Mr. Steve Roebuck reports

AVIDIAN GOLD COMPLETES NON-BROKERED $1.7M PRIVATE PLACEMENT

Avidian Gold Corp. has closed its previously announced non-brokered private placement of units of the company at a price of 33 cents per unit for gross proceeds of $1.7-million (see press release dated Aug. 4, 2020). Each unit consists of one common share of the company and one common share purchase warrant, with each warrant extensible into a common share at 55 cents per common share for 24 months following the issuance of warrants. The company will have the right to accelerate the expiry of the warrants to a date that shall be 30 days following the date of an acceleration notice given by the company in the event that the volume-weighted average price of common shares shall equal or exceed 82.5 cents for 20 consecutive days following the expiration of the statutory hold period to which the warrants will be subject.

The offering was conducted in connection with the agreement between the company and Crescat Capital LLC, pursuant to which Crescat, though its affiliates, has acquired the entire offering of units, and pursuant to which the company has granted to Crescat a right to participate in future equity financings of the company so as to maintain Crescat's pro rata ownership of the securities of the company, for as long as Crescat holds at least 5 per cent in the company's common shares (on a partially diluted basis).

The net proceeds from the offering shall be primarily used for the development of Avidian's mineral properties and for general and administrative expenses.

The units issued pursuant to the offering are subject to a four-month-and-a-day statutory hold period in accordance with applicable Canadian securities laws. The offering is subject to receipt of final approval of TSX Venture Exchange.

About Avidian Gold Corp.

Avidian brings a disciplined and veteran team of project managers together with a regional scale advanced stage gold-copper exploration portfolio in Alaska. Avidian's Golden zone project also hosts a National Instrument 43-101 indicated gold resource of 267,400 ounces (4,187,000 tonnes at 1.99 grams per tonne gold) plus an inferred gold resource of 35,900 ounces (1,353,000 tonnes at 0.83 g/t Au). Additional projects include the Amanita gold property, which is adjacent to Kinross Gold's Fort Knox gold mine in Alaska and the Jungo gold-copper property in Nevada.

We seek Safe Harbor.