Blackwolf Closes Oversubscribed Upsized Private Placement With Lead Order From Frank Giustra

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VANCOUVER, BC / ACCESSWIRE / October 17, 2023 / Blackwolf Copper and Gold Ltd. ("Blackwolf" or the "Company") (TSXV:BWCG)(OTC PINK:BWCGF) announces that it has closed its oversubscribed non-brokered private placement that was announced on October 6, 2023 (the "Offering") and upsized on October 10, 2023. Due to significant demand, the Offering was further upsized for gross total proceeds of $3,263,532 (all figures in the current release are in Canadian dollars).

The Offering consists of 13,598,050 units of the Company at a price of $0.24 per unit. Each unit is comprised of one common share and one share purchase warrant (the "Units"). Each share purchase warrant is exercisable to acquire one common share at a price of $0.35 per common share until October 17, 2025 (the "Warrants").

Morgan Lekstrom, CEO of Blackwolf commented, "We are elated to see such strong support from our Strategic Shareholder, Mr. Frank Giustra and strong demand from new and existing shareholders. In a very short time, Blackwolf was able execute a drill program at Cantoo, acquire Optimum Ventures, drill the newly acquired Harry Project and find visible gold in our first program. I believe this is a strong indication as to how we want to strategically grow this Company. We are now planning near term work at Niblack and next phases of work at Harry and Cantoo. We look forward to the receipt of assay results from Cantoo and Harry."

The net proceeds of the Offering will be used to fund exploration activities at the Company's three projects including Niblack, Cantoo and the Harry Project, as well general working capital purposes. Advancing Niblack will be the near-term goal while Blackwolf plans its further campaigns for Harry and Cantoo to begin in Spring 2024.

The Company further reports that pursuant to the Offering, Frank Giustra and his related entities directly and indirectly acquired ownership and control of 3,125,000 Units which are comprised of 3,125,000 common shares and 3,125,000 Warrants. Prior to the Offering, Mr. Giustra owned and controlled 12,836,285 common shares of the Company, representing 11.78% of the then outstanding common shares of the Company. After the Offering, Mr. Giustra now owns and/or controls directly and indirectly 15,961,285 common shares of the Company representing 13.02% of the outstanding common shares of the Company.