Great Pacific Gold raising $20 million from upsized financing
Great Pacific Gold Corp. [GPAC-TSXV, GPGCF-OTCQX, VEH-FSE] said it is upsizing a previously announced public offering of units that is now expected to raise $20 million with proceeds earmarked for the company’s gold-copper projects in Papua New Guinea.
The previous target was $15 million.
Under the upsized offering, the company will issue up to 42.6 million units priced at 47 cents per unit. Each unit will consist of one common share and one half of one common share purchase warrant. Each warrant entitles the holder to acquire on common share for 70 cents for 24 months from closing, which is expected to occur on April 2, 2026.
On Friday, Great Pacific shares rose 2.38% or $0.01 to 43 cents in early trading. The shares trade in a 52-week range of 69 cents and 25 cents.
Great Pacific Gold has said is vision is to become the leading gold-copper development company in Papua New Guinea, where the company has a portfolio of exploration stage projects. They include the flagship Wild Dog project located in East New Britain province of PNG. Wild Dog is a brownfield exploration project with a history of small-scale gold mining. The project contains numerous epithermal and porphyry hydrothermal-magmatic targets evidenced by previous exploration and operations. The company completed a road refurbishment in August, 2024, and access to the project has been established for baseline environmental and exploration work.
Great Pacific said the Wild Dog structural corridor stretches 15 kilometres in strike length, with geophysical data suggesting significant depth extent. Drilling of the epithermal structure on the Sinivit target has yielded high-grade results, including WDG-08, which returned 8.4 metres at 50 g/t gold equivalent (AuEg) from 154 metres. The current drilling program will extend into 2026 with the second drill rig now operational.
The company’s Kesar project is located in the Eastern Highlands province of PNG and lies contiguous with K92 Mining Inc.’s [KNT-TSX, KNTNF-OTCQX] mine tenements. Kesar is a greenfields exploration project with several high priority targets in close proximity to the property boundary of K92. Multiple epithermal veins at Kesar are on strike and have the same orientation as key K92 deposits. Exploration work to date by Great Pacific at Kesar has shown that these veins have high grades of gold present in outcrop and very elevated gold in soil grades, coincident with aeromagnetic highs.
The company conducted a diamond drill program on key target areas at the Kesar project from November, 2024 to May 2025, and has developed a follow-up phase two program for 2026. Great Pacific’s Arau project is located in the Eastern Highlands located south of and contiguous to the mine tenements of K92. Arau contains the highly prospective Mt. Victor exploration target with potential for a high-sulphidation epithermal gold-case metal deposit. A phase 1.0 reverse circulation drill program was completed at Mt. Victor in August, 2024, with encouraging results.
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