Plato Gold Corp. Increase Non-Brokered Private Placement to up to $415,000

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Toronto, July 05, 2022 (GLOBE NEWSWIRE) --

Plato Gold Corp. (TSX-V: PGC) (OTCQB: NIOVF) (FRANKFURT: 4Y7 OR WKN: A0M2QX) (“Plato” or the “Company”) is pleased to announce that, due to significant investor demand, it has increased the size of its previously announced non-brokered private placement (see news release dated May 25, 2022) to aggregate gross proceeds of up to $415,000 (the “Offering”). Closing of the Offering is expected to occur on or about July 6, 2022.

The Offering shall be composed of (i) 5,200,000 flow-through shares (“FT Shares”) at a price of $0.05 per FT Share for gross proceeds of up to $260,000; and (ii) 3,100,000 hard dollar units (“HD Units”) at a price of $0.05 per HD Unit for gross proceeds of up to $155,000. Each HD Unit shall be composed of one common share in the capital of the Company (“Common Share”) and one Common Share purchase warrant (“Warrant”). Each Warrant will entitle the holder to purchase one Common Share at a price of $0.07 per Common Share until the date which is twenty-four (24) months following the closing date of the Offering, whereupon the Warrants will expire. Each FT Share shall be composed of one Common Share issued on a flow-through basis within the meaning of the Income Tax Act (Canada) (the “Tax Act”).

Eligible finders who introduce an investor to the Offering will be paid a cash commission of up to 8% of the gross proceeds raised by the finders in respect of the sale of FT Shares and Units pursuant to the Offering.

Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange (the “Exchange”) and applicable securities regulatory authorities. The securities issued and issuable pursuant to the Offering will be subject to a four month and one day statutory hold period. In connection with the Offering, the Company may pay commissions to eligible persons in accordance with the policies of the Exchange.

The proceeds raised from the sale of the FT Shares will be used to incur “Canadian exploration expenses” that are “flow-through mining expenditures” (as such terms are defined in the Tax Act) to pay for exploration work including soil and rock sampling, and assaying on Corporation’s Pic River PGM Project near Marathon, Ontario and to fund the Corporation’s other properties in Ontario, Canada. The proceeds raised from the sale of the Units will be used for general working capital purposes and for exploration expenses on the Corporation’s properties.