San Lorenzo Gold Closes C$80 Million Placement Led by SCP Resource Finance and National Bank

San Lorenzo Gold Corp. closed an upsized private placement of 15,094,400 common shares at C$5.30 each for aggregate gross proceeds of C$80,000,320, led by SCP Resource Finance LP and National Bank Financial Inc. as lead agents. The Calgary-based explorer said in a GlobeNewswire release on November 10, 2026, that the offering drew participation from global institutional investors focused on natural resources.

San Lorenzo's C$80 Million Offering Structure

The offering was conducted on a best-efforts agency basis by a syndicate that also included BMO Nesbitt Burns Inc. and Haywood Securities Inc. Argonaut Securities Pty Limited served as financial advisor to San Lorenzo Gold. Of the total, 9,433,900 shares were issued under the listed issuer financing exemption for gross proceeds of C$49,999,670, and 5,660,500 shares were issued under other prospectus exemptions for C$30,000,650. The company paid C$4,771,519 in cash commissions and advisory fees, equal to 6.0% of gross proceeds, with a reduced 3.0% rate on sales to purchasers on the president's list. The LIFE shares are freely tradeable, while the non-LIFE shares carry resale restrictions, including a hold period expiring March 11, 2027.

Brandon Gaspar, San Lorenzo's chief executive officer, said: "Raising C$80 million at this stage of our exploration is a significant milestone for San Lorenzo, particularly given the calibre of investors supporting the Company." Net proceeds are earmarked for exploration drilling and technical studies at the Salvadora project in Chile's Atacama Region, operational capabilities and infrastructure, and general corporate and working capital purposes.

Insider Participation and Prior Funding

According to akta.pro company records, San Lorenzo completed private placements in March 2026 that raised aggregate gross proceeds of $20 million.41, consisting of 5,976,095 units at $2.51 and 1,893,939 units at $2.64. The same records list a December 2025 six-month advisory engagement with Argonaut Corporate Finance Limited, part of Argonaut Limited.

Gaspar and Al Kroontje, executive chair and a director, each an insider, purchased an aggregate of 75,472 offered shares for C$400,000. The company treated the insider participation as a related party transaction under Multilateral Instrument 61-101 and relied on exemptions from formal valuation and minority shareholder approval because the value did not exceed 25% of market capitalization.

Salvadora Financing Timeline

San Lorenzo announced a best-efforts private placement of up to 7,547,200 common shares at $5.30 each, raising up to $40 million, on October 16, 2026, according to GlobeNewswire. On October 29, 2026, the company filed a second amended and restated offering document for a placement of up to 15,094,400 shares at $5.30 each, raising up to $80 million, GlobeNewswire reported.

TSX Venture Acceptance Pending

The offering remains subject to final acceptance by the TSX Venture Exchange, San Lorenzo said.