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File: 23797083_1_Savannah -  News Release re PP Closing - April 2017.doc

SAVANNAH GOLD CORP.

FOR IMMEDIATE RELEASE
Contact: Investor Relations April 10, 2017 Phone (604) 684-2181  info@varshneycapital.com

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES

Savannah Gold Corp. Closes Non-Brokered Private Placement 

Vancouver, BC - Tuesday, April 10, 2017 - Savannah Gold Corp. (TSXV - SAV.H) (the "Company" or "Savannah") announces t
--->he oversubscribed closing of its previously announced non-brokered private placement (the "Offering") of 3,000,000 uni
--->ts (each a "Unit") at a price of $0.20 per Unit, for aggregate gross proceeds of $600,000 (the "Offering").
Each Unit consists of one common share of the Company (a "Common Share") and one-half of one transferable common share
---> purchase warrant (each whole such warrant a "Warrant"), with each Warrant entitling the holder thereof to acquire one
---> additional Common Share at a price of $0.40 until April 10, 2019 (the "Expiry Date"), subject to acceleration. In the
---> event the closing price of the Common Shares on the TSX Venture Exchange (the "Exchange") is greater than $0.80 per C
--->ommon Share during any twenty (20) consecutive trading-day period between October 11, 2017 and the Expiry Date, the Co
--->mpany may accelerate the Expiry Date by giving notice to the Warrant holders by news release (the "Acceleration Notice
--->") that the Warrants will expire at 4:00 p.m. (Vancouver time) on the date that is 30 days from the date of the Accele
--->ration Notice (the "Accelerated Expiry Date"). In such instance, all Warrants that are not exercised prior to the Acce
--->lerated Expiry Date will expire on the Accelerated Expiry Date.
In connection with closing of the Offering the Company paid finder's fees of $29,750 and issued 148,750 non-transferab
--->le finder's Warrants to certain agents in accordance with applicable securities laws and the policies of the Exchange.
---> The net proceeds from the Offering will be used for general working capital and to review potential new business oppo
--->rtunities.
Praveen Varshney, President and CEO of the Company, comments: "We are pleased to have completed the recapitalization o
--->f Savannah, which has enabled us to pay off all liabilities and leave Savannah with a pool of capital we can utilize t
--->o conduct due diligence and negotiate the acquisition of a business or project to complete the Company's reactivation.
---> Varshney Capital Corp. has been working with several private enterprises in an advisory and capital raising capacity 
--->and continues to experience strong deal flow. Now that Savannah has available working capital, we intend to move ahead
---> quickly to complete a transaction with one of the private businesses that we have been working with or with one of th
--->e opportunities that have recently been presented to us. We would like to welcome all new shareholders to the Company 
--->and thank you for your support."
The securities issued under the Offering will be subject to a standard four month and one day hold period. Praveen Var
--->shney, the Company's President, CEO and Director, subscribed for 45,000 Units under the Offering, and Marco Strub, a D
--->irector of the Company, subscribed for 40,000 Units. The subscriptions by Mssrs. Varshney and Strub constitute related
--->-party transactions under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactio
--->ns ("MI 61-101"). Because the value of the subscriptions is less than 25 per cent of the Company's market capitalizati
--->on, they are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. 
ON BEHALF OF THE BOARD OF DIRECTORS

Praveen Varshney, FCPA, FCA
President & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the 
--->TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.