Newcore Gold Announces Increase of Previously Announced Bought Deal Financing to $15 million

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Oct. 14, 2020 (GLOBE NEWSWIRE) -- Newcore Gold Ltd. ("Newcore" or the "Company") (TSX-V: NCAU) is pleased to announce that it has amended the terms of its previously announced offering of common shares of the Company. Under the amended terms of the Offering (as defined below), Haywood Securities Inc. and Stifel GMP as co-lead underwriters and joint book-runners, on behalf of a syndicate of underwriters including Cormark Securities Inc., Raymond James Ltd., and Sprott Capital Partners LP (collectively, the "Underwriters"), have agreed to purchase, on a bought deal basis, 18,750,000 common shares of the Company (the "Common Shares") at a price of $0.80 per Common Share (the "Offering Price") for gross proceeds to the Company of $15,000,000 (the "Offering").

The Company intends to use the net proceeds of the Offering for exploration and development at its Enchi Gold Project in southwest Ghana, as well as for working capital and general corporate purposes.

The Common Shares will be offered by way of a short form prospectus to be filed in British Columbia, Alberta and Ontario (and such other Provinces as agreed between the Company and the Underwriters), on a private placement basis to eligible purchasers in the United States, and internationally as permitted by the Company and the regulatory requirements in those jurisdictions provided that no prospectus filing or comparable obligation arises and the Company does not therefore become subject to continuous disclosure obligations in such jurisdiction.

The Offering is scheduled to close on or about November 5, 2020, subject to customary closing conditions, including receipt of all necessary approvals including the approval of the TSX Venture Exchange.

The securities offered in the Offering have not been, and will not be, registered under 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 nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.