NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE PUBLICATION, DISTRIBUTION OR DISSEMINATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
TORONTO, Dec. 16, 2025 (GLOBE NEWSWIRE) -- Dundee Corporation (TSX: DC.A) (“Dundee” or the “Corporation”) is pleased to announce that it has closed its previously announced sale (the “Sale Transaction”) of 24,480,000 units (the “Units”) of New Found Gold Corp. (“New Found”) to qualified purchasers for gross proceeds to Dundee of C$97,920,000 (see press release dated December 8, 2025). The Units were sold through BMO Capital Markets Inc. and SCP Resource Finance LP.
Each Unit consists of one (1) common share of New Found (a “Unit Share”) and one-half (0.5) of a common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one (1) additional common share of New Found owned by Dundee (a “Warrant Share”) at an exercise price of C$5.00 for a term of 12 months. In the event that all Warrants are exercised, the total gross proceeds to Dundee would be C$159,120,000.
In Canada, the sale of the Unit Shares was made through block trades on December 8, 2025 and the sale of the Warrants was made on a private placement basis. In the United States and certain offshore jurisdictions, the sale of both the Unit Shares and the Warrants was made on a private placement basis, in accordance with applicable securities laws. The Warrants will be subject to a statutory hold period under, and will only be tradeable in accordance with, applicable securities laws, which statutory hold period expires on April 17, 2026. The Warrant Shares are not subject to a hold period under applicable Canadian securities laws.
Please refer to the press release dated December 8, 2025 for the disclosure required under National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the Sale Transaction.
The securities issued and sold under the Sale Transaction have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.
ABOUT DUNDEE CORPORATION:
Dundee Corporation is a public Canadian independent mining-focused holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. The Corporation is primarily engaged in acquiring mineral resource assets. The Corporation operates with the objective of unlocking value through strategic investments in mining projects globally. Our team conducts due diligence in order to assess the geological, technical, environmental, and financial merits and risks of each project and looks to deploy capital where it can either seek to generate investment returns or where the Corporation can collaborate with operating partners and take strategic partnerships through direct interests in mining operations.
FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Dundee’s current expectations regarding future events. Except for statements of historical fact relating to Dundee, information contained herein constitutes forward-looking information, including, but not limited to, statements relating to the Sale Transaction (including the expected use of proceeds therefrom and the anticipated total proceeds to Dundee in the event that the Warrants are exercised in full). Forward-looking statements are characterized by words such as “may”, “plan”, “expect”, “intend”, “believe”, “anticipate” and other similar words or negative versions thereof, or statements that certain events or conditions “may”, “will”, “should”, “would” or “could” occur. Forward-looking information is based on the opinions, assumptions and estimates of management of Dundee considered reasonable at the date the statements are made, and is inherently subject to a number of risks and uncertainties, many of which are beyond Dundee’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, changes in general economic, business, political and conditions, including changes in the financial markets, changes in applicable laws and government regulation, and the other factors discussed under “Risk Factors” in the Annual Information Form of Dundee Corporation and subsequent filings made with securities commissions in Canada. Although Dundee has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to not be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Dundee does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. The reader is cautioned not to place undue reliance on forward-looking information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor and Media Relations
T: (416) 864-3584
E: ir@dundeecorporation.com
