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Highgold Mining Inc
Symbol HIGH
Shares Issued 41,306,536
Close 2020-07-28 C$ 2.20
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Highgold Mining closes $13.8-million bought deal

2020-07-28 15:17 ET - News Release

Mr. Darwin Green reports

HIGHGOLD MINING ANNOUNCES CLOSING OF $13.8 MILLION UPSIZED BOUGHT DEAL FINANCING

Highgold Mining Inc. has closed its previously announced upsized bought deal offering of 7,976,975 common shares at a price of $1.73 per offered share for aggregate gross proceeds of $13,800,166.75, which included the full exercise of the overallotment option granted to the underwriters (as defined herein).

In connection with the offering, the company has issued an additional 446,500 common shares of the company to an existing strategic shareholder of the company, pursuant to the shareholder's election to exercise its participation right under an investor rights agreement (see news release dated July 13, 2020). The participation shares were issued at a price of $1.73 per participation share for gross proceeds of $772,445.

"With the closing of the financing, Highgold has $23-million in working capital, placing us in a strong position to materially advance our flagship Johnson Tract gold project in Alaska," commented president and chief executive officer Darwin Green. "We are very pleased to welcome several new, large institutional shareholders to Highgold's registry. We are also grateful for the continued support of several existing major shareholders that participated in the financing. Highgold now looks forward to putting these funds to work."

The offering was made through a syndicate of underwriters led by Cormark Securities Inc., including: Canaccord Genuity Corp.; Stifel Nicolaus Canada Inc.; Haywood Securities Inc.; and Sprott Capital Partners LP. The company paid to the underwriters a cash commission equal to 5 per cent of the gross proceeds realized by the company from the offering.

The company intends to use the net proceeds from the offering and the participation right exercise for mineral exploration and general corporate purposes, including expanding the scope and scale of its recently commenced 2020 Johnson Tract drill program in Alaska, United States (see news release dated July 22, 2020). The offered shares and the participation shares are subject to a four-month-and-one-day hold period in Canada.

About Highgold Mining Inc.

Highgold Mining is a mineral exploration company focused on high-grade gold projects located in North America.

We seek Safe Harbor.

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