Dilution Watch: Sprott and Stardust's buyers took no warrant. Below 30 cents, almost everyone else got one

Junior resource companies on the TSX Venture and CSE closed or launched more than $120 million of financings between October 6 and October 14. We read the releases. The pattern from the last two weeks held, and sharpened: the largest raises came without warrants, and the cheapest paper came with the most strings.

The no-warrant raises

Company	Raised	Price	Warrant	Notable
Scottie Resources (TSXV: SCOT)	C$21.38M	C$2.90, FT C$3.10	None	Brokered plus first non-brokered tranche
Kirkland Lake Discoveries (TSXV: KLDC)	$20.17M	$0.35 to $0.483	None	Eric Sprott lead order
Stardust Metal (TSXV: ZIGY)	about $14.5M	$1.95, FT $2.725	None	Unnamed strategic investor at about 5%

Kirkland Lake Discoveries closed an upsized brokered placement of $20,165,940.50, including the full agents' option. It sold three kinds of share: flow-through at $0.40, "special" flow-through at $0.483 and hard dollar shares at $0.35. The release names Eric Sprott as the lead order strategic investor but does not say how much he bought. The agents received 2,121,460 broker warrants at $0.35.

Stardust Metal closed about $14.5 million: 3,847,000 premium flow-through shares at $2.725 and 2,051,000 common shares at $1.95. The cash commission was $450,978, which the release says is 6% of proceeds excluding the strategic investor's order. That investor, not named, holds about 5% of the company and gets participation and top-up rights.

Scottie Resources closed the deals we flagged on September 29: C$21,382,465.40 combined, with no warrants for buyers. Agents and finders were paid $772,764.63 in cash between them, by our arithmetic about 3.6% of the money raised.

The full-warrant and half-warrant raises

Company	Raised	Price	Warrant
Barksdale Resources (TSXV: BRO)	C$13.18M, first tranche	C$0.18	Half, at C$0.30
Pacific Booker (TSXV: BKM)	up to about $12.0M	$2.34	Full, at $2.75 for 3 years
Canoe Mining (TSXV: CLV)	C$9.09M receipts	about C$0.115	Half, at C$0.18 for 3 years
CanCambria Energy (TSXV: CCEC)	C$6.9M LIFE	C$0.30	Full, at C$0.40, to be listed
Canuc Resources (TSXV: CDA)	$5.99M	$1.20	Half, at $1.80
Salazar Resources (TSXV: SRL)	$3.5M	$0.35	Half, at $0.60
Badlands Resources (TSXV: BLDS)	$3.23M	$0.27	Full, at $0.45
Brutus Mining (CSE: BRU)	$3.0M	$0.35, FT $0.40	Full, at $0.40 and $0.43

Read the second half of these releases

Barksdale sold 73,216,777 units at C$0.18 in its first tranche. Insiders took 13,164,089 of them. In the same release, the Delbrook funds settled their secured convertible debentures for 40,000,000 shares plus 5,208,333 units. The release does not give the price at which that debt was converted.

Badlands raised $3,233,255 at $0.27 with a full warrant, settled $500,000 of debt in shares at $0.27, of which $300,000 went to related parties, and bought the Goliath property for $200,000 cash from Laxmi Resources. The release says a Laxmi insider is Badlands' executive chairman, which makes the property purchase a related party deal.

Canoe Mining raised C$9,086,739.49 in subscription receipts tied to a merger with Longview Gold. The release does not state the price per receipt. By our arithmetic it is about C$0.115. The money sits in escrow and is returned if the deal fails. Shareholders vote on November 10 on a 3.32 for 1 share consolidation.

Pacific Booker is the odd one out: up to about $12 million at $2.34 with a full warrant at $2.75, but no finder's fees and a six month contractual lock-up on top of the usual hold period.

The LIFE deals

ATERRA Metals upsized its LIFE offering at $0.06 to as much as $8,355,000, from the $4 million to $6 million we reported on September 29. At the maximum that is about 139 million new shares, by our arithmetic, and LIFE shares are free trading from the day of closing.

CanCambria Energy closed C$6.9 million of LIFE units at C$0.30, each with a full warrant at C$0.40 running to October 2029. The company has applied to list the warrants. The agent received $362,271 in cash and 1,207,570 broker warrants, and an adviser received $105,000 and 350,000 warrants.

A price cut in two days

Mayo Lake Minerals announced a placement on October 5. On October 7 it cut the flow-through unit price from $0.05 to $0.045. Finders can earn up to 8% in cash and 8% in warrants. The release does not explain the cut.

Warrants coming home

AmeriTrust (TSXV: AMT) collected $35,073,967 from 301,264,642 warrants, mostly at $0.12. By our arithmetic, holders exercised about 48% of the 598.7 million $0.12 warrants issued in its January offering. Every one of those exercises is a new share.

Dryden Gold (TSXV: DRY) collected $1,902,174 from 10,567,636 warrants at $0.18 before they expired on October 2. It now has 251,186,222 shares outstanding.

Why it matters

Kirkland Lake, Stardust and Scottie raised more than $55 million between them without giving buyers a warrant. Most of the deals priced under 30 cents attached one. Dilution does not end at closing: it comes back each time a warrant is exercised, as AmeriTrust's shareholders saw this week.

Sources: company news releases distributed by Newsfile and GlobeNewswire between October 5 and October 14, 2026, for Kirkland Lake Discoveries, Stardust Metal, Scottie Resources, Barksdale Resources, Pacific Booker, Canoe Mining, CanCambria Energy, Canuc Resources, Salazar Resources, Badlands Resources, Brutus Mining, ATERRA Metals, Mayo Lake Minerals, AmeriTrust and Dryden Gold.