U.S. Gold Corp. announced the closing of a registered direct offering on December 6, 2024, which generated approximately $10.2 million in gross proceeds. The offering involved the sale of 1,457,700 shares of common stock at $7.00 per share and warrants to purchase 728,850 shares at an exercise price of $9.50 per share. Following the transaction, the company has 12,323,116 shares of common stock outstanding.
The net proceeds from this offering are intended for working capital and other general corporate purposes. Chairman Luke Norman expressed gratitude for the continued support from long-standing investors and the addition of key resource sector investors, including Eric Sprott, Terra Capital Natural Resources Fund, and Phoenix Gold Fund Limited.
The company now has a well-funded pathway toward key milestones for the CK Gold Project, including the publication of an updated Prefeasibility Study, completion of a final Feasibility Study, and additional development financing activities. All these activities are planned to occur during 2025, with development potentially commencing as soon as year-end 2025, subject to suitable financing.
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