Lode Gold Resources begins Frankfurt trading after $9.72M July placement
Its July placement issued 35.98 million shares and matching warrants, while the latest notice disclosed $334,577 in finder fees.
Mara Quinlan
Lode Gold Resources Inc. CVELOD OTCMKTSLODFF FRAX27 said Friday its shares had begun trading in Frankfurt under X27. Its July 31 closing release puts the earlier placement at about $9.72 million for 35,982,331 shares plus matching warrants, expanding the Fremont gold developer's equity base.
In U.S. OTC trading, shares rose 2.61 per cent to US$0.28 at 4 p.m. EDT on Sept. 25, the Google Finance page for OTCMKTSLODFF showed. Only 800 shares traded against a 10,240-share average on that Sept. 25 closing quote.
Each unit in the July placement sold for 27 cents and included a warrant exercisable at 45 cents for 36 months. Google Finance showed 98.01 million shares outstanding for OTCMKTSLODFF at 4 p.m. EDT on Sept. 25; on that dated base, placement shares represent about 36.7 per cent of shares outstanding before warrant exercise.
The company said Sept. 22 it had submitted documents to discharge its senior secured debt and planned to develop a preliminary Fremont mine plan within six months. That timetable puts the next specified project milestone in the six months through March 2027.
"Proceeds from the offering will be used to advance technical work at the Fremont gold mine, to strengthen the balance sheet, for partial debt repayment and to provide general working capital," Lode Gold said in its July 31 closing release.
The July release assigned technical spending to drilling for a preliminary feasibility study, metallurgical work, geotechnical studies and engineering. It also called for an initial mine plan to begin environmental and permitting work.
The Sept. 25, 2026 notice also disclosed $334,577 in cash finder fees and 1,239,161 non-transferable finder warrants tied to the July placement. The finder warrants carry a 45 cents exercise price for 36 months from issuance and are subject to a statutory hold of four months and one day.
Lode Gold said the placement closed in tranches on July 28 and July 31, before the Frankfurt announcement. The warrants issued to investors could add another 35,982,331 common shares if exercised, separate from the finder warrants disclosed Friday.
Under the July 31 terms, Lode Gold may accelerate the investor warrants' expiry on 30 days notice if shares close at 80 cents or higher for 10 consecutive trading days. Senior officers bought 237,037 units of the final tranche for $64,000, the July 31, 2026 closing release said.
Lode Gold said it expects Frankfurt trading to increase trading liquidity and broaden engagement with European investors. The $9.72 million came from the July 2026 placement; the Sept. 25 listing notice announced no separate share sale or new proceeds from Frankfurt trading.
Lode Gold plans to develop a preliminary Fremont mine plan within the six months following its Sept. 22 update, placing that milestone by March 2027.
