Ascension Gold Company (and-CSE, UGODF-OTCQB) on Friday raised $5.14 million in brokerage private placement financing.
The company is focused on developing the Kena Gold-Copper Project in southeastern British Columbia through systematic exploration and drilling programs. The Company is developing a multi-faceted strategy to support an updated NI-43-101 compliant mineral resource estimate targeting 2027.
Under the offering, the company issued 1.6 million non-streaming units at $1.25 per NFT, 1.21 million streaming units at $1.44 per NFT, and 800,000 premium streaming units at $1.735 per NFT.
Each NFT unit consists of one common share and half a common share purchase warrant. Each FT security consists of one common share and one-half of one warrant, each of which qualifies as a “flow-through share” for purposes of the Income Tax Act (Canada).
Each Warrant entitles the holder to acquire one common share at a price of $1.80 for a period of 36 months from the closing date of the Offer. However, the Company has the option to accelerate the expiration date of warrants if shares trade at $3.00 or more for 30 consecutive trading days, calculated on a volume-weighted average basis.
Kena has an option to acquire a 100% interest in the Kena project located approximately 7.0 kilometers south of Nelson, British Columbia. The project consists of 198 mineral claims covering an area of 10,114 hectares, along with 11 crown grants covering an area of 92 hectares.
The Qena Project hosts a historic resource consisting of an indicated resource of 32.1 million tons with an average grade of 0.544 g/t gold or 561,000 ounces of gold and an inferred resource of 177.5 million tons with an average grade of 0.486 g/t gold or 2.77 million ounces of gold. Resources are reported using the 2014 CIM definition criteria and estimated using the 2019 CIM best practice guidelines.
Bullish shares were unchanged at 17 cents on Friday and traded in a 52-week range of $1.63 to 49 cents.
In a press release issued on June 3, Upside announced an operational update regarding technical and exploration progress at the Qena Project. Earlier this year, the company completed a comprehensive collection and interpretation program integrating historical, geological, geochemical and geophysical drilling datasets across the project. This work has produced an updated 3D geological exploration model and identified multiple priority drilling targets to guide exploration programs for 2026 and 2027, she said.
Key components of the exploration strategy include approximately 5,000 meters of historic drilling completed following a 2021 historic mineral resource estimate. It also includes a planned 2026 drilling program of approximately 4,000 metres, starting this month (June 2026), combining progressive drilling with targeted development drilling focused on mineralizing nearby resources and emerging copper and gold targets.
Future plans include an evaluation of copper and silver analysis that is not included in the current gold-only resource estimate, including mineralogical studies to assess their potential contribution across the wider Kena system.
