Candente Gold advises closing of Private Placement and Name Change to Xali Gold Corp.

VANCOUVER, British Columbia, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Candente Gold Corp. (TSXV:CDG) ("Candente Gold” and/or the “Company”) is pleased to report that it has closed the non-brokered Private Placement (the “Private Placement”) previously announced (November 5^th, 2020) of 4,000,000 common shares (the “Shares”) at a price of $0.05 per Share, raising a total of $200,000.

The Company also advises the decision of a name change to Xali Gold Corp. (pronounced “Chali”). Xali is known as a spiritual being that is a creative genius, stands up for its beliefs, is passionate and persistent in achieving its goals.  Xali is also a popular Nahuatl (Aztecan language) name for Sand, considered as a strong foundation and transition between water and land representing the importance of water and the fertility of land. The change of name, trading symbol, CUSIP number and website is expected to take approximately two weeks, however, the Company will advise once known as the change of name is subject to the Company’s filing requirements with the TSX Venture Exchange (“TSXV”).

The Company intends to use the net proceeds of the Private Placement to advance development of its near term gold production and near surface exploration opportunities while advancing drill targets on the El Oro project, its flagship asset, and for general working capital purposes. The Shares issued pursuant to the Private Placement will be subject to a hold period of four months and a day from the date of closing. Finder fees of $2,450 were paid.

Joanne Freeze, President and CEO, a control person of the Company, subscribed for 2,150,000 shares which is 53.75% of the Private Placement. In connection with the Private Placement, Ms. Freeze completed a cross distribution, whereby she sold 2,150,000 Shares from her holdings in pre-arranged trades (the “Cross”) over the facilities of the TSXV. Ms. Freeze has used 100% of the proceeds from the Cross to subscribe for Shares in the Private Placement. The price of the Cross was $0.05 and was in the context of the market. In addition to Ms. Freeze, there are three other subscribers whom the Company welcomes as new strategic investors, who will be instrumental in assisting us to deliver on our new growth strategy.