Trident announces $15 million bought deal financing
Trident Resources Corp. [ROCK-TSXV, TRDTF-OTCQB] has announced details of a $15 million bought deal offering. The company said an underwriting syndicate has agreed to purchase, on a bought deal basis, 4.0 million common shares that will qualify as “flow-through shares’’ within the meaning of the Income Tax Act (Canada) at a price of $3.76 per FT share.
The company has granted the underwriters an option to increase the size of the offering by up to an additional 600,000 FT shares for additional proceeds of $2.256 million to cover over-allotments. That option can be exercised at any time up to two business days prior to closing, which is expected to occur by February 18, 2026.
Trident is a Saskatchewan-focused mineral exploration company. It is aggressively advancing its 100%-owned Contact Lake and Greywacke Lake projects which host significant current and historical gold resources located within the prospective and underexplored La Ronge Gold Belt, as well as the Knife Lake copper project which contains an historical copper resource.
Gross proceeds of the sale of the flow-through shares will be used for further exploration, mineral resource expansion and drilling at Trident’s gold projects located in the La Ronge Gold Belt, as Canadian Exploration Expenses as defined by the Income Tax Act (Canada) and “flow-through mining expenditures.’’ The flow-through mining expenditures will be renounced with an effective date no later than December 31, 2026.
Trident recently said it intersected 5.73 g/t gold over 15 metres, including 9.35 g/t gold over 7.0 metres and 15.05 g/t gold over 2.0 metres below historical mining infrastructure at the Contact Lake Gold project in northern Saskatchewan.
The results are from the remaining six diamond drill holes from a 19-hole 2025 drill program at Contact Lake. They were designed to test for the down-dip extension of gold mineralization below the historically defined Main Zone of the Bakos Shear Zone, the main host to gold mineralization. Based on the very successful results of the 2025 drill program (6,838 metres drilled in 19 holes), a fully-funded 10,000 metre winter 2026 drill program at Contact Lake is underway.
The final six holes from Trident’s inaugural drill program at Contact Lake all intersected gold mineralization within, above and below the Bakos Shear zone. These holes targeted gold mineralization in areas below historical mining infrastructure, which highlights the tremendous depth-potential of the orogenic gold system, the company said in a press release. “These results are very important for Trident as they clearly demonstrate the potential to significantly expand gold mineralization at depth, well below historical mne workings developed by Cameco in the 1990s,’’ said Trident CEO Jon Wiesblatt.
Trident shares eased 3.6% or 11 cents to $2.95 on Wednesday. The shares trade in a 52-week range of $3.70 and 40 cents.