Val-d'Or Mining Corporation announced a private placement of up to 50 debenture units at a price of CAD 10,000 per unit for the gross proceeds of CAD 500,000 on May 14, 2024. Each unit consists of one convertible senior unsecured debenture with a principal amount of CAD 10,000 and 70,000 detachable common share purchase warrants. Each warrant will be exercisable for a period of 36 months from the closing of the offering, at an exercise price per warrant of CAD 0.07.

The debentures will have a term of 36 months from closing of the offering, subject to early redemption and will bear interest at the rate of 6%, accrued and compounded annually, which interest will be paid in cash or shares at maturity or redemption. The debentures and any accrued and unpaid interest will be converted into fully paid common shares of the company, at a conversion price of CAD 0.06 per share. The debentures, warrants and all securities issuable on the conversion or exercise thereof will be subject to a hold period of four months and one day from the date of issuance of the debentures and warrants, in accordance with applicable securities legislation.

The offering is subject to the acceptance of the Exchange and receipt of all necessary regulatory approvals.