Gold by Gold launches a capital increase at €4 to strengthen its gold reserves
Gold by Gold opened on October 19, 2026 the subscription period for its capital increase with maintenance of preferential subscription rights (PSR), which runs until November 6, 2026. New shares are offered at €4.00, representing a 16% discount compared to the last closing price retained, and the operation is open to non-shareholder investors, including via a PEA or PEA PME-ETI.
Proceeds allocated to the acquisition of physical gold
The group indicated that the net proceeds from the operation will be entirely allocated to the acquisition and holding of responsible physical gold intended for its Reserves division. The latter already holds 10.5 kilograms of gold. Its objective, according to the company, is "to acquire, hold and grow as an asset of the Company a responsible physical gold reserve in a long-term wealth retention logic".
The company presents the operation as "a new step in the development" of this division. Reserves is the third operational division of the group, alongside trading and refining, and the holding of precious metals has been part of its model since 2026. When the operation was announced on October 13, 2026, it was specified that this was the second capital increase of this type since the creation of the Reserves division in the first half.
385,223 new shares at €4.00 each
The capital increase concerns the issuance of 385,223 new shares at the unit price of €4.00. The 16% discount is calculated based on the closing price of October 9, 2026 (€4.79), the last price preceding the price fixing by the board of directors at its meeting on October 11, 2026. The share capital of Gold by Gold consists of 3,081,790 shares.
Following the stock market session on October 14, 2026, each share held gave the right to 1 PSR, and 8 PSRs allow subscription to 1 new share. Holders must exercise their rights with their financial intermediary before November 6, 2026; PSRs not exercised at the end of the period will lapse and their value will be zero.
New investors can subscribe on a free basis with their financial intermediary, this subscription method making the shares eligible for PEA and PEA PME-ETI. The company specifies, however, that the purchase of PSRs on the market is only possible through a securities account, which does not allow shares obtained in this way to be registered in a PEA.
The operation does not give rise to a prospectus subject to AMF approval, as the total amount of the offer over twelve months is below €12 million. A video conference is scheduled for October 20, 2026 at 6:00 p.m., during which Patrick Schein, founder and chief executive officer, will comment on developments in the gold market, detail the terms of the operation and answer questions from shareholders and investors.
