Lumina Gold Upsizes Previously Announced Private Placement to C$20 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 9, 2017) -

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Lumina Gold Corp. (TSX VENTURE:LUM) (the "Company" or "Lumina") is pleased to announce that as a result of positive institutional and retail demand for its previously announced best efforts private placement offering (please refer to the Company's November 8, 2017 press release), the Company has amended the terms to increase the size of the offering to C$20 million (the "Upsized Offering").

Under the terms of the Upsized Offering, the Company has entered into an agreement with a syndicate of agents, co-led by Raymond James Ltd. and Haywood Securities Inc., and including BMO Capital Markets and RBC Capital Markets Inc. (collectively, the "Agents"), that have agreed to sell, on a "best efforts" private placement basis, up to 32,258,064 common shares at a price of C$0.62 per common share, for aggregate gross proceeds of up to C$20 million. It is anticipated that certain insiders of the Company will participate in the Upsized Offering.

The Company plans to use the net proceeds from the Upsized Offering for the exploration and advancement of the Company's projects in Ecuador and for general corporate purposes. The Upsized Offering is scheduled to close on or about November 29, 2017 the ("Closing Date"), and is subject to certain conditions customary for transactions of this nature, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

The common shares issued in the Upsized Offering will be subject to a statutory hold period of four months and one day following the Closing Date.

The securities to be offered pursuant to the Upsized Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.