Solstice Gold Announces Closing of Previously Announced Non-Brokered Financing Totalling Approx. $1.2 million and Board Changes

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VANCOUVER, British Columbia, June 10, 2020 (GLOBE NEWSWIRE) -- Solstice Gold Corp. (TSXV: SGC) (“Solstice” or the “Company”) is pleased to announce that, further to the Company’s news release dated May 25, 2020, the Company has closed, subject to receipt of final approval from the TSX Venture Exchange (“TSXV”), its non-brokered private placement financing for total proceeds of $1,198,786.64 (the “Private Placement”).

The Private Placement consisted the issuance by the Company of: (i) a total of 29,969,666 units (the “Units”), at a price of at $0.04 per Unit,  with each Unit comprising one common share of the Company and one common share purchase warrant.  Each full warrant entitles the holder thereof to purchase one additional common share of the Company at a price of $0.06 for a period of 36 months from the closing of the Private Placement.   All securities issued pursuant to the Private Placement are subject to a four-month hold period in accordance  with applicable Canadian securities laws and are also subject to the Exchange Hold Period (as defined by the TSXV rules) and have been legended accordingly.

The proceeds from the Private Placement will be used as follows: (i) $800,000 in respect of exploration and related expenditures; and (ii) $398,786 in respect of general corporate, working capital and future exploration programs. Although the Company intends to use the proceeds of the Private Placement as described herein, the actual allocation of proceeds may vary, depending on future operations, events or opportunities; provided however, in no circumstance will any proceeds of the Private Placement be utilized by the Company to pay Investor Relations Activities or any Related Parties payments (as each such term is defined by the TSXV rules), all in accordance with certain temporary relief measures established by the TSXV on April 8, 2020 in response to the COVID-19 pandemic.

Board Changes

Upon closing of the Private Placement, the board of directors of the Company (the “Solstice Board”) has been reorganized as follows: (i) the number of directors has been increased from five to six; (ii) Marty Tunney and Chad Ulansky have both resigned as members of the Solstice Board; and (iii) Kevin Reid, Michael Gentile and Blair Schultz have been appointed as new members of the Solstice Board.  Mr. Tunney will continue in his role as President of the Company and Mr. Ulansky has been retained by the Company as a consultant.  The Company thanks them both for their contributions as founding directors of the Company and looks forward to their continuing roles with the Company.  Board appointments remain subject to regulatory approvals.