Alchemist Announces Closing of Non-Brokered Private Placement

Vancouver, British Columbia--(Newsfile Corp. - January 14, 2022) - Alchemist Mining Incorporated (CSE: AMS.X) (the "Company") is pleased to announce that, further to its News Release of December 21, 2021, it has completed its non-brokered private placement (the "Offering"), pursuant to which it issued an aggregate of 11,983,333 units (each, a "Unit") at a price of $0.075 per Unit for aggregate gross proceeds of $898,749.98. Each Unit is comprised of one common share (each, a "Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one Share (each, a "Warrant Share") at a price of $0.20 per Warrant Share for a period of four years from closing of the Offering.

There were no finder's fees associated with the Offering.

The aggregate gross proceeds from the sale of the Offering are expected to be used for repayment of convertible debentures, general working capital, and a normal course issuer bid.

All securities issued in connection with the Offering are subject to a statutory hold period expiring four months and one day after closing of the Offering.

The CSE granted the Company confidential price protection on November 24, 2021 based on the closing price on November 24, 2021. The Company obtained a one week extension to close the financing due to technical issues with completing DAPs during the holiday season.

None of the securities issued in the Offering have been, and none of them will be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Paul Mann - CEO

For and on behalf of the board

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

For more information please contact:

Alchemist Mining Incorporated
Charles Lee
Investor Relations
+1 604 913 5356 - Email: clee@alchemistinc.ca

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

Not for distribution to U.S. Newswire Services or for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/110304

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