Dakota Gold raises $17M from Orion Mine Finance; secures up to $300M future financing support

Dakota Gold Corp.

Orion to purchase 6,666,667 shares at $2.55/share for gross proceeds of $17M; closing expected ~Oct 20, 2023.
Post-closing Orion will own ~7.78% of Dakota Gold's outstanding common stock.
Orion provides non-binding commitment for up to $300M financing for asset construction/development or acquisitions.
Orion granted right to match future financings, excluding certain small offerings (up to $200M equity, $50M convertible debt).
Dakota Gold sells Orion a 1% NSR royalty on public land for $1M ($75K at close, $925K on milestones).

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Dakota Gold Corp. entered into Subscription Agreement with OMF Fund IV SPV C LLC valued at 6,666,667 shares of common stock at $2.55 per share for gross proceeds of $17 million (effective 2023-10-11).

Action: entry
Agreement: equity purchase
Counterparty: OMF Fund IV SPV C LLC
Value: 6,666,667 shares of common stock at $2.55 per share for gross proceeds of $17 million
Effective: 2023-10-11

Exact text from the filing

On October 11, 2023, Dakota Gold Corp. (the “Company”) entered into a subscription agreement (the “Subscription Agreement”) with OMF Fund IV SPV C LLC (“Orion”) pursuant to which the Company agreed to issue and sell to Orion, in a registered direct offering, 6,666,667 shares of common stock at an offering price per share of $2.55 for gross proceeds of $17 million (the “Offering”) pursuant to the Company’s effective shelf registration statement on Form S-3 (333-266155) filed with the Securities and Exchange Commission and declared effective on July 27, 2022, and a prospectus supplement thereto dated October 11, 2023.

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Dakota Gold Corp. filing history →

Source: SEC EDGAR

accession 0001104659-23-109664

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