Marlin Gold Closes Previously Announced Brokered Private Placement and Concurrent Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 24, 2016) -

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Marlin Gold Mining Ltd. (TSX VENTURE:MLN) ("Marlin" or the "Company") is pleased to announce that it has completed its previously announced bought deal brokered private placement of common shares (the "Brokered Offering") with Red Cloud Klondike Strike Inc. (the "Underwriter"). The Company sold 2,430,000 common shares ("Shares"), including 430,000 pursuant to the partial exercise by the Underwriter of its over-allotment option, at a price per Share of $0.50 for gross proceeds of $1,215,000.

In addition to the Brokered Offering, Marlin also accepted, on a non-brokered basis, a subscription for 600,000 Shares at a price per Share of $0.50 for gross proceeds of $300,000 (the "Non-Brokered Offering", together with the Brokered Offering, the "Private Placement").

In connection with the Brokered Offering, the Underwriter received a cash commission equal to 7.0% of the gross proceeds raised under the Brokered Offering, excluding gross proceeds from the sale of Shares to insiders and certain President's List subscribers. In connection with the Non-Brokered Offering a finder's fee equal to 7.0% of the gross proceeds raised from the Non-Brokered Offering was paid to PI Financial Corp. Net proceeds of the Private Placement will be used to advance drilling and development of the Commonwealth Silver and Gold Project and for general corporate purposes.

Four insiders of the Company subscribed for a total of 1,250,000 Shares, for aggregate subscription proceeds of $625,000, each constituting a "related party transaction" as such term is defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101″). The Company is relying on the exemptions from the formal valuation and minority approval requirements found in sections 5.5(a) and section 5.7(1)(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than the 25% of the Company's market capitalization.