| Vancouver, Canada – December 31, 2021 – Canagold Resources Ltd. (TSX: CCM, OTC-QB:CRCUF, Frankfurt: CANA) (“Canagold” or the “Company”) is pleased to announce that it has closed the first tranche of its non brokered private placement financing for 560,000 flow through shares within the meaning of the Income Tax Act (Canada) (each, a “FT Share”) at a price of CAD$0.50 per FT share for gross proceeds of CAD$280,000. The FT Shares are subject to a hold period of four months plus one day ending May 1, 2022 and is subject to the final acceptance by the Toronto Stock Exchange. Proceeds from the sale of FT Shares will be used to incur “Canadian exploration expenses” as defined in subsection 66.1(6) of the Income Tax Act and “flow through mining expenditures” as defined in subsection 127(9) of the Income Tax Act (“Qualifying Expenditures“). Proceeds from first tranche will be renounced to the subscribers with an effective date not later than December 31, 2021 in the aggregate amount of not less than the total amount of gross proceeds raised from such issue of FT Shares. Proceeds from the Offering will be used for to fund eligible exploration expenditures of the Company’s New Polaris gold project in north-western British Columbia. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Offered Securities, nor shall there be any sale of the Offered Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The Offered Securities being offered will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person. |
| About Canagold – Canagold Resources Ltd. is a growth-oriented gold exploration company focused on generating superior shareholder returns by discovering, exploring and developing strategic gold deposits in North America. Canagold shares trade on the TSX: CCM and the OTCQB: CRCUF. For More Information – Please contact: Knox Henderson, VP Corporate Development Toll Free: 1-877-684-9700 Tel: (604) 604-416-0337 Cell: (604) 551-2360 Email: knox@canagoldresources.com Website: www.canagoldresources.com |
