Montage Gold Corp announced a brokered private placement of up to 97,142,857 common shares at a price of CAD 1.75 per Common Share for aggregate gross proceeds of up to CAD 169,999,999.75 on July 16, 2024. The transaction includes participation from Zijin Mining Group Co. Ltd and Lundin Family Trust.

Zijin has agreed to purchase 32,714,829 Common Shares which would result in a 9.9% ownership interest in Montage upon completion of the Offering, and trusts controlled by the Lundin family have agreed to purchase 24,588,865 Common Shares, which will allow the Lundin Trusts to increase their ownership interest in Montage from 17.7% to 19.9% upon completion of the Offering. Insiders of the Company also intend to participate in the Offering. The Offering is expected to close during the week of August 12, 2024, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the acceptance of the TSX Venture Exchange.

The Common Shares issued pursuant to the Offering will be subject to a four-month hold period under applicable Canadian securities laws commencing on the Closing. The Company has agreed to pay to the Agents upon closing of the Offering a cash commission equal to 5% of the gross proceeds from the Offering