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- Top Financings of Last Week
Top Financings of Last Week
$82.7 MILLION | 15 Deals | 80% Came With Warrants
| 💰FUNDING SECURED |
| Week of Feb 15-21, 2026 |
| Last Week in Deal Flow $82.7 MILLION 15 Deals · 80% Came With Warrants |
| 15 Deals | $5.5M Avg Size | 80% w/ Warrants | 0 Bought Deals |
| No bought deals. No mega-raises. Just 15 companies grinding it out in the private placement market. While the headlines chased gold's volatility and tariff drama, $82.7 million quietly changed hands last week. Down from $704M the week before — but strip out Intact Financial's $500M bond deal and the comparison is a lot closer than it looks. The real story? 12 out of 15 deals came with warrants. That's 80%. Companies are giving away optionality to get deals done. If you're deploying capital right now, you should be demanding warrants on everything. Let's get into it. |
| 🏆 The Top 5 Deals |
| #1 DEAL OF THE WEEK |
| Graphite One Mining · Graphite · Alaska |
| $35M CAD |
| The biggest deal of the week by a mile. Graphite One closed $35M for their Alaska graphite project — the second major Alaska resource deal in recent months after International Tower Hill's $115M USD gold raise in January. Alaska keeps showing up. This is policy-driven capital: the US government wants domestic supply chains for battery materials, and graphite is essential for every EV battery anode. |
| #2 San Lorenzo Gold $15M CAD Non-Brokered · Gold, Copper · $2.51/unit · ½ warrant @ $3.50 (12mo) 🔥 Up from $0.62/unit in January — that's a 4x price jump between raises |
| After upsizing a $6M raise in January — where Yamana Gold founder Peter Marrone participated — they came back for $15M at $2.51/unit. Going from $6M to $15M in one month at 4x the price is a statement. The short warrant expiry (12 months) tells you they expect the stock to keep running. |
| #3 Noveris Health Sciences $9.2M CAD Non-Brokered · Healthcare · Debt Settlement · NVRS:CSE Pioneer Garage Limited converted debt to equity |
| #4 Western Star Resources $3M CAD Non-Brokered · Tungsten, Critical Minerals · $0.15/unit · Full warrant @ $0.30 (24mo) China controls 80%+ of global tungsten. This is the supply chain play. |
| #5 Granada Gold Mine $2.95M CAD Brokered · Gold · $0.05/unit · Full warrant @ $0.075 (60mo) Only brokered deal of the week · 5-year warrant window — very favorable terms |
| 📋 All 15 Deals Last Week |
| Company | Amount | Sector | Warrants |
| Graphite One | $35.0M | Mining | — |
| San Lorenzo Gold | $15.0M | Mining | ½ @ $3.50 |
| Noveris Health | $9.2M | Healthcare | — |
| TARGA | $4.0M | Other | — |
| Western Star Resources | $3.0M | Mining | Full @ $0.30 |
| Granada Gold Mine | $2.95M | Mining | Full @ $0.075 |
| First Canadian Graphite | $2.8M | Mining | ½ @ $0.50 |
| Steadright Critical Minerals | $2.5M | Mining | Full @ $0.31 |
| ⛏️ Where The Money Went |
| By Sector |
| $43.5M Mining · 10 deals | $9.2M Healthcare · 1 deal |
| $5.8M Other · 2 deals | $0.7M Tech · 1 deal |
| Critical Minerals Watch |
| 🔋 $37.8M Graphite · 2 deals | ⛏️ $3M Tungsten · 1 deal | 🔶 $2.5M Ti/Cu · 1 deal |
| Critical minerals had a big week. $43M across 4 deals — Graphite One ($35M), Western Star tungsten ($3M), Steadright titanium/copper ($2.5M), First Canadian Graphite ($2.8M). The US and Canadian governments are both pushing domestic supply chains. This isn't going away. |
| 🎯 The Pattern |
| Four things stood out: 1. Warrants are everywhere 12 out of 15 deals (80%) included warrants. 8 had full warrant coverage. Companies are giving away optionality to close deals. If you're investing right now, demand warrants on every deal under $10M. 2. Critical minerals keep showing up Graphite One ($35M), Western Star tungsten ($3M), Steadright titanium/copper ($2.5M), First Canadian Graphite ($2.8M). Four deals totaling $43M. Policy-driven capital is real and it's accelerating. 3. San Lorenzo's price jump is the story of the week From $0.62/unit in January to $2.51/unit in February. 4x price increase between raises. This is what happens when smart money validates an exploration play. The January investors who got in with Marrone are sitting on massive paper gains. 4. No bought deals Zero institutional-backed bought deals. Every deal was non-brokered or a small brokered placement. The institutional market took the week off. When bought deals return, pay attention to which sectors they target — that's your signal. |
| Got a deal we missed? Know of a financing that flew under the radar? Hit reply or email us at [email protected] |
| 💡 The Bottom Line $82.7M across 15 deals. Graphite One's $35M Alaska raise was the headline. San Lorenzo Gold came back for $15M after a 4x price jump. Critical minerals had their best week in months. And 80% of deals came with warrants — the buyer's market continues. You're now caught up. You're welcome. |
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| 💰FUNDING SECURED The smartest 5 minutes in Canadian capital markets. [email protected] · fundingsecured.xyz See you next Monday. Try to keep up. |
| Data sourced from public press releases. 15 deals analyzed (Feb 15-21, 2026). |