Published: January 24, 2024 |

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Angus Gold has initiated a non-brokered flow-through private placement to raise gross proceeds of $3,440,000 (C$4,640,000).

In connection with the FT offering, Wesdome Gold Mines Ltd. has agreed to make a strategic investment in the company. Assuming that the FT offering is fully subscribed, the strategic investment is expected to represent approximately a 10.6 percent ownership interest in the company’s issued and outstanding common shares on a non-diluted basis and 15 percent assuming the exercise in full of the warrants, immediately following closing. In connection with the strategic investment, the company has granted Wesdome customary anti-dilution rights to maintain its equity ownership interest pursuant to an investor rights agreement to be entered into between Wesdome and company at closing.

“We are excited to welcome Wesdome as a strategic investor in Angus Gold. Our ability to draw on their knowledge and experience in the area will be invaluable as we continue to advance our Golden Sky project. This investment not only validate the exploration potential at Golden Sky, but also provides the financial support to execute robust exploration programs throughout 2024 and into 2025,” said Breanne Beh, chief executive officer of Angus.

“This year, our focus is targeting high-grade gold mineralization at our two new gold discoveries, the BIF Zone, and the Splay Zone, as well as at the historic Dorset Gold Resource. We have planned our largest program to date and are eager to begin our drilling operations at Dorset and the Splay Zones this week,” added Beh.

The closing of the offering is expected to occur on or about February 8, 2024 and is subject to certain conditions and the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

Wesdome Gold Mines is a Canadian focused gold producer with two high grade underground assets, the Eagle River mine in Ontario and the recently commissioned Kiena mine in Quebec. The company’s primary goal is to responsibly leverage this operating platform and high-quality brownfield and greenfield exploration pipeline to build Canada’s next intermediate gold producer.

Angus Gold is a Canadian mineral exploration company focused on the acquisition, exploration, and development of highly prospective gold properties. The company’s flagship project is the Golden Sky Project in Wawa, Ontario. The project is immediately adjacent to the Eagle River Mine of Wesdome Gold Mines Ltd.

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