Golden Tag Completes $7.0 Million Oversubscribed Non-Brokered Private Placement Led by Eric Sprott and Announces Director Appointment

TORONTO, Aug. 14, 2020 (GLOBE NEWSWIRE) -- Golden Tag Resources Ltd. (“Golden Tag” or the "Company") (TSX.V: GOG) is pleased to announce that the Company has closed the non-brokered private placement offering (the “Private Placement”, or “Financing”) announced on July 28, 2020. The Company issued 25,000,000 Units and the Financing was oversubscribed, for aggregate gross proceeds of $7.0 Million.  Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially controlled by him, subscribed for 42.8% or 10,700,550 Units in the Private Placement.

Greg McKenzie, President and CEO commented, "We are pleased with the overwhelming support in this capital raise and are keen to move forward with the advancement of the Company’s 100% owned San Diego Project, as well as other strategic opportunities.  Our strong balance sheet places the Company in a position to evaluate opportunities that can sometimes be unavailable to junior companies.  Also, we would like to welcome Mr. Dwayne Melrose to our board of directors, replacing David Rigg who stepped down at the annual general meeting held on August 4, 2020.  We thank David for his contributions as a valuable board member for many years including being instrumental in the discovery of the Fernadez Zone at San Diego."

Board Appointment

On August 4, 2020, Mr. Dwayne Melrose was elected to the Company’s board of directors, replacing David Rigg.  Mr. Melrose has over 30 years of international experience ranging from senior management, mine finance and permitting, mine development and exploration in Central Asia, China, Africa, and North and South America.  He was former President and CEO of True Gold Mining, where the company progressed from pre-PEA and Bankable Feasibility Study thru to a completely financed and permitted project that went into construction in under 4 years. As former President and CEO of Gold Reach Resources, he took the company through to completion of a positive PEA on the company’s copper project.  He joined Minco Silver as VP of Exploration in China, pre-PEA through Bankable Feasibility Study and was part of the team which was awarded the China Mining Explorer of the Year.  As the Exploration Manager at the Kumtor Gold Mine in Kyrgyzstan, he was instrumental in the discovery of the high grade SB Zone as mine reserves increased by +7 M oz.