U.S. Gold Corp (NASDAQ:USAU) has closed a private placement that raised approximately $31.2 million in gross proceeds, the company announced on Tuesday.
The Wyoming–based mining firm issued 1,922,159 shares of common stock at a price of $16.25 per share, along with warrants to purchase an additional 961,077 shares at an exercise price of $23 per share.
The warrants are immediately exercisable and will expire two years from the date of issuance. The offering was completed pursuant to a securities purchase agreement with certain investors.
The share price represented an approximate 4% discount to US Gold’s closing price of $16.91 on December 15, 2025. As of that date, the company’s 30-day and 20-day volume weighted average prices (VWAPs) were $16.03 and $16.43 per share, respectively, implying a premium of about 1.4% to the 30-day VWAP and a discount of roughly 1.1% to the 20-day VWAP.
US Gold said the investor group included Franklin Templeton Investments, Mackenzie Investments and Libra Advisors.
The company intends to use the net proceeds from the financing for initial development costs at its CK Gold Project, potential land acquisitions, further exploration of its properties and general working capital purposes.
Shares of US Gold added 6.4% on Tuesday morning.