Mexican Gold Announces Private Placement Repricing

// THIS PRESS RELEASE IS NOT INTENDED FOR RELEASE OR DISSEMINATION IN THE UNITED STATES //

VANCOUVER, British Columbia, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Mexican Gold Mining Corp. (the “Company” or “Mexican Gold") (TSXV: MEX, OTCQB: MEXGF) announces that it has reduced the per Unit price of the private placement offering announced July 29, 2022 (the “Offering”) and increased the number of Units offered.

The price per Unit of the Offering has been reduced from $0.02 per Unit to $0.015 per Unit. As it remains the Company’s intention to raise $150,000, the number of Units offered has increased from 7,500,000 to 10,000,000 accordingly.

All other terms and conditions of the Offering remain unchanged with each Unit consisting of one (1) common share in the capital of the Company (“Share”) and one (1) Share purchase warrant (“Warrant”), whereby each Warrant enabling the subscriber to purchase one additional Share for a period of 60 months from the date of issuance at a price of $0.05 per Share.

The net proceeds raised from the Offering will be used to fund continuing operations of the Company’s Las Minas Project, payment of outstanding invoices, and for general working capital. The Company has not allocated any of the funds for payment to be made to non-arm’s length parties of the Company or to persons conducting Investor Relations Activities (as such term is defined in the policies of the TSX Venture Exchange). Further, Mexican Gold has no specific use representing 10% or more of the gross proceeds of the Offering.

All securities issued in connection with the Offering will be subject to a hold period under applicable Canadian securities laws expiring four months and one day from the date of closing of the Offering. Subject to receipt of all necessary regulatory approvals, including acceptance by the TSX Venture Exchange, Mexican Gold anticipates that the Offering will be closed by the end of August 2022.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.