Snowline Gold Completes Oversubscribed C$16.5 Million Financing

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

VANCOUVER, BC / ACCESSWIRE / September 6, 2023 / Snowline Gold Corp. (TSX-V:SGD) (the "Company" or "Snowline") is pleased to announce that it has completed its previously announced "bought deal" private placement of 2,200,000 flow-through common shares of the Company (the "FT Shares") at a price of C$7.50 per FT Share for aggregate gross proceeds of C$16.5 million (the "Offering"), including C$1.5 million from the exercise of the underwriters' option. Each FT Share will qualify as a "flow-through share" (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act"). Existing shareholder B2Gold Corp. (TSX: BTO, NYSE American: BTG, NSX: B2G) ("B2Gold") participated in the financing to maintain their 9.9% interest in the Company.

"We are encouraged by the strong support shown for this financing, both from existing shareholders including B2Gold and from a number of new, high-quality institutional shareholders," said Scott Berdahl, CEO & Director of Snowline. "Our strengthened treasury allows us to advance exploration on the Rogue Project's Valley discovery and on other targets and generative programs across our highly prospective gold portfolio. The funds provide certainty, and they open the door to greater flexibility as we move forward."

The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Shares 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") related to the Company's projects in the Yukon Territory, on or before December 31, 2024, and to renounce all the Qualifying Expenditures in favour of the subscribers of the FT Shares effective December 31, 2023.

The Offering was made through a syndicate of underwriters led by Cormark Securities Inc. and including SCP Resource Finance LP (collectively, the "Underwriters"). The Underwriters received a cash commission equal to 5% of the gross proceeds of the Offering (other than on certain orders on which a cash commission of 2.5% was paid).

All securities issued in connection with the Offering are subject to a hold period of four months and one day from the closing of the Offering, in accordance with applicable Canadian securities laws, expiring on January 7, 2024.

The securities issued under the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and were not to be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.