Canagold Announces Brokered Flow-Through Private Placement for up to C$5.0 Million

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

VANCOUVER, BC / ACCESSWIRE / September 24, 2021 / Canagold Resources Ltd. (TSX:CCM)(OTCQB:CRCUF)(Frankfurt:CANA) ("Canagold" or the "Company") is pleased to announce that it has entered into a letter agreement (the "Agreement") with Red Cloud Securities Inc. ("Red Cloud" or the "Agent") to act as sole agent and bookrunner in connection with a fully marketed, private placement (the "Offering") for gross proceeds of up to C$5,000,000 from the sale of any combination of the following:

• common shares of the Company to be issued as "flow-through shares" within the meaning of the Income Tax Act (Canada) (each, a "FT Share") at a price of C$0.50 per FT Share; and
• flow-through units of the Company sold to charitable buyers (each, a "Charity FT Unit", and collectively with the FT Shares, the "Offered Securities") at a price of C$0.62 per Charity FT Unit.

Each Charity FT Unit will consist of one FT Share and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant shall entitle the holder to purchase one common share of the Company (each, a "Warrant Share") at a price of C$0.75 at any time on or before that date which is 24 months after the closing date of the Offering. The Warrants will not be transferable.

The Agent will have an option, exercisable in full or in part up to 48 hours prior to the closing of the Offering, to sell up to an additional C$1,000,000 in any combination of FT Shares and Charity FT Units at their respective offering price.

Proceeds from the sale of FT Shares will be used to incur "Canadian exploration expenses" as defined in subsection 66.1(6) of the Income Tax Act and "flow through mining expenditures" as defined in subsection 127(9) of the Income Tax Act ("Qualifying Expenditures"). Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2021, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares. Proceeds from the Offering will be used for to fund eligible exploration expenditures of the Company's New Polaris Gold Mine in north-western British Columbia.

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