Pasofino Gold (TSXV: VEIN) has launched a non-brokered private placement to raise approximately C$12.0M through the issuance of units priced at C$0.50 each.
Each unit will consist of one common share and one warrant, with each warrant exercisable to purchase one additional share at C$0.75 for a period of 24 months. Net proceeds will be used to advance the Dugbe Gold Project’s feasibility study update, repay certain obligations to the Government of Liberia, and for general working capital.
Mansa Resources, an affiliate of Hummingbird Resources and the controlling shareholder of Pasofino, has agreed to subscribe to its pro rata share of roughly 50.9% of the financing. As a result, the subscription is considered a related-party transaction under MI 61-101, though the company has relied on exemptions from formal valuation and minority approval requirements.
The offering is expected to close in multiple tranches, with the first tranche anticipated around mid-October 2025.
For more information, visit www.pasofinogold.com
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