Big Ridge Gold Company (Brao(TSXV) It aims to raise $7.0 million in a non-brokered private placement with the support of existing strategic shareholders. Proceeds are earmarked for ongoing engineering studies and resource expansion drilling at the Hope Brook Gold Project in Newfoundland and Labrador.
The company said it has initiated a non-brokered private placement of 23.3 million units of common stock at a price of 30 cents per unit. Each unit will consist of one common share and one common share purchase warrant, each of which will give the holder the right to purchase one common share at a price of 46 cents for a period of 36 months after closing, which is expected to occur in early July 2026.
“Big Ridge is pleased to receive continued support from existing shareholders, including Mr. Michael Gentile who has nearly doubled his position in Big Ridge Gold Corp. to 19.9%,” said Michael Bandrowski, President and CEO of Big Ridge. “The Company is well-funded to complete ongoing geotechnical exploration and drilling programs and continue to advance the project toward the environmental assessment phase,” he said.
Shares of Big Ridge advanced on the news, rising 2.9%, or $0.01, to 35.5 cents. Shares are trading in a 52-week range of 58 cents and $0.09.
“I’m very happy to increase my investment in Big Ridge Gold, which is one of the most under-the-radar names I have in my portfolio. Big Ridge is one of my most convinced names and I’m thrilled to increase my ownership to 19.9%,” Gentile said. “With 100% ownership of past Hope Brook Mine production, an upcoming preliminary economic assessment and an experienced management team, the future looks very bright for BRAU shareholders,” he said.
Gentile is a former money manager and strategic investor in the small-cap mining sector.
Big Ridge is the operator of the Hope Brook Gold Project, a former gold mine site that produced 752,163 ounces of gold between 1987 and 1997.
The advanced-stage Hope Brook project consists of 1,056 mineral claims covering an area of 26,400 hectares. The property hosts the Hope Brook deposit which consists of the mining district and District 240.
According to a NI-43-101 compliant resource estimate, Hope Brook has an indicated resource of 844,000 ounces of gold plus 110,000 ounces in inferred grade. The property also hosts a 28-person campsite, existing waste storage capacity, a 1,100-metre airstrip, and is connected to the power grid.
Big Ridge also has a 100% interest in the Oxford Gold Project located in Manitoba and the Destiny Gold Project in Quebec.
