Gold Mountain Closes Debt Settlements and Private Placement and Announces 2024 Annual Meeting of Shareholders Details

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VANCOUVER, BC / ACCESSWIRE / April 12, 2024 / Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSX:GMTN)(OTCQB:GMTNF)(FRA:5XFA) is pleased to announce that further to its press release dated March 25, 2024, the Company has closed its previously announced transactions with two secured creditors and a number of other unsecured creditors for the settlement and postponement of certain secured and unsecured debts (the "Debt Settlements") and has closed a non-brokered private placement raising gross proceeds of $750,000 (the "Private Placement").

The secured creditors are Nhwelmen Construction LP Ltd. ("Nhwelmen") who settled $1,250,000 in debt and Hedge Minerals Corp.("Hedge") who settled all of its debt, being $1,241,669.18. Nhwelmen and Hedge agreed to accept common shares of the Company at an issuance price of $0.0075 per share (the "Issue Price"), which pricing was at a discount to market price (for a maximum of 166,666,667 common shares being issued to Nhwelmen and 165,555,891 common shares being issued to Hedge).

The remaining amount of the Nhwelmen secured debt will be repaid in equal cash payments over 24 months commencing in April, 2024 and including interest at a rate of 18% per annum.

The Company also approached certain unsecured vendors who provide critical services to the Company and entered into debt settlement agreements for the conversion of $1,249,400 of unsecured debt for settlement of such debts in payment of common shares of the Company at the Issue Price for 166,586,667 common shares.

Further, the Company closed on the Private Placement issuing 100,000,000 common shares in the capital of the Company at the Issue Price for gross proceeds to the Company of $750,000, which represents 14.56% of the Company's issued and outstanding common shares following the issuance of common shares with respect to the Debt Settlements. The common shares issued are subject to applicable resale restrictions, including a hold period of four months and one day from the closing of the Private Placement under Canadian securities rules. The Private Placement is subject to final Toronto Stock Exchange ("TSX") approval. Proceeds of the Private Placement will be used to ramp up operations at the Elk Gold Mine and for working capital and general corporate purposes. No insiders of the Company will be participating in the Private Placement.