Mr. Ed Huebert reports

CANADIAN GOLD CORP. ANNOUNCES OVER-SUBSCRIBED PRIVATE PLACEMENT CLOSING OF SECOND TRANCHE

Canadian Gold Corp. has completed the second tranche closing of its private placement offering, for gross proceeds of $1,729,997. Together with the first tranche closing ($626,753), the company has raised an aggregate $2,356,750 to date. The company anticipates a third and final tranche closing, which will increase the offering from $2,225,000, as announced on Oct. 18, 2023, to $2,557,000.

The second tranche closing resulted in the issuance of: (i) 7,305,105 flow-through shares at a price of 20.5 cents for gross proceeds of $1,497,546; and (ii) 1,660,362 units at a price of 14 cents per unit, for gross proceeds of $232,451. Each unit consists of one common share and one purchase warrant entitling the holder to acquire one additional common share at a price of 21.5 cents per share for 18 months.

Officers and directors subscribed for an aggregate $143,657 of the proceeds to date, and including the lead order from Rob McEwen (see news release Nov. 6, 2023), insiders subscribed for a total of $643,657 of the gross proceeds, which resulted in related party considerations pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). Canadian Gold relied on the exemptions contained in Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(a) of MI 61-101 for an exemption from the minority approval requirement as the fair market value of the securities distributed under the offering, insofar as it involved interested parties, did not exceed 25 per cent of the company's market capitalization.

In connection with this second tranche closing, the company paid $93,944 in finders' fees to eligible finders.

About Canadian Gold Corp.

Canadian Gold is a Toronto-based mineral exploration and development company whose objective is to expand the high-grade gold resource at the past-producing Tartan mine, located in Flin Flon, Man. The company holds a 100-per-cent interest in greenfields exploration properties in Ontario and Quebec adjacent to some of Canada's largest gold mines and development projects, specifically, the Canadian Malartic mine (Quebec), the Hemlo mine (Ontario) and the Hammond Reef project (Ontario). The company is 38.8 per cent owned by Robert McEwen, who was the founder and chief executive officer of Goldcorp and is chairman and CEO of McEwen Mining.

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