On September 21, 2026, Generation Mining Limited completed a bought deal public offering of 312,500,000 shares at a price of $0.64 per share, for aggregate gross proceeds of $200 million.
The offering was conducted by a syndicate of underwriters including BMO Capital Markets, as lead underwriter and sole bookrunner, together with TD Securities Inc., Haywood Securities Inc., Jett Capital Advisors, LLC, Stifel Canada, ING Bank N.V., Velocity Trade Capital Ltd. and Ventum Financial Corp.
Generation Mining also completed a concurrent private placement with Canada Growth Fund (CGF) of 62,500,000 shares at the offering price for gross proceeds of $40 million. CGF also acquired 76,450,000 shares pursuant to the public offering for gross proceeds of approximately $49 million. Concurrent with the closing of the offerings, Generation and CGF entered into an investor rights agreement providing CGF with certain board nomination and observer rights, registration rights, as well as pre-emptive and top-up rights in connection with future offerings and certain dilutive events, in each case subject to CGF maintaining specified ownership thresholds in Generation.
Cassels acted for Generation Mining.