Abidjan, Cte d’Ivoire — March 12, 2024 — Montage Gold Corp. (“Montage” or the “Company”) (TSXV: MAU, OTCQX: MAUTF) is pleased to announce that it has closed its previously announced non-brokered private placement, pursuant to which the Company sold an aggregate of 50,300,000 common shares of the Company (the “Common Shares”) at a price of C$0.70 per Common Share for gross proceeds of approximately C$35.2 million (the “Offering”), which was upsized from C$20.0 million.
Martino De Ciccio, CEO of Montage Gold, commented, “We are very pleased with the strong investor demand received for our upsized non-brokered private placement, led by a significant investment from the Lundin Family along with notable investments from directors and officers of Montage. We look forward to progressing our strategy of building a premier multi-asset African gold producer, with our Kon project at the forefront.”
The net proceeds of the Offering will be used to advance the Kon project towards construction decision, conduct further exploration on nearby targets, and for working capital and general corporate purposes.
As part of the private placement, a trust controlled by the Lundin Family subscribed for approximately 50% of the Offering and certain directors and officers of Montage subscribed for an aggregate of 7.4% the Offering.