Silver North Resources Ltd. completes a broker‑led private placement, raising C$11.6 million

Silver North Resources Ltd. (TSX‑V: SNAG) announced on 10 February 2026 that it had closed its brokered Life private placement, generating aggregate gross proceeds of C$11,576,985. The transaction involved the sale of 4,982,461 units at C$0.40 per unit and 17,114,286 flow‑through units to charitable purchasers at C$0.56 per unit.

Structure of the offering

  • Unit – one common share plus half of a common‑share purchase warrant (a whole warrant allows the holder to buy a share at C$0.56 between 10 April 2026 and 10 February 2029).
  • Charity FT Unit – a flow‑through share (as defined in subsection 66(15) of the Canadian Income Tax Act) plus half of a warrant.
  • Broker warrants – Red Cloud Securities, the sole agent and bookrunner, received C$810,388.92 in cash fees and 1,546,772 non‑transferable warrants (exercisable at the unit price until 10 February 2029).

The offering was conducted under the NI 45‑106 listed issuer‑financing exemption, allowing 15,696,747 life‑secured securities to be sold to Canadian investors.

Use of proceeds

Silver North intends to deploy the net proceeds as follows:

  1. Exploration and development – The company will finance drilling and related programs on its Haldane and Veronica properties in Yukon Territory, as well as the Haldane and GDR projects in Yukon (for the flow‑through units).
  2. Working capital and general corporate purposes – A portion of the funds will support day‑to‑day operations and broader corporate initiatives.
  3. Flow‑through benefits – The gross proceeds from the flow‑through units will be applied to eligible Canadian exploration expenses that qualify as flow‑through mining expenditures. The company will renounce these qualifying expenditures to the subscribers of the charity units by 31 December 2026, and will indemnify subscribers if the Canada Revenue Agency reduces the qualifying amount.

Market context

The company’s share price, closing at C$0.29 on 8 February 2026, sits well below its 52‑week low of C$0.08 but is approaching the 52‑week high of C$0.57 reached on 11 January 2026. With a market capitalization of C$26.77 million and a price‑earnings ratio of –44.44, the stock remains highly speculative, yet the infusion of capital is expected to accelerate exploration milestones and potentially improve liquidity.

Outlook

Silver North’s primary focus remains on exploring and developing economic silver and base‑metal deposits across the United States, Canada, Mexico, and Peru. The capital raised through this private placement is positioned to advance critical projects in Yukon and support the company’s broader exploration pipeline. Investors will watch closely for progress reports on the Haldane and Veronica sites, as well as any forthcoming updates on the company’s financial performance and share‑price dynamics.