TORONTO, ON / ACCESSWIRE / May 15, 2023 / Signal Gold Co., Ltd. (“Signal Gold” or the “Company”) (TSX:SGNL) (OTCQX:SGNLF) announces the completion of the first tranche of its previously announced unbroken private placement on May 4, 2023 ( “Offer”) “). Pursuant to this offering, the Company will sell 10,000,000 Units of the Company at a price of $0.30 per Unit ( “Unit”) was issued.

“We are pleased to have received a significant lead order for this offering and welcome further institutional investment in Signal Gold. The sale will be completed to Signal Gold, which will provide Signal Gold with the ability to continue development of the Goldboro project and maintain ongoing exploration drilling west of the Goldboro deposit, which is the largest undeveloped site in eastern Canada. I believe it proves to be one of the gold deposits in the world.”

~Kevin Block, President and CEO, Signal Gold Inc.

Proceeds from the offering will be used primarily to advance development and exploration activities at the Goldboro Project, as well as for working capital and general corporate purposes. Each unit consists of one share of his common stock and one half of his stock acquisition rights. Each Stock Acquisition Rights entitles its holder to purchase one share of our common stock (the “Stock Acquisition Rights”) at a price of $0.45 for a period of 18 months from the closing date of the applicable tranche of the offering. . The Stock Acquisition Rights contain an acceleration clause, giving the Company the right to accelerate exercise if, after the statutory holding period expires, the Company’s common stock trades at a volume-weighted average price of $0.75 or more for 10 consecutive trading days. has This period will be for a period ending at least thirty (30) days from the date notice of such acceleration is provided to Stock Acquisition Rights Holders.

All securities sold pursuant to the first tranche of the offering are on hold that expires on September 13, 2023, in accordance with the rules and policies of the Toronto Stock Exchange (“TSX”) and applicable Canadian securities laws. Subject to the period. This offering remains subject to TSX approval.

The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy, and no sale of securities shall be made in any country where such offer, solicitation or sale would be unlawful.

About Signal Gold

Signal Gold is a TSX- and OTCQX-listed gold development and exploration company that drives the Goldboro Gold Project in Nova Scotia. The project is a significant growth project subject to an aggressive feasibility study demonstrating an open pit life (“LOM”) of approximately 11 years for the mine. ) The average gold production is 100,000 ounces per year and the average dilution grade is 2.26 grams per tonne of gold. (For more information, see “NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project in the Eastern Goldfields District of Nova Scotia,” January 11, 2022). On August 3, 2022, the Goldboro Project received environmental assessment approval from the Nova Scotia Minister of Environment and Climate Change. This is an important regulatory milestone that will allow the company to begin the site-specific permitting process, including industrial approvals, state land leases and mining. application for a lease. The Goldboro project also has the potential for further expansion of mineral resources, particularly to the west and deeper along the strike. Future studies will explore upgrading and expanding the potentially minable underground mineral resources as part of long-term mine development plans.

This news release has been reviewed and approved by Kevin Bullock, Ph.D., President and CEO of Signal Gold Inc., a “Qualified Person” under the National Instrument 43-101 Minerals Project Disclosure Standard.

Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian and U.S. stock exchanges and interest rates, actual results of current production, development and exploration activities and governmental legislation. . Forward-looking information includes, but is not limited to, information relating to offerings, use of proceeds, acceptance of offerings by TSX and feasibility studies, including LOM and potential production rates. In general, forward-looking information may be “planned,” “expected,” or “not expected,” “anticipated,” “budget,” “scheduled,” “estimate,” etc. identifiable by the use of forward-looking terminology. , “anticipate,” “intend,” “anticipate,” “unexpected,” or any variation of such words or phrases, or “believe” that a particular action, event, or outcome “may ‘, ‘Maybe’, ‘Maybe’. “”, “may”, or “obtained”, “occurs”, or “achieved”. Forward-looking information is based on management’s opinions and estimates at the time the information was prepared and is based on a number of assumptions, known and unknown risks that could cause actual results, levels, Subject to uncertainty and other factors. Signal Gold’s activities, performance or achievements are expressed or implied by such forward-looking information, including risks associated with exploration, development and mining, such as prospecting, future commodity prices, and economic factors affecting mining; be materially different from the information; gold exploration, including foreign regulations, political or economic developments, environmental risks, permitting schedules, capital expenditures, operational or technical issues associated with development activities, employee relations, and the risk of reduced resource grade quantities; and the speculative nature of the development, disputes over ownership of real estate, changes in project parameters as the plan continues to refine, and the year of Signal Gold for the year ending December 31, 2022, available at www.sedar.com Risk factors discussed in the following information form. Although Signal Gold has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, Signal Gold has There may be other factors that could be different factors. There is no guarantee that such information will be accurate, as actual results or future events could differ materially from those projected by such information. Readers should therefore not place undue reliance on forward-looking information. Signal Gold undertakes no obligation to update any forward-looking information, except in accordance with applicable securities laws.

For additional information contact: