Toronto, Ontario--(Newsfile Corp. - November 6, 2023) - Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") is pleased to announce the closing of the first tranche of its private placement offering for gross proceeds totalling $626,753. The Company issued: (i) 447,560 flow through shares at a price of $0.205 per share for gross proceeds of $91,750; and (ii) 3,821,450 units at a price of $0.14 per unit for gross proceeds of $535,003. Each unit is comprised of one common share and one share purchase warrant entitling the holder to acquire one additional common share at a price of $0.215 for a period of 18 months.

The Company initially announced an offering of up to $2,225,000, and now anticipates increasing this amount to up to an aggregate $2,500,000 as at the final tranche closing, anticipated to occur late this week.

In connection with this first tranche closing, the Company paid $1,680 in finders fees to eligible finders, and insiders subscribed for 97,560 of the total shares issued in this first tranche closing.

Rob McEwen, the Company's largest shareholder, subscribed for $500,003 in units, increasing his position from 60,000,000 shares (37.6%) to 63,571,450 shares (38.8%). After closing the first tranche of the private placement, Canadian Gold Corp. has 163,734,828 shares outstanding. Assuming exercise of the 3,571,450 purchase warrants acquired within the units, Mr. McEwen would hold 67,142,900 shares of Canadian Gold Corp (40.1%). The units acquired by Rob McEwen were issued from the Company's treasury at a price of $0.14 per unit. McEwen acquired the units for investment purposes, and will continue to evaluate his investment in the Issuer, and will increase or decrease his investment from time to time by future acquisitions or dispositions of securities of the Company at his discretion, as circumstances warrant, and according to market conditions and other relevant factors in the future. McEwen has no immediate future intention to acquire further securities of Canadian Gold Corp., however, provided that he holds not less than a 20% interest in the Company, McEwen has a right to participate in future financings in order to maintain his pro rata interest, in addition to a right of first refusal as it relates to any offered interests in a royalty or metals streaming financing contemplated by the Company, as well as the right to nominate two directors to the board of the Company.

A report in this regard will be filed electronically with the securities regulatory authority in each jurisdiction where the Issuer is reporting and will be available for viewing through the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com under the Issuer's issuer profile. To obtain a copy of the report, contact Mr. McEwen at 416-258-2155.