VANCOUVER, BC — January 12, 2026 — Leads & Copy — Chesapeake Gold Corp. has announced an increase to its previously announced “bought deal” public offering due to significant investor demand. The offering has been upsized from $10,000,002.60 to $15,000,300.
Red Cloud Securities Inc., serving as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters, has agreed to purchase for resale 3,571,500 units of the Company at a price of $4.20 per Unit.
Each unit will consist of one common share of the Company and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at a price of $5.65 at any time on or before the date that is 36 months following the Closing Date.
The Underwriters have been granted an option, exercisable in whole or in part for up to 30 days after the Closing Date, to purchase additional Units equal to up to 15% of the number of Units sold pursuant to the Underwritten Offering. This option is to cover over-allotments, if any, and for market stabilization purposes.
Chesapeake Gold also intends to complete a non-brokered private placement of up to 685,000 units at a price of $4.20 per NB Unit for gross proceeds of up to $2,877,000. Each NB Unit consists of one Common Share and one-half of one common share purchase warrant. Each NB Warrant will entitle the holder thereof to purchase one Common Share at a price of $5.65 at any time on or before that date which is 36 months following the closing of the NB Offering. The NB Units will be issued on substantially the same terms as the Units and will be subject to a hold period under applicable Canadian securities laws until four months and one day after the closing of the NB Offering.
Eric Sprott, through 2176423 Ontario Ltd., has indicated his intention to participate in the NB Offering to maintain his pro rata ownership of common shares of the Company. Prior to the Offerings, Mr. Sprott beneficially owned or controlled 12,883,499 common shares and 1,850,000 warrants representing approximately 17.9% of the outstanding common shares of the Company on a non-diluted basis and approximately 19.9% on a partially diluted basis assuming the exercise of such warrants.
The Company intends to use the net proceeds from the Offerings to advance the Company’s proprietary oxidative leach technology, the Metates project, the Lucy project and for general working capital.
The Company intends to file a prospectus supplement to the Company’s short form base shelf prospectus dated February 23, 2024, with the securities regulatory authorities in each of the provinces and territories of Canada. The Units may also be sold in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933, as amended and in such other jurisdictions outside of Canada and the United States, in each case in accordance with all applicable laws.
The Offerings are expected to close on or about January 27, 2026, or on such date as agreed upon between the Company and Red Cloud. The closing of the Offerings are subject to the Company receiving all necessary regulatory approvals, including the approval of the TSX Venture Exchange and the entering into of an underwriting agreement among the Company and the Underwriters.
Chesapeake Gold Corp.’s flagship asset is the Metates Project located in Durango State, Mexico. Metates hosts one of the largest undeveloped gold-silver deposits in the Americas with over 16.77 million ounces of gold at 0.57 grams per tonne (g/t) and 423.2 million ounces of silver at 14.3 g/t within 921.2 million tonnes in the Measured and Indicated Mineral Resource category and a further 2.13 million ounces of gold at 0.47 g/t and 59.0 million ounces of silver at 13.2 g/t within 139.5 million tonnes in the Inferred Mineral Resource category.
For more information on Chesapeake, its Metates and Lucy Projects or proprietary oxidative leach technology, please contact Jean-Paul Tsotsos at invest@chesapeakegold.com or +1 778 731 1362.
Contact:
Jean-Paul Tsotsos
invest@chesapeakegold.com
+1 778 731 1362
Source: Chesapeake Gold Corp.
