Orosur Mining Inc Announces Closing of Private Placement for C$16 Million

Orosur expects the net proceeds to fund the company into late 2027, principally advancing exploration at Anzá in Colombia.

Rhea-AI Summary

Orosur Mining (OROXF) announced the closing of its previously announced private placement, raising C$16 million in gross proceeds. The total includes C$2 million from full exercise of the agent's option. The company sold 50,000,000 units at C$0.32 each, comprising one common share and half a warrant. Each whole warrant permits purchase of one share at US$0.32 for 24 months after closing.

Orosur intends to use net proceeds principally to advance its Anzá exploration project in Colombia and expects the funding to last into late 2027. Red Cloud received C$520,000 in cash commission; U.K. brokers received £239,760, approximately C$451,600, in commissions and fees. AIM admission of the new shares is expected on or around October 7, 2026. Voting shares will total 452,196,324 following issuance. The closing remains subject to final TSX Venture Exchange approval.

3 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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0 major · 5 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointC$16,000,000 gross proceeds raised, including C$2,000,000 from full exercise of the agent's option.
• Minor point. Forward-looking: it has not happened yet and may not happen.Anzá exploration project is the principal planned use of net proceeds.
• Minor point. Forward-looking: it has not happened yet and may not happen.Funding into late 2027 is expected from the offering's net proceeds.

Negative

• Moderate point50,000,000 new common shares issued through units priced at C$0.32 each dilute existing holders.
• Minor point. Forward-looking: it has not happened yet and may not happen.Half a warrant per unit permits further dilution at US$0.32 per share for 24 months after closing.
• Minor pointC$520,000 cash commission paid to Red Cloud for the offering.
• Minor point£239,760 in commissions and fees, approximately C$451,600, paid to the U.K. brokers.
• Minor pointFinal TSX Venture Exchange approval remains a condition of the offering's closing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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LONDON, UK / ACCESS Newswire / October 6, 2026 / Orosur Mining Inc. ("Orosur" or the "Company") (TSX-V/AIM:OMI) is pleased to announce the closing of its previously announced "best efforts" private placement (the "Offering") for aggregate gross proceeds of C$16,000,000, which includes gross proceeds of C$2,000,000 through the full exercise of the agent's option. Pursuant to the Offering, the Company sold 50,000,000 units of the Company (the "Units") at a price of C$0.32 per Unit (being approximately GBP £0.17 at an exchange rate of £0.53:C$1.00).

Each Unit consists of one common share of the Company (each, a "Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant entitles the holder to purchase one Common Share (each, a "Warrant Share", and the Warrant Shares underlying the Warrants together with the Common Shares to be referred to as the "Underlying Securities") at a price of US$0.32 (being approximately C$0.46 and approximately GBP £0.24) for a period of 24 months following closing of the Offering.

The Company intends to use the net proceeds of the Offering, which should fund the Company into late 2027, principally to advance the Company's Anzá exploration project in Colombia as well as for general working capital and corporate purposes.

Red Cloud Securities Inc. ("Red Cloud") acted as sole agent and bookrunner in connection with the Offering. In consideration for its services, Red Cloud received a cash commission of C$520,000. Turner Pope Investments (TPI) Ltd and Greenwood Capital Partners Limited (collectively, the "U.K. Brokers") acted as brokers in connection with a portion of the Offering in the United Kingdom. In consideration of their services, the U.K. Brokers received aggregate cash commissions and fees of £239,760 (equivalent to approximately C$451,600).

26,562,500 Units (the "Exempt Units") were issued in accordance with Part 5A.2 of National Instrument 45-106 - Prospectus Exemptions, as amended by Coordinated Blanket Order 45-935 - Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, or pursuant to OSC Rule 72-503 - Distributions Outside of Canada. The Underlying Securities from the sale of the Exempt Units are not subject to a hold period under Canadian securities legislation.

There is an offering document dated September 22, 2026 (the "Offering Document") related to the Offering in Canada that can be accessed under the Company's profile at www.sedarplus.ca and on the Company's website at www.orosur.ca.

Admission and Total Voting Rights

Application has been made for the 50,000,000 Common Shares, which rank pari passu with the existing common shares in issue, to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings will occur at 8:00 a.m. (UK time) on or around October 7, 2026. Application has also been made for the 25,000,000 Common Shares, which will satisfy the future exercise of Warrants, to be admitted to the Company's block listing facility on or around October 7, 2026. The Warrants will not be admitted to trading and are not being exercised at this time.

Following the issue of 50,000,000 Common Shares, which, on Admission will rank pari passu with the existing Common Shares, the total number of Common Shares in issue with voting rights in the Company will be 452,196,324. Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules. There are no shares held in treasury.

The closing of the Offering remains subject to the final approval of the TSX Venture Exchange (the "TSX-V").

The securities offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered, sold or delivered, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons (as such terms are defined in Regulation S under the U.S. Securities Act), absent registration or an exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.

For further information, visit www.orosur.ca, follow on X @orosurm or please contact:

Orosur Mining Inc
Louis Castro, Executive Chairman,
Brad George, CEO
info@orosur.ca
Tel: +1 (778) 373-0100

SP Angel Corporate Finance LLP - Nomad & Joint Broker
Jen Clarke / Caroline Rowe / Devik Mehta
Tel: +44 (0) 20 3470 0470

Turner Pope Investments (TPI) Ltd - Joint Broker
Andy Thacker/Guy McDougall
Tel: +44 (0)20 3657 0050

Flagstaff Communications and Investor Communications
Tim Thompson
Alison Allfrey
Fergus Mellon
orosur@flagstaffcomms.com
Tel: +44 (0)207 129 1474

Forward Looking Statements:

All statements, other than statements of historical fact, contained in this Announcement constitute "forward-looking information" within the meaning of applicable Canadian and United States securities laws, and equivalent provincial and territorial legislation. Such statements are based upon the Company's current internal expectations, estimates, projections, assumptions and beliefs and are made only as of the date of this Announcement.

Forward-looking statements and forward-looking information include, but are not limited to, statements concerning: future exploration plans at the Company's mineral properties, including exploration timelines and anticipated costs; the Company's expectations with respect to the use of proceeds following completion of the Offering; the final approval of the Offering from the TSX-V; future liquidity on the TSX-V and AIM; and the completion of the Company's business objectives, and the timing, costs and benefits thereof. Forward-looking statements or forward-looking information can often be identified by the use of words such as "plans", "potential", "is expected", "anticipated", "estimates", "intends", "anticipates" or "believes", or the negatives thereof or variations of such words and phrases, or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements or forward-looking information are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in such statements, including, without limitation, risks and uncertainties relating to: general business and economic conditions; final approval for the Offering by the TSX-V; changes in commodity prices; the supply and demand for, deliveries of, and the level and volatility of the price of gold and other metals; changes in project parameters as exploration plans continue to be refined; costs of exploration including labour and equipment costs; risks and uncertainties related to the ability to obtain or maintain necessary licences, permits or surface rights; changes in credit market conditions and conditions in financial markets generally; the ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; the availability of qualified employees and contractors; the impact of the Canadian dollar, US dollar and other foreign exchange rates on costs and financial results; market competition; exploration results not being consistent with the Company's expectations; changes in taxation rates or policies; technical difficulties in connection with mining activities; changes in environmental regulation; environmental compliance issues; and other risks of the mining industry.

Should one or more of these risks and uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that could cause results not to be as anticipated, estimated or intended. For more information on the Company and the risks and challenges of its business, investors should review the Company's annual filings, including its most recent Annual Information Form and Management's Discussion and Analysis, which are available on SEDAR+ at www.sedarplus.ca and on the Company's website.

The Company provides no assurance that forward-looking statements or forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and information. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, changing circumstances or otherwise.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Orosur Mining Inc

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did Orosur Mining raise in its private placement, and at what price?

Orosur raised C$16,000,000 in gross proceeds by selling 50,000,000 units at C$0.32 per unit. This includes C$2,000,000 from full exercise of the agent's option. Each unit contains one common share and half of one common share purchase warrant.

What are the warrant terms in Orosur Mining's private placement?

Each whole warrant permits the holder to buy one common share at US$0.32 for 24 months following closing. The warrants will not be admitted to trading and are not being exercised at this time.

What voting-rights figure should Orosur shareholders use after the placement?

Following issuance, shareholders may use 452,196,324 common shares with voting rights as the denominator when determining whether they must notify an interest, or a change in interest, under the FCA's Disclosure and Transparency Rules. No shares are held in treasury.