Whitehorse Gold Prices C$12.8 Million Marketed Offering Announces Concurrent C$1 Million Non-Brokered Offering

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VANCOUVER, British Columbia, April 28, 2021 (GLOBE NEWSWIRE) -- Whitehorse Gold Corp. (TSXV: WHG) (“Whitehorse Gold” or the “Company”), is pleased to announce that, further to its news release of April 20, 2021, the Company has entered into an agreement with BMO Capital Markets and Laurentian Bank Securities Inc. as lead agents and joint bookrunners, on behalf of a syndicate of agents (collectively, the “Agents”), in connection with a marketed best efforts private placement of Units and Flow-Though Units (as defined below) for aggregate gross proceeds of approximately C$12.8 million (the “Brokered Offering”). The Company is also pleased to announce a concurrent non-brokered private placement offering (the “Non-Brokered Offering”; together with the Brokered Offering, the “Offerings”) of Units and Flow-Through Units for aggregate gross proceeds of up to C$1 million.

The Brokered Offering will consist of up to (i) 5,888,300 units (the “Units”) at a price of C$1.50 per Unit (the “Unit Offering Price”) for gross proceeds of approximately C$8.8 million; and (ii) 2,493,500 flow-through units (the “Flow-Through Units”) at a price of C$1.60 per Flow-Through Unit (the “Flow-Through Unit Offering Price”) for gross proceeds of approximately C$4.0 million.

Each Unit will consist of one common share of the Company (a “Common Share”) and one Common Share purchase warrant (a “Common Warrant”). Each Flow-Through Unit will consist of one flow-through common share and one Common Share purchase warrant (a “Flow-Through Warrant”). Each Common Warrant will entitle the holder to acquire one Common Share (a “Common Warrant Share”) from the Company at a price of C$2.00 per Common Warrant Share for a period of 60 months following closing of the Brokered Offering (the “Closing”). Each Flow-Through Warrant will entitle the holder to acquire one Common Share (a “Flow-Through Warrant Share”) from the Company at a price of C$2.10 per Flow-Through Warrant Share for a period of 60 months following Closing. In the event that the closing price of the Common Shares is greater than C$3.00 per Common Share on the TSX Venture Exchange, or such other principal exchange on which the Common Shares are then traded, for a period of 10 consecutive trading days at any time after the Closing, the Company may accelerate the expiry date of the Warrants and the Flow-Through Warrants by giving written notice to the holders thereof, in the form of a press release, and in such case the Warrants and the Flow-Through Warrants will expire 30 days after the date on which such notice is given by the Company.