1911 Gold Announces Upsize To Previously Announced Private Placement To $3.9 Million

by ahnationtalk on December 6, 202334 Views

Vancouver, British Columbia, December 5, 2023 – 1911 Gold Corporation (“1911 Gold” or the “Company”) (TSXV: AUMB) ) is pleased to announce that it has upsized its previously announced non-brokered private placement to now raise gross proceeds of C$3,900,000 (the “Offering”). The Offering is expected to be comprised of a combination of (i) non -flowthrough units of the Company (“Units”) at $0.06 per Unit, each Unit shall consist of one common share of the Company (“Share ”) and one warrant (“Warrant”) exercisable to purchase one Share at $0.10 for 24 months from the closing date of the Offering;

  • flowthrough units of the Company (“FT Units”) at $0.07 per FT Unit, each FT Unit shall consist of one Share qualifying as a flow-through share (“FT Share”) for purposes of the Income Tax Act (Canada) (the “ITA”) and one flow-through Warrant exercisable to purchase one Share at $0.10 for 24 months from the closing date of the Offering (“FT Warrant”); and (iii) units of the Company issuable to residents in Manitoba at (“Manitoba FT Units”) $0.097 per Manitoba FT Unit, each Manitoba Unit shall consist of one FT Share and one FT Warrant.

The gross proceeds raised from the Offering will be used by the Company as follows: (i) the proceeds from the sale of both the FT Units and the Manitoba FT Units is expected to be used to fund exploration programs qualifying as “Canadian Exploration Expenses” and “flow-through mining expenditures” (as those terms are defined in the ITA) at the Company’s flagship Rice Lake property in Manitoba, focusing on near-mine target areas (such as the Central Manitoba project); and (ii) the proceeds from the sale of the Units is expected to be used primarily to fund the review and optimization of the 43-101 resource report published in 2018 as well as for general corporate purposes.

The closing of the Offering is expected to occur on or about December 22, 2023 (the “Closing Date”) and is subject to receipt of all applicable regulatory approvals, including the approval of the TSX Venture Exchange (the “TSXV”). All securities issued under the Offering will be subject to a statutory hold period of four months and one day from the Closing Date.

Certain insiders of the Company (within the meaning of the rules and policies of the TSXV) are expected to participate and purchase Units under the Offering. The Offering will therefore constitute a “related-party transaction” to the extent of such insiders’ participation within the meaning of TSXV Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions(“MI 61-101”). The Company intends to rely on exemptions from the formal valuation and minority security holder approval requirements of the related-party rules set out in sections 5.5(a) and 5.7(a) of MI 61-101 as the fair market value of the subject matter of the Offering does not exceed 25% of the market capitalization of the Company. The Company did not file, and does not anticipate filing, a material change report more than 21 days before the closing of the Offering, since the closing date for the Offering has not been finally determined and the Company wishes to complete the Offering on an expedited basis for commercial reasons.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold in the United States absent registration or an exemption from such 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 any State in which such offer, solicitation or sale would be unlawful.

About 1911 Gold Corporation

1911 Gold is a junior explorer that holds a highly prospective, consolidated land package totalling more than 63,000 hectares within and adjacent to the Archean Rice Lake greenstone belt in Manitoba, and also owns the True North mine and mill complex at Bissett, Manitoba. 1911 Gold believes its land package is a

prime exploration opportunity, with potential to develop a mining district centred on the True North complex. The Company also owns the Apex project near Snow Lake, Manitoba and the Denton-Keefer project near Timmins, Ontario, and intends to focus on organic growth and accretive acquisition opportunities in North America.

1911 Gold’s True North complex and exploration land package are located within the traditional territory of the Hollow Water First Nation, signatory to Treaty No. 5 (1875- 76). 1911 Gold looks forward to maintaining open, co-operative and respectful communication with the Hollow Water First Nation, and all local stakeholders, in order to build mutually beneficial working relationships.

ON BEHALF OF THE BOARD OF DIRECTORS

Shaun Heinrichs

President and CEO

For further information, please contact:

Shaun Heinrichs

Chief Executive Officer

(604) 674-1293

sheinrichs@1911gold.com

www.1911gold.com

NT4

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