Cassiar Gold Closes Upsized and Oversubscribed $3.5M Private Placement

Hong Kong and Calgary, Alberta--(Newsfile Corp. - August 16, 2021) - Cassiar Gold Corp. (TSXV: GLDC) (OTCQX: CGLCF) ("Cassiar" or the "Company") is pleased to announce that further to its amended press release dated July 27, 2021, and subject to receiving final regulatory approvals, it has closed its over-subscribed non-brokered private placement (the "Offering") by issuing:

• 520,972 flow-through units ("Flow-Through Units") at a price of $0.60 per Flow-Through Unit; and
• 5,312,360 premium flow-through units ("Premium Flow-Through Units") at a price of $0.60 per Premium Flow-Through Unit.

Gross proceeds raised under Offering were approximately $3.5 Million.

Each Flow-Through Unit consists of one common share issued on a "CEE flow-through" basis pursuant to the Income Tax Act (Canada) ("CEE Share") in the capital of the Company and one flow-through Common Share purchase warrant ("FT Warrant"). Each FT Warrant will be exercisable by the holder thereof to acquire one CEE Share at a price of $0.675 for a period of 24 months following the closing date of the Offering.

Each Premium Flow-Through Unit consists of one CEE Share and one warrant ("Warrant"). Each Warrant will be exercisable by the holder thereof to acquire one common share in the capital of the Company (a "Warrant Share") at a price of C$0.675 for a period of 24 months following the closing date of the Offering.

The proceeds from this financing will be used for the ongoing exploration and drilling programs at the Company's flagship Cassiar Gold Project in northern British Columbia.

In connection with the Offering, the Company paid certain persons finders' fees consisting of cash payments and non-transferable Warrants equal to 6%, respectively, of the aggregate proceeds raised from the sale of Flow-Through Units and Premium Flow-Through Units to subscribers introduced to the Company by the finder.

The securities issued pursuant to the Offering are subject to a four-month hold period under applicable securities laws.

About Cassiar Gold Corp.

Cassiar Gold Corp. (TSXV: GLDC) (OTCQX: CGLCF) is a Canadian gold exploration company focused on exploration in British Columbia, and is directed by a group of highly successful business executives. The Company's key asset, the Cassiar Gold Project, is a large, highly prospective, road-accessible gold property that encompasses the entire Cassiar gold mining district. The Company has a NI 43-101-compliant inferred resource estimate of 1M oz at 1.43 g/t Au at the Taurus bulk-tonnage gold deposit and has high potential for further discovery and expansion of bonanza grade orogenic gold veins in the past-producing Cassiar South area. Historical underground mining in the Cassiar south area yielded over 300,000 oz of Au at grades of between 10 and 25 g/t Au, underscoring the high-grade potential of the district. The Property hosts numerous gold showings, historical workings, and exploration prospects over a >15 km long and up to 10 km wide trend. It also has a fully permitted 300 tpd mill and tailings facility which could provide the potential for near term production if new and expanded high grade resources are defined in the areas of active mining leases that cover some of the most prospective parts of the South Cassiar area. Cassiar Gold acknowledges, respects, and supports the rights of Traditional First Nations in the lands and communities where we operate.

Forward-Looking Statements

This press release may contain forward-looking statements including those describing Cassiar's future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Cassiar and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the following: Cassiar's exploration plans and work commitments, the use of proceeds of the Offering and economic factors, the TSX Venture Exchange's approval, business and operations strategies. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.

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.

CONTACT INFORMATION

Cassiar Gold Corp.
Marco Roque
CEO and a Director
+852 6691 6295
marco@cassiargold.com

NOT FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/93196