- Onyx Gold Corp (TSXV: ONYX) (OTCQX: ONXGF) has exercised 3,419,111 warrants, raising $1,025,733.
- The accelerated expiry of outstanding warrants is set for May 24, 2025, with 3,724,888 warrants remaining.
- Potential additional proceeds of up to $2.14 million if remaining warrants are exercised.
Onyx Gold Corp (TSXV: ONYX) (OTCQX: ONXGF) has announced the acceleration of the expiry for its outstanding common share purchase warrants, initially issued on July 6, 2023. As of now, 3,419,111 out of a total 7,143,999 warrants have been exercised, generating proceeds of $1,025,733. This acceleration was triggered after the company's share price surpassed $0.375 for 10 consecutive trading days, leading to the new expiry date of May 24, 2025, for the remaining 3,724,888 warrants.
If all outstanding warrants are exercised by the new deadline, Onyx Gold could secure additional proceeds of up to $2.14 million. The funds raised will be directed towards supporting exploration activities, particularly at the Argus North target in Timmins, where recent drilling has identified promising gold mineralization, including 3.4 g/t Au over 69.6 meters and a high-grade subzone of 13.9 g/t Au over 9.5 meters.
"We're pleased to see strong support from our shareholders through the early exercise of warrants," commented Brock Colterjohn, President and CEO of Onyx Gold. "These funds will directly support our upcoming exploration efforts, with a drill scheduled to commence in the first week of May at our Argus North target. We look forward to advancing this compelling new gold discovery in one of Canada's premier mining jurisdictions."
