White Gold Corp. Closes C$4.1 Million Private Placement - Seite 2

The gross proceeds from the sale of the FT Units and the FT Shares will be used by the Company to incur exploration expenditures on its properties in the White Gold District of the Yukon Territory (the “Qualifying Expenditures”) prior to December 31, 2022. The Qualifying Expenditures will be renounced to subscribers of FT Units and FT Shares for the fiscal year ended December 31, 2021. The gross proceeds from the sale of the Units will be used for general corporate expenses.

As consideration for the Agents’ services in connection with the Offering, the Agents received a cash commission equal to 6.0% of the gross proceeds from the Offering, excluding gross proceeds from the issuance of Offered Securities on a president’s list (the “President’s List”) for which a commission of 2.0% of such gross proceeds were paid by the Company to Agents. The Company also issued to the Agents non-transferable compensation options (the “Compensation Options”) equal to 6.0% of the number of Offered Securities sold under the Offering excluding the President's List and 2.0% of the number of Offered Securities sold under the Offering to subscribers on the President's List. Each Compensation Option entitles the holder to acquire one Common Share at a price equal to the following: (i) if the security sold is a Unit, $0.65 per Compensation Share; (ii) if the security sold is an FT Unit, $0.87 per Compensation Share; and (iii) if the security sold is an FT Share, $0.75 per Compensation Share, in each case, until the date that is 24 months following the Closing Date.

All securities issued pursuant to the Offering, including any underlying securities, are subject to a four-month and one day hold period in accordance with applicable Canadian securities laws.

Pursuant to existing investor rights agreements between the Company and each of Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) (“Agnico”) and Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross”), both Agnico and Kinross exercised the right to participate in the Offering in order to maintain their respective interests in the Company.

Participation by Agnico and Kinross, and any other insiders of the Company (collectively, the “Insiders”), in the Offering was considered a “related party transaction” pursuant to Multilateral Instrument 61- 101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company was exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the Insiders’ participation in the Offering in reliance of sections 5.5(a) and 5.7(1)(a) of MI 61-101. A material change report will be filed in connection with the participation of Insiders in the Offering less than 21 days in advance of the closing of the Offering, which the Company deemed reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and complete the Offering in an expeditious manner.