Plato Gold Corp. Announces Increased Size of Non-Brokered Private Placement and Final Closing for $153,500

NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES

TORONTO, June 17, 2020 (GLOBE NEWSWIRE) -- Plato Gold Corp. (TSX-V: PGC) (“Plato” or the “Corporation”) is pleased to announce that further to its news release dated May 21, 2020, it has increased and completed a non-brokered private placement (the “Offering”) of 3,069,990 common shares (“Shares”) at a price of CAN$0.05 per Share for gross proceeds of $153,500.

The securities issued pursuant to the Offering will be subject to a four month and one day statutory hold period.

The Corporation intends to use the net proceeds from the Offering on exploration to advance the Good Hope Niobium Property, the Pic River PGM Project, and for general working capital purposes.

The participation in the Offering by Greg Wong, James Cohen, and Anthony Cohen are “related party transactions” as such terms are defined by Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“), requiring the Corporation, in the absence of exemptions, to obtain a formal valuation for and minority shareholder approval of the “related party transactions”. The Corporation is relying on an exemption from the requirement to obtain formal valuation and minority shareholder approval as the fair market value of the participation in the Offering by the Insiders does not exceed 25% of the market capitalization of the Corporation, as determined in accordance with MI 61-101.

Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and applicable securities regulatory authorities.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.