White Gold Corp. Announces Closing of Fully Subscribed C$6 Million Private Placement Led by Eric Sprott; Agnico Eagle and Kinross Maintain 17.1% Interest

TORONTO, June 10, 2020 (GLOBE NEWSWIRE) -- Further to its news release dated May 15, 2020, White Gold Corp. (TSX.V: WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W) (the “Company”) is pleased to announce the closing of a non-brokered private placement of 6,666,667 common shares (the “FT Shares”) of the Company, issued on a flow-through basis at a price of C$0.90 per FT Share for gross proceeds to the Company of C$6,000,000 (the “Offering”). Participants include Eric Sprott, certain funds managed by Sprott Asset Management LP, and insiders Pat DiCapo and David D’Onofrio. Upon closing of the Offering, the Company will have net working capital of approximately C$9M.

Pursuant to the Investor Rights Agreement between the Company and Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) (“Agnico”) dated December 13, 2016, Agnico has maintained its 17.1% interest in the Company following the Offering. Additionally, pursuant to the Investor Rights Agreement between the Company and Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross”) dated June 14, 2017, Kinross has maintained its 17.1% interest in the Company following the Offering. In addition, certain other insiders of the Company (and together with Agnico and Kinross, the “Insiders”) acquired an aggregate of 611,112 FT Shares pursuant to the Offering.

“We are very grateful for the continued support of our major shareholders and excited to welcome Eric Sprott as a new shareholder. We look forward to kicking off our 2020 field season in the coming weeks where we will follow up on some of our exciting new discoveries and look to continue to increase our existing mineral resources,” stated David D’Onofrio, Chief Executive Officer.

2020 Exploration Program

The Company’s 2020 Exploration program is set to commence in the coming weeks. Further details are available in the Company’s news release dated May 20, 2020 and available on SEDAR, with additional details to be provided in due course.

2020 Exploration Program Highlights:

• Ryan’s Surprise target: Diamond drill program to test for strike and down-dip extensions of mineralization encountered in 2019 diamond drilling. The Ryan’s Surprise target is located 2km along strike from the Company’s flagship Golden Saddle & Arc deposits which have a current mineral resource of 1,039,600 gold ounces indicated at 2.26 g/t Au and 508,700 gold ounces inferred at 1.48 g/t Au.