Canoe Mining closes $9.1 million subscription receipt financing
Canoe Mining Ventures Corp. [CLV-TSXV] said it has raised $9.1 million from a non-brokered private placement of subscription receipts. The amount raised is well above the $6.2 million minimum financing announced on July 29, 2026.
Net proceeds of the concurrent financing are intended for exploration at the Red Hill Project in Nevada, including a deep drilling program.
The company said it is now focused on closing a previously announced business combination agreement dated July 24, 2026 with Longview Gold Corp., a privately held arms length company which exists under the laws of British Columbia and holds an option to acquire a 100% interest in the Red Hill project, a sediment hosted gold exploration property located in Eureka County, Nevada. It is anticipated that the proposed transaction will constitute a reverse takeover of Canoe. The combined company will become an explorer and developer of high potential mineral assets with a portfolio of projects in the United States and Canada.
Under the financing, the company issued 79.01 million subscription receipts, each of which will convert automatically into one unit of the company upon satisfaction of the release conditions. Each unit will consist of one pre-condition common share and one half of one common share purchase warrant. Each Canoe warrant can be exercised to acquire on additional post consolidated Canoe share at an exercise price of 18 cents for 36 months from the date of closing of the financing.
These terms are stated on a pre-consolidation basis and will be adjusted for the previously announced 3.32-for-one share consolidation to be effected in connection with the transaction, which remains subject to the approval of the company’s shareholders at a special meeting on November 10, 2026.
Canoe were unchanged at 12 cents on Tuesday. The shares trade in a 52-week range of 24 cents and $0.05,
The Longview transaction is expected to provide Canoe with exposure to the Red Hill Project, a district-scale gold exploration project strategically located on Nevada’s renowned Cortez Trend, and one of the world’s premier gold districts and the focus of significant exploration by leading operators including Nevada Gold Mines, and McEwen Mining.
Canoe said Barrick Mining Corp.’s [ABX-TSX, B-NYSE] recent Fourmile discovery further validates the district’s exceptional prospectivity and reinforces its potential to host additional significant gold discoveries.
“I want to thank our investors for their strong support – it let us upsize the minimum financing and close on $9.1 million,’’ said Canoe CEO and director Scott M. Kelly. “We’re now focused on the Longview acquisition and getting the drills turning at Red Hill.
The company expects to complete a second and final tranche of the concurrent financing on or before October 13, 2026.