Provenance GOLD Completes Fully Subscribed Private Placement with a Lead Order from Palisades Goldcorp and Provides an Update ON Its White ROCK GOLD Project
PROVENANCE GOLD CORP.
Suite 2200, 885 West Georgia Street
Vancouver, British Columbia, V6C 3E8
www.provenancegold.com
NEWS RELEASE
PROVENANCE GOLD COMPLETES FULLY SUBSCRIBED PRIVATE PLACEMENT WITH A LEAD ORDER FROM
PALISADES GOLDCORP AND PROVIDES AN UPDATE ON ITS WHITE ROCK GOLD PROJECT
Provenance Gold Corp. (CSE: PAU) (FSE: 3PG) (the “Company”) announces that it has closed its financing
with a lead order from Palisades Goldcorp and has initiated a geological mapping and sampling program
at its White Rock gold property in Elko County, Nevada . The Company is planning a drilling program to
confirm the historical results and gold controls at White Rock. Drilling is expected to include close spaced
and new step out drilling in order to quickly develop Provenance’s understanding of the property. The
Company hopes to begin drilling as early as October.
The Company recently acquired the White Rock gold property from Ely Gold Royalties, Inc. The property
shows strong potential to contain a major gold system based on past historic drilling results The Company
believes the White Rock property hosts a large shallow gold system (1700m by 2400m) based on extensive
rock and soil assays and 62 widely scattered drill holes that intersected thick zones of shallow gold
mineralization. Modeling of the drill information and surface sampling find that the thick zones of gold
mineralization are within a coherent gold system that is controlled by both geological structures and host
rock lithology. Because of the large size of the mineral system, the past exploration drilling only spot -
tested the structures with distances between mineralized holes ranging from 66 meters ( 200 feet ) to
about 290 meters (900 feet).
The Company is pleased to report the closing of its previously announced non-brokered private placement
of 4,443,444 units (each, a “Unit”) at a price of $0.09 per Unit for gross proceeds of $ 399,910. The
placement received a lead order from Palisades Goldcorp Ltd., a strategic institutional investor. Each Unit
consists of one common share of the Issuer and one common share purchase warrant (each, a “Warrant”)
with each Warrant entitling the holder thereof to purchase one additional common share (each, a
“Warrant Share”) of the Issuer at a price of $0.15 per Warrant Share until August 6, 2025.
The Company will also issue 1,000,000 common shares to an arms-length third-party in consideration for
certain consulting obligations and work associated with the Company’s land acquisitions and option
agreements in Nevada.
All securities to be issued in connection with the pr ivate placement, as well as the 1,000,000 common
shares issuable in payment of consulting obligations, are subject to a four-month-and-one-day statutory
hold period in accordance with applicable securities laws. No finder’s fees or commissions were payable
in connection with completion of the private placement.
Proceeds of the private placement are expected to go towards permitting, geological reports and site
assessments at the White Rock gold property in an effort to plan and then implement drilling programs.
Rauno Perttu, CEO of Provenance stated “I believe Provenance now controls a large undeveloped gold
system at White Rock. The proceeds of our Private Placement will allow us to initiate a significant drilling
program in an effort towards further development of the White Rock property. This funding will also help
advance work towards our first round of drilling at the Company’s Silver Bow property in Nye County,
Nevada. Provenance hopes to initiate this drill program as early as September”.
Rauno Perttu, P. G eo., a Qualified Person (as defined by National Instrument 43 -101), and the Chief
Executive Officer of the Company, has reviewed and approved the technical contents of this News
Release.
About Palisades Goldcorp
Palisades Goldcorp is Canada's new resource focused merchant bank. Palisades' management team has a
demonstrated track record of making money and is backed by many of the industry's most notable
financiers. With junior resource equities valued at generational lows, management believes the sector is
on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in
undervalued companies and assets with the goal of generating superior returns.
On behalf of the Board,
Provenance Gold Corp.
Rauno Perttu, Chief Executive Officer
For further information, please contact [email protected]
Neither the Canadian Securities Exchange, nor its regulation services provider, accepts responsibility for the adequacy or accuracy
of this press release.
This news release may contain certain “Forward -Looking Statements” within the meaning of t he United States Private Securities
Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words
“anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and si milar words or expressions
identify forward-looking statements or information. These forward -looking statements or information may relate to proposed
activities at the White Rock gold project , and other factors or information. Such statements represent t he Company’s current
views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered
reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks,
contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to
be materially different from the results, performance or achievements that are or may be expressed or implied by such forward -
looking statements. The Company does no t intend, and does not assume any obligation, to update these forward -looking
statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such
statements and information other than as required by applicable laws, rules and regulations.