White Gold Corp. Announces Closing of Fully Subscribed $4.4 Million Private Placement
White Gold Corp. Announces Closing of Fully Subscribed $4.4 Million Private Placement
Toronto, ON – December 19, 2022 – White Gold Corp. (TSX.V: WGO, OTCQX: WHGOF, FRA: 29W) (the
“Company” or “White Gold”) is pleased to announce the closing of a non-brokered private placement for
aggregate gross proceeds of approximately $4.4 million (the “ Offering”). Agnico Eagle Mines Limited
(“Agnico”) participated in the offering in order to maintain its partially-diluted ownership in the Company at
19.8%. The Offering consisted of the sale of: (i) 1,885,000 common shares in the capital of the Company
(the “Common Shares”) at a price of $0.38 per Common Share; and (ii) 9,025,780 Common Shares issued
on a “flow-through basis” (the “FT Shares” and together with the Common Shares, the “Offered Shares”)
at a price of $0.41 per FT Share.
“We are very grateful for the continued support of Agnico and our other shareholders and are now financed
for what we hope to be another exciting and impactful exploration program in 2023 following the
encouraging success of this past season. We have now considerably extended the known mineralized zone
at the Betty Ford target, which is in close proximity to large gold and copper deposits and are excited to
further explore this prospective property. We also look forward to continuing to advance our robust property
pipeline for potential new discoveries and to further demonstrate the expansiveness of gold mineralization
in the under -explored White Gold district and the effectiveness of our scientific, data -driven exploration
methodologies,” stated David D’Onofrio, Chief Executive Officer.
Pursuant to an investor rights agreement between the Company and Agnico dated December 13, 2016,
Agnico maintained its pro rata ownership interest in the Company of 19.8%, on a partially -diluted basis
following the completion of the Offering, by acquiring 1,885,000 Common Shares under the Offering.
The gross proceeds received from the sale of the FT Shares will be used to incur “Canadian exploration
expenses” as defined in subsection 66.1(6) of the Income Tax Act (Canada) (“Tax Act”) on the Company’s
properties in the White Gold District of the Yukon Territory and renounced to subscribers in the Offering
with an effective date no later than December 31, 202 2. Such Canadian exploration expenses will also
qualify as “flow-through mining expenditures” as defined in subsection 127(9) of the Tax Act. The net
proceeds from the sale of the Common Shares will be used for working capital and other general corporate
expenses.
Participation by Agnico in the Offering was considered a “related party transaction” pursuant to Multilateral
Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The
Company was exempt from the requirements to obtain a formal valuation or minority shareholder approval
in connection with Agnico’s participation in the Offering in reliance of sections 5.5(a) and 5.7(1)(a) of MI 61-
101. A material change report will be filed in connection with the participation of Agnico in the Offering less
than 21 days in advan ce of the closing of the Offering, which the Company deemed reasonable in the
circumstances so as to be able to avail itself of potential financing opportunities and complete the Offering
in an expeditious manner.
The Offered Shares issued pursuant to the Offering are subject to a statutory four month and one day hold
period under applicable Canadian securities laws expiring on April 20, 2023. The Offering is subject to the
final acceptance of the TSX Venture Exchange (“TSXV”).
About White Gold Corp.
The Company owns a portfolio of 17,584 quartz claims across 30 properties covering approximately
350,000 hectares representing over 40% of the Yukon’s emerging White Gold District. The Company’s
flagship White Gold property hosts the Company’s Golden Saddle and Arc deposits which have a mineral
resource of 1,139,900 ounces Indicated at 2.28 g/t Au and 402,100 ounces Inferred at 1.39 g/t Au (1).
Mineralization on the Golden Saddle and Arc is also known to extend beyond the limits of th e current
resource estimate. The Company’s recently acquired VG Deposit also hosts an Inferred gold resource of
267,600 ounces at 1.62 g/t Au (2). Regional exploration work has also produced several other new
discoveries and prospective targets on the Compa ny’s claim packages which border sizable gold
discoveries including the Coffee project owned by Newmont Corporation with Measured and Indicated
Resources of 2.17 Moz at 1.46 g/t Au, and Inferred Resources of 0.50 Moz at 1.32 g/t Au (3), and Western
Copper and Gold Corporation’s Casino project which has Measured and Indicated Resources of 14.8 Moz
Au and 7.6 Blb Cu and Inferred Resources of 6.3 Moz Au and 3.1 Blb Cu (4). For more information visit
www.whitegoldcorp.ca.
(1) See White Gold Corp. technical report titled “Technical Report for the White Gold Project, Dawson
Range, Yukon Canada”, Effective Date May 15, 2020, Report Date July 10, 2020, prepared by Dr. Gilles
Arseneau, P.Geo., and Andrew Hamilton, P.Geo., available on SEDAR.
(2) See White Gold Corp. technical report titled “Technical Report for the QV Project, Yukon, Canada”,
Effective Date October 15, 2021, Report Date November 15, 2021, available on SEDAR.
(3) See Newmont Corporation news release titled “Newmont Reports 2021 Mineral Reserves of 93 Million
Gold Ounces and 65 Million Gold Equivalent Ounces”, dated February 24, 2022:
https://www.newmont.com/investors/news-release/default.aspx.
(4) See Western Copper and Gold Corporation technical report titled “Casino project, Form 43 -101F1
Technical Report Feasibility Study, Yukon Canada”, Effectiv e Date June 13, 2022, Issue Date August 8,
2022, prepared by Daniel Roth, PE, P.Eng., Mike Hester, F Aus IMM, John M. Marek, P.E., Laurie M.
Tahija, MMSA-QP, Carl Schulze, P.Geo., Daniel Friedman, P.Eng., Scott Weston, P.Geo., available on
SEDAR.
Qualified Person
Terry Brace, P.Geo. and Vice President of Exploration for the Company is a “qualified person” as defined
under National Instrument 43 -101 – Standards of Disclosure of Mineral Projects and has reviewed and
approved the content of this news release.
Cautionary Note Regarding Forward Looking Information
This news release contains "forward -looking information" and "forward -looking statements" (collectively,
"forward-looking statements") within the meaning of the applicable Canadian securities legisl ation. All
statements, other than statements of historical fact, are forward -looking statements and are based on
expectations, estimates and projections as at the date of this news release. Any statement that involves
discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions,
future events or performance (often but not always using phrases such as "expects", or "does not expect",
"is expected", "anticipates" or "does not anticipate", "plans", “proposed”, "budget", "scheduled", "forecasts",
"estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions,
events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking statements. In this news release, forward-looking
statements relate, among other things : the use of proceeds from the Offering; the Company’s objectives,
goals and exploration activities conducted and propos ed to be conducted at the Company’s properties;
future growth potential of the Company, including whether any proposed exploration programs at any of the
Company’s properties will be successful; exploration results; and future exploration plans and costs a nd
financing availability.
These forward-looking statements are based on reasonable assumptions and estimates of management of
the Company at the time such statements were made. Actual future results may differ materially as forward-
looking statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to materially differ from any future results,
performance or achievements expressed or implied by such forward -looking statements. Such factors,
among other things, include: the expected benefits to the Company relating to the exploration conducted
and proposed to be conducted at the White Gold properties; the receipt of all applicable regulatory
approvals for the Offering; failure to identify any additional mineral resources or significant mineralization;
the preliminary nature of metallurgical test results; uncertainties relating to the availability and costs of
financing needed in the future, including to fund any ex ploration programs on the Company’s properties;
business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities
markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodit ies;
fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate);
change in national and local government, legislation, taxation, controls, regulations and political or
economic developments; risks and hazards assoc iated with the business of mineral exploration,
development and mining (including environmental hazards, industrial accidents, unusual or unexpected
formations pressures, cave -ins and flooding); inability to obtain adequate insurance to cover risks and
hazards; the presence of laws and regulations that may impose restrictions on mining and mineral
exploration; employee relations; relationships with and claims by local communities and indigenous
populations; availability of increasing costs associated with mining inputs and labour; the speculative nature
of mineral exploration and development (including the risks of obtaining necessary licenses, permits and
approvals from government authorities); the unlikelihood that properties that are explored are ultimate ly
developed into producing mines; geological factors; actual results of current and future exploration; changes
in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature
and are not conclusive evidence of the likelihood of a mineral deposit; title to properties; and those factors
described in the most recently filed management’s discussion and analysis of the Company. Although the
forward-looking statements contained in this news release are based upon what management of the
Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure
shareholders that actual results will be consistent with such forward -looking statements, as there may be
other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should
not place undue reliance on forward-looking statements and information. There can be no assurance that
forward-looking information, or the material factors or assumptions used to develop such forward-looking
information, will prove to be accurate. The Company does not undertake to release publicly any revisions
for updating any voluntary forward-looking statements, except as required by applicable securities law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Contact Information:
David D’Onofrio
Chief Executive Officer
White Gold Corp.
(647) 930-1880