Mr. Justin Reid reports

TROILUS ANNOUNCES UPSIZED BOUGHT DEAL FINANCING TO $22 MILLION

In connection with its previously announced bought deal financing, Troilus Gold Corp. and Cormark Securities Inc., Laurentian Bank Securities Inc. and Stifel GMP, as co-lead underwriters, on behalf of a syndicate of underwriters, have agreed to increase the size of the previously announced financing. The underwriters have agreed to purchase, on a bought deal basis, 21 million units of the company at a price of $1.05 per unit for gross proceeds to the company of approximately $22-million. Each unit will consist of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant shall entitle the holder to acquire an additional common share at a price of $1.50 for a period of 24 months following the closing of the offering.

The company has agreed to grant the underwriters an option to sell an additional 3.15 million units, such option being exercisable in whole or in part at any time prior to the date that is 30 days after the closing of the offering, to cover overallotments, if any, and for market stabilization purposes. In the event that the overallotment option is exercised in full, the aggregate gross proceeds of the offering to Troilus will be approximately $25.36-million.

The company intends to use the net proceeds of the offering to advance engineering efforts at Troilus, commence geotechnical drilling at the deposit, continue infill and exploration drilling, and for working capital and general corporate purposes.

The offering is scheduled to close on or before June 23, 2020, and is subject to certain conditions including, but not limited to, receipt of all regulatory approvals, including the approval of the Toronto Stock Exchange and the applicable securities regulatory authorities.

About Troilus Gold Corp.

Troilus is a Toronto-based, Quebec-focused, advanced-stage exploration and early development company focused on the mineral expansion and potential mine restart of the former gold and copper Troilus mine.

We seek Safe Harbor.