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Lake Victoria Gold Ltd. has announced a significant development in its strategic growth efforts. The company has entered into a non-binding term sheet with HOB Energy FZCO, an arm’s length investor, for a major non-brokered private placement. This transaction, referred to as the “HOB Investment,” involves the issuance of 90,733,960 common shares at a price of $0.30 per share, bringing in aggregate gross proceeds of $27,220,188.
In addition to the HOB Investment, LVG is launching a concurrent non-brokered private placement of up to 16,666,666 additional shares at the same offering price. This “Shareholder Participation Offering” is expected to generate up to $5,000,000 in proceeds. It provides existing significant shareholders the chance to maintain their proportional ownership in the company.
The transaction is poised to introduce a long-term strategic partner with deep experience in the gold value chain. The proceeds will fund the development of LVG’s fully permitted Imwelo Gold Project towards production and expand the exploration program at the Tembo Gold Project. The recent maiden Mineral Resource Estimate at Tembo highlights the project’s potential and lays the groundwork for future exploration efforts.
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The completion of the transaction is anticipated on or before 30 November 2026. Several conditions must be met, including approval from disinterested shareholders via written consent, regulatory and TSX Venture Exchange approvals, satisfactory mutual due diligence by both parties, and the absence of any material adverse changes regarding HOB and LVG. While ambitious, there is no guaranteed assurance of obtaining all requisite approvals or completing the transaction.
Assuming successful closing, proceeds from the transaction will be used to:
- Advance the Imwelo Gold Project towards production
- Fund an expanded exploration and resource drilling program at the Tembo Gold Project
- Support general corporate and working capital needs
All securities issued will be subject to a four-month and one-day hold period in Canada, as per TSXV rules and applicable securities laws.
Marc Cernovitch, President and CEO of LVG, expressed enthusiasm about the partnership: “We are delighted to welcome Ozcan Halaç and HOB as a long-term strategic partner. The Halaç family’s multi-generational experience across the gold value chain brings far more than capital to LVG. The recent maiden Mineral Resource Estimate at Tembo provides the foundation for a much larger exploration effort.”
Simon Benstead, Executive Chairman and CFO, highlighted the transformative potential of the investment: “The scale of this proposed investment would meaningfully strengthen our ability to execute LVG’s strategy. This is not simply a financing: it pairs substantial development and exploration capital with HOB’s gold-sector experience and its technical and commercial capabilities.”
As LVG moves forward, the focus remains on securing the necessary approvals and closing the transaction. With successful completion, the company aims to deploy the capital strategically across its projects, furthering its goals of production and exploration growth. This partnership with HOB represents a pivotal step in LVG’s journey, promising a strengthened future in the gold industry.
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The African Mining Market is a source of insightful information on mining & industrial markets, and developments in Africa.
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