| Vancouver, Canada – January 19, 2022 – Canagold Resources Ltd. (TSX: CCM, OTC-QB:CRCUF, Frankfurt: CANA) (“Canagold” or the “Company”) announces that it has closed the second and final tranche of its non-brokered, oversubscribed CAD$2.3 million private placement, previously announced by Canagold in press releases dated December 22 and 31, 2021. The second tranche of the private placement consisted of the issuance of 4.05 million flow through common shares priced at CAD$0.50 per share (“FT Shares”) for total proceeds of CAD$2.03 million. 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“). Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2022, in the aggregate amount of not less than the total amount of gross proceeds raised from the 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. The securities issued in the Offering are subject to a four-month plus one day hold period ending on May 20, 2022, in accordance with applicable securities laws and the policies of the Toronto Stock Exchange (the “Exchange”). The Offering is subject to the final acceptance of the Exchange. “Scott Eldridge” ____________________ Scott Eldridge, Chief Executive Officer CANAGOLD RESOURCES LTD. |
| 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 |
