Riley Gold Closes Oversubscribed Private Placement

2390 -1055 West Hastings Street

Vancouver, British Columbia

Canada, V6E 2E9

Tel: (604) 443-3831

NR 2020-04

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NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Riley Gold Closes Oversubscribed Private Placement

NEWS RELEASE

Vancouver, B.C. October 16, 2020 – Riley Gold Corp. (TSX.V: RLYG) (“Riley” or the “ Company”) is

pleased to report that the Company has closed its private placement, as previously announced on October

1, 2020 and October 5, 2020. Riley has issued 15,001,125 units at C$0.20 per Unit (“Units”) for total gross

proceeds of C$3,000,225 (the “Private Placement”).

Each Unit is comprised of one common share of the Company (a “ Share”) and one-half of one share

purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder thereto to purchase for a period

of twenty-four (24) months one additional Share (a “ Warrant Sha re”) at an exercise price per Warrant

Share of C$0.40. If the closing price of the common shares of Riley quoted on the TSX Venture Exchange

is greater than C$0.60 for 10 consecutive trading days, Riley may accelerate the expiry date of the Warrants

to the 30th day after the date on which Riley gives notice to the Warrant holders of such acceleration.

All securities issued under the Private Placement are subject to a hold period of four months and one day

from the closing date, being February 16, 2021. The Company has paid cash finders’ fees in connection

with the Private Placement of $93,660.

The Company also announces that, pursuant to its stock option plan, it has granted 1 ,225,000 incentive

stock options to members of the board of directors, management and consultants of the Company subject

to certain vesting provisions. These options will be exercisable at a price of $0.30 per common share and

will expire on October 15, 2025.

The grant of the incentive stock options and the closing of the Private Placement are subject to regulatory

approval.

On Behalf of the Board of Directors:

Todd Hilditch - Chief Executive Officer

Tel: 604-443-3831

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

This release contains forward looking statements. More particularly, this release contains statements

concerning the anticipated Private Placement. Although Riley believes that the expectations reflected in

these forward-looking statements are reasonable, undue reliance should not be placed on them because

Riley can give no assurance that they will prove to be correct. Since forward looking statements address

future events and conditions, by their very nature they involve inherent risks and uncertainties. The closing

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of the Private Placement could be delayed if Riley is not able to obtain the necessary regulatory and stock

exchange approvals on the timelines it has planned. The Private Placement will not be completed at all if

these approvals are not obtained or some other condition to the closing is not satisfied. Accordingly, there

is a risk that the Private Placement will not be completely sold, completed within the anticipated time or at

all. Additional informati on on these and other factors that could affect Riley’s operations and financial

results are included in reports on file with Canadian securities regulatory authorities and may be accessed

through the SEDAR website (www.sedar.com).