Angus Gold Announces $5.8 Million Private Placement

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TORONTO, June 24, 2022 (GLOBE NEWSWIRE) -- Angus Gold Inc. (TSX-V: GUS) (“Angus” or the “Company”) is pleased to announce a fully subscribed non-brokered private placement consisting of 5,057,000 flow-through common shares of the Company (“FT Common Shares”) at a price of CAD$1.15 per FT Common Share for gross proceeds of CAD$5,815,550 (the “Financing”).

The gross proceeds of the Financing will be used to fund the Company’s exploration projects in Ontario. The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Shares, pursuant to the provisions in the Income Tax Act (Canada) (the “Tax Act”), to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Tax Act (the “Qualifying Expenditures”). The Company will renounce all the Qualifying Expenditures in favour of the subscribers of the FT Shares effective December 31, 2022.

The closing of the Financing is expected to occur on or about June 28, 2022, and is subject to the receipt of regulatory approvals, including the approval of the TSX Venture Exchange (the “TSXV”). The securities to be issued under the Financing will have a hold period of four months and one day from closing.

The Company further announces that it has entered into a fiscal advisory agreement (the “Advisory Agreement”) with Medalist Capital Ltd. (“Medalist”) pursuant to which Medalist will provide general advice and planning services in connection with the strategic analysis of equity and debt market (the “Services”). Subject to the approval of the TSXV, the Company and Medalist have agreed that payment for the Services shall be in common shares of the Company (“Common Shares”) in the amount of 263,220 Common Shares (the “Consideration Shares”). The deemed price of the Consideration Shares to be issued will be determined after the date the Services are provided to the Company.

The securities have not been, and will not be, registered under the Unites States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state security laws, and may not be offered or sold in the Unites States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the Unites States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.