White Gold Corp. Announces Closing of Fully Subscribed C$5.1 Million Private Placement
December 13, 2023
White Gold Corp. Announces Closing of Fully Subscribed C$5.1 Million Private Placement
TORONTO, December 13, 2023 – White Gold Corp. (TSX.V: WGO, OTC QX: 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 C$5.1 million (the “Offering”). Agnico Eagle Mines Limited
(“Agnico”) participated in the offering in order to maintain its partially-diluted ownership in the Company
at 19.85%. The Offering consisted of the sale of : (i) 3,722,133 common shares in the capital of the
Company (the “ Common Shares”) at a price of $0. 30 per Common Share; and (ii) 12,121,212 Common
Shares issued on a “flow -through basis” (the “ FT Shares” and together with the Common Shares, the
“Offered Shares”) at a price of $0.33 per FT Share.
“We are very appreciative for the continued support of our strategic shareholders and are now fully
funded for an impactful 2024 exploration program following the success of this past season where we
continued to demonstrate the expansiveness of gold mineralization in the under -explored White Gold
district in a tier 1 jurisdiction,” 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 19.85%, on a partially-diluted basis
following the completion of the Offering, by acquiring 3,722,133 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 3. 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 l ess than 21 days in advance 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 14, 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 project hosts four near-surface gold deposits which collectively contain an estimated
1,152,900 ounces of gold in Indicated Resources and 942,400 ounces of gold in Inferred Resources (1).
Regional exploration work has also produced several other new discoveries and prospective targets on
the Company’s claim packages which border sizable gold discoveries including the Coffee project owned
by Newmont Corporation with Indicated Resources of 2.14 Moz at 1.23 g/t Au, and Inferred Resources of
0.23 Moz at 1.01 g/t Au (2), and Western Copper and Gold Corporation’s Casino project which has
Measured and Indicated Resources of 7.6 Blb Cu and 14.5 Moz Au and Inferred Resources of 3.3 Blb Cu
and 6.6 Moz Au(3). For more information visit www.whitegoldcorp.ca.
(1) See White Gold Corp. technical report titled “2023 Technical Report for the White Gold Project, Dawson Range, Yukon, Canada
”, Effective Date April 15, 2023, Report Date May 30, 2023, NI 43-101 Compliant Technical Report prepared by Dr. Gilles Arseneau,
P.Geo., available on SEDAR+.
(2) See Newmont Corporation 10 -K: Annual report for the year ending December 31, 2022, in the Measured, Indicated, and
Inferred Resources section, dated February 23, 2023, available on EDGAR. Reserves and resources disclosed in this Form 10 -K
have been prepared in accordance with the Regulation S-K 1300, and do not indicate NI43-101 compliance.
(3) See Western Copper and Gold Corporation technical report titled “Casino project, Form 43-101F1 Technical Report Feasibility
Study, Yukon Canada”, Effective Date June 13, 2022, Issue Date August 8, 2022, NI 43 -101 Compliant Technical Report 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+.
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 legislation. 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, event s 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 Offeri ng, including all regulatory
approvals; the use of proceeds from the Offering; the Company’s objectives, goals and exploration
activities conducted and proposed 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 and 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; the
completion of the Offering on the terms described herein, or at all; 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 exploration
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 commodities; fluct uations 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 associated 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 inpu ts
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 ultimately develop ed 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 likelih ood 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 su ch 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