The Conversation (0)
/ NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /
Sranan Gold Corp. (CSE: SRAN,OTC:SRANF) (OTCQB: SRANF) (FSE: P84) ("Sranan" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Offering") for aggregate gross proceeds of $3,589,074.85.
Under the Offering, the Company issued 23,927,165 units (each, a "Unit") at a price of $0.15 per Unit. Each Unit consists of one common share (a "Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to acquire one additional Share at an exercise price of $0.275 for a period of forty-eight (48) months from the closing date.
"We appreciate the strong support shown for this financing - both from new investors and from our existing shareholders," said Oscar Louzada, Chief Executive Officer of Sranan Gold. "This financing fully funds an aggressive 12,500-metre drill program across our Tapanahony Project and allows us to break ground on exploration at Lawatino, where our fracture density modelling has already defined compelling structural targets along the same shear zone driving recent discoveries by our neighbour Founders Metals. We look forward to delivering meaningful results from both projects in the months ahead."
All securities issued under the Offering are subject to a statutory hold period of four months and one day from the closing date, in accordance with applicable Canadian securities laws. The Offering remains subject to the final approval of the Canadian Securities Exchange.
Insider Participation
Ron Shenton, a Director of the Company, participated in the private placement, purchasing a total of 268,000 Units. Such participation constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The issuance to the insider is exempt from the valuation and minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a), as neither the fair market value of the securities issued to the related party nor the consideration paid by the related party exceeded 25% of the Company's market capitalization.
The Company paid cash finder's fees totalling $106,689 and issued a total of 1,247,257 finder's warrants, in accordance with the policies of the Canadian Securities Exchange. Each finder's warrant entitles the holder to acquire one additional Share at an exercise price of $0.15 for a period of forty-eight (48) months from the closing date.
Use of Proceeds
The Company intends to use the net proceeds of the Offering to advance its Suriname exploration portfolio, support ongoing operations, and fund working capital, general corporate purposes, and marketing initiatives.
At the Company's Tapanahony Project, a 12,500-metre diamond drilling program is ongoing to test the extension of the high-grade gold mineralization at Randy's Pit and to drill the Poeketi Zone, where artisanal miners have recently been accessing high-grade gold veins associated with quartz veining emplaced within the Poeketi Shear Zone.
On February 10, 2026, Sranan announced that it had acquired the Lawatino Gold Project, located adjacent to Founders Metals' Antino Property. Sranan is preparing to commence field work immediately, including geological mapping, prospecting and sampling with the goal of identifying drill targets. As part of its preliminary work, the Company recently completed a fracture density survey over the Lawatino concession, which highlighted extensive zones of structural complexity along the Central Guiana Shear Zone, the same regional structure that hosts Founders Metals' discoveries.
Figure 1 - Lawatino Property Fracture Density Model, illustrating structural targets along the Central Guiana Shear Zone adjacent to Founders Metals' Antino Property.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10997/299147_1cccad6d343588b3_001full.jpg
High fracture density (shown in purple in the figure above) is a key indicator of structural preparation favourable for hydrothermal fluid flow and gold mineralization. The model identifies several high-priority target areas within the Lawatino concession that will be the focus of the Company's upcoming field program.
This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.
Qualified Person
Mr. Michael Dufresne, M.Sc., P.Geo., a "Qualified Person" as defined under National Instrument 43-101 ("NI 43-101"), has reviewed and approved the scientific and technical information contained in this release. Mr. Dufresne is independent of the Company, as that term is defined under NI 43-101.
About Sranan Gold
Sranan is engaged in the business of mineral exploration and the acquisition of mineral property assets in Suriname. The Company's flagship Tapanahony Project covers 29,000 hectares in one of Suriname's most prolific artisanal gold mining districts, and Sranan announced the acquisition of the 18,468-hectare Lawatino Project in February 2026 of the 18,468-hectare Lawatino Project situated in southeastern Suriname along the Central Guiana Shear Zone.
For more information, please visit sranangold.com.
Contact Information
Oscar Louzada, CEO
+31 6 25438975
THE CANADIAN SECURITIES EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE.
Forward-Looking Statements
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws including, without limitation, the timing, nature, scope and details regarding the Company's exploration plans and results at its projects. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "goal", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this release. Further details about the risks applicable to the Company are contained in the Company's public filings available on SEDAR+ (www.sedarplus.ca), under the Company's profile.
Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the successful closing of the Offering described in this release, the timing of exploration activities including drilling, the results of exploration activities, the realization of resource and reserve estimates, metal prices, taxation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The Company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299147
