned assessment of a direct-shipping development option.
"This shipment gives us a working test of the logistics that approach would rely on, while our exploration capital stays focused on drilling," chief executive Geordie Mark said in the Oct. 21 release.
The remediation material is not a mineral resource or reserve, Blue Jay cautioned in that release, and the bulk-sample program carries increased economic and technical uncertainty.
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Blue Jay expects the placement to close on or about Nov. 5, 2026.
