Kingfisher Metals Corp. (TSX-Venture: KFR) (OTCQB: KGFMF) announced this morning that it has entered into a strategic investment agreement with Barrick Mining Corporation (NYSE:B) (TSX:ABX), under which Barrick will purchase 15.47 million units of the company through a non-brokered private placement at C$1.35 per unit, generating gross proceeds of approximately C$20.9 million. Each unit includes one common share and one-half of a warrant, with each full warrant exercisable at C$1.70 per share over a two-year period. Following the transaction, Barrick is expected to own roughly 9.9% of Kingfisher on a non-diluted basis and 14.1% on a partially diluted basis, assuming all warrants are exercised.
Kingfisher plans to allocate at least 80% of the financing toward advancing exploration and development activities at its HWY 37 Project in British Columbia, while the remaining funds will be used for working capital and other general corporate purposes. The private placement is expected to close on or before July 27, 2026, pending customary closing conditions and regulatory approvals.
As part of the investment, Kingfisher and Barrick will also enter into an investor rights agreement that provides Barrick with several long-term protections and participation rights. These include the ability to maintain its ownership percentage through future financings, access to technical information related to the HWY 37 Project, representation on a technical committee, and certain consent rights over project-level transactions involving the HWY 37 Project for a 24-month period, subject to customary exceptions.
Shares of KFR are currently up 25.24% at $1.29, while their U.S. shares (KGFMF) have advanced 22.15% at $0.9018 in mid-morning trading.
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