White Gold announces fully committed C$5.1M private placement

White Gold announced a non-brokered private placement of: flow-through common shares at a price of C$0.33 per share; and common shares in the capital of the Company at a price of C$0.30 per common share, and for total gross proceeds of approximately C$5,116,000. Pursuant to an investor rights agreement between the Company and Agnico Eagle Mines dated December 13, 2016, Agnico has indicated that it intends to maintain its pro rata interest in the Company at 19.85% on a post-offering basis through the acquisition of Common Shares. The gross proceeds received from the sale of the FT Shares will be used to incur “Canadian exploration expenses” as defined in subsection 66.1(6) of the Income Tax Act on the Company’s properties in the White Gold District of the Yukon Territory, and renounced to subscribers in the Offering with an effective date no later than December 31, 2023. Such Canadian exploration expenses will also qualify as “flow-through mining expenditures” as defined in subsection 127(9) of the Tax Act. The net proceeds from the sale of the Common Shares will be used for working capital and other general corporate purposes. Participation by Agnico in the Offering will be considered a “related party transaction” pursuant to Multilateral Instrument 61- 101 – Protection of Minority Security Holders in Special Transactions. The Company will be exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with Agnico’s participation in the Offering in reliance of sections 5.5(a) and 5.7(1)(a) of MI 61-101. A material change report will be filed in connection with the participation of Agnico in the Offering less than 21 days in advance of the closing of the Offering, which the Company deemed reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and complete the Offering in an expeditious manner. Closing of the Offering is expected to occur on or about December 8, 2023 and is subject to the satisfaction of certain conditions, including receipt of all applicable regulatory approvals including the approval of the TSX Venture Exchange. The securities issued pursuant to the Offering will be subject to a statutory hold period of four months plus one day from the closing date of the Offering in accordance with applicable securities legislation.