Fabled Silver Gold Announces Private Placement Financing of Up to $6 Million in Connection with the Proposed Spin-Out of Copper Assets

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

VANCOUVER, BC / ACCESSWIRE / June 16, 2021 / Fabled Silver Gold Corp. (TSXV:FCO)(OTCQB:FBSGF)(FSE:7NQ) ('Fabled' or the 'Company'), is pleased to provide an update on its spin-out its interest in the Muskwa copper project in northern British Columbia by distributing the shares it holds in its wholly owned subsidiary Fabled Copper Corp. ('Fabled Copper') to the shareholders of the Company through a statutory plan of arrangement (the 'Spin-Out Transaction').

The Company and Fabled Copper have entered into an agreement with Research Capital Corporation as sole agent and sole bookrunner (the 'Agent'), in connection with a best efforts private placement for aggregate gross proceeds of up to $6,000,000 (the 'Offering'), consisting of: (i) conventional subscription receipts of Fabled Copper (each, a 'Conventional Unit Subscription Receipt') at a price of $0.05 per Conventional Unit Subscription Receipt, and (ii) flow-through subscription receipts of Fabled Copper (each, a 'Flow-Through Subscription Receipt') at a price of $0.06 per Flow-Through Subscription Receipt.

Each Conventional Unit Subscription Receipt will entitle the holder thereof, without payment of any additional consideration and without further action on the part of the holder, upon the satisfaction of the Escrow Release Conditions (as defined below) to receive one unit of securities of Fabled Copper (a 'Conventional Unit'). Each Conventional Unit will consist of one common share in the capital of Fabled Copper (a 'Common Share') and one Common Share purchase warrant (a 'Warrant').

Each Flow-Through Subscription Receipt will entitle the holder thereof, without payment of any additional consideration and without further action on the part of the holder, upon the satisfaction of the Escrow Release Conditions to receive one flow-through unit of securities of the Company (an 'FT Unit'). Each FT Unit will consist of one Common Share that will qualify as a 'flow-through share' within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the 'Tax Act') and one Warrant.

Each Warrant will entitle the holder thereof to purchase one Common Share (a 'Warrant Share') at an exercise price of $0.10, at any time up to 24 months from the date of satisfaction of the Escrow Release Conditions.

Following completion of the Spin-Out Transaction and satisfaction of the Escrow Release Conditions, Fabled Copper intends to use the net proceeds from the sale of Conventional Unit Subscription Receipts for working capital and general corporate purposes. The gross proceeds from the sale of Flow-Through Subscription Receipts will be used for exploration expenses on the Fabled Copper's mining projects as permitted to qualify as CEE under the Tax Act.

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