Clarity Gold Closes Second Tranche of $4.5 Million Private Placement

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VANCOUVER, British Columbia, Jan. 29, 2021 (GLOBE NEWSWIRE) -- Clarity Gold Corp. (“Clarity” or the “Company”) (CSE: CLAR, OTC: CLGCF, FSE: 27G) is pleased to announce that it has completed the second and final tranche of its non-brokered private placement (the “Offering”) on January 28^th, 2021 pursuant to which it has issued an aggregate of 3,167,340 units (each, a “Unit”) at a price of $0.96 per Unit for gross proceeds of $3,040,646.40. Each Unit consists of one common share in the capital of the Company (each, a “Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant is exercisable into one additional Share at a price of $1.25 per Share for a period of one year from the closing date. The Company received an aggregate of $4,542,044.16 from the first and second tranche of the Offering.

“A healthy treasury will help Clarity meet its objectives as we gain attention as a gold explorer in the Abitibi region, one of the richest gold belts in Canada,” said James Rogers, CEO of Clarity. “All of the pieces are coming together for an exciting year and our team is excited to advance The Destiny Project in 2021.”

The Company paid cash finder’s fees of $149,061.29 and issued 155,270 finder’s warrants (each, a “Finder’s Warrant”) to certain finders in connection with the second tranche of the Offering. Each Finder’s Warrant is exercisable into one additional Share at a price of $0.96 per Share for a period of one year from the date of closing of the applicable tranche of the Offering.

The aggregate gross proceeds from the sale of the Offering will be used for the required payments and exploration expenditures in connection with the Company’s Destiny Project, for exploration to advance the understanding of the Company’s other mineral exploration properties, costs of operations, digital marketing and awareness campaigns and for working capital.

The securities issued under the Offering, including the Shares that may be issuable on exercise of the Warrants and the Finder’s Warrants, are subject to a statutory hold period expiring four months and one day from the date of closing of the Offering.

None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. 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.