Mr. Ed Huebert reports

CANADIAN GOLD CORP. ANNOUNCES FINAL CLOSING OF PRIVATE PLACEMENT AND DRILLING UPDATE AT TARTIN GOLD MINE

Canadian Gold Corp. has completed the final tranche closing of its private placement offering, resulting in aggregate gross proceeds of $2,515,750 (see news releases dated Nov. 6, and Nov. 16, 2023).

Over all, a total of $1,699,296 was raised by the issuance of flow-through shares (all tranches of flow-through shares) at a price of 20.5 cents per flow-through share, and $816,454 was raised by the issuance of all units, at a price of 14 cents per unit. Each unit comprises 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.

The final tranche closing, included in the above, resulted in the issuance of: (i) 536,585 flow-through shares for gross proceeds of $110,000; and (ii) 350,000 units at a price of 14 cents per unit, for gross proceeds of $49,000.

The proceeds from the issuance of flow-through shares shall be used allowing investors to claim deductions for the company's Canadian exploration expenditures (CEE), reducing an investor's Canadian taxes.

Officers, directors, and other insiders subscribed for an aggregate $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. 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 all closings for this placement, the company paid an aggregate $108,824 in finders fees to eligible finders.

As announced on Nov. 8, 2023, the phase 2 drilling program is still continuing, with two holes completed to date (950 metres in total), each of which successfully intersected the Main zone.

About Canadian Gold Corp.

Canadian Gold Corp. 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 Hammond Reef project (Ontario). The company is 36.6 per cent owned by Robert McEwen, who was the founder and chief executive officer of Goldcorp and is chairman and chief executive officer of McEwen Mining.

We seek Safe Harbor.