Gold Candle Ltd. Announces Filing of Amended and Restated Preliminary Prospectus for Proposed Initial Public Offering

Toronto, Ontario--(Newsfile Corp. - April 27, 2021) -  Gold Candle Ltd. ("Gold Candle" or the "Company") is pleased to announce that it has filed an amended and restated preliminary prospectus dated April 26, 2021 (the "Amended and Restated Preliminary Prospectus") with the securities regulatory authorities in each of the provinces of Canada, except Québec, amending and restating its preliminary prospectus dated April 21, 2021. The Amended and Restated Preliminary Prospectus has been filed in respect of a proposed initial public offering (the "Offering") of common shares of the Company (the "Offered Shares") and flow-through common shares of the Company (the "FT Shares"). It is anticipated that the offering price of the Offered Shares (the "CS Offering Price") will be between C$1.30 and C$1.60 per Offered Share and that the offering price of the FT Shares will be determined in the context of the market but is anticipated to be at a premium to the CS Offering Price. It is also anticipated that the size of the Offering will be for C$25 million, with the Offered Share portion of the Offering anticipated to be for aggregate gross proceeds of approximately C$15 million and the FT Share portion of the Offering anticipated to be for aggregate gross proceeds of approximately C$10 million. Each FT Share will be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) and the regulations thereunder, as more particularly described in the Amended and Restated Preliminary Prospectus.

The Offering will be co-led by RBC Capital Markets and Cormark Securities Inc., together with a syndicate of underwriters including Jett Capital Advisors, LLC, TD Securities Inc., PI Financial Corp., INFOR Financial Group Inc. and Stifel Nicolaus Canada Inc.

The Amended and Restated Preliminary Prospectus contains important information relating to the Offering, the Offered Shares and the FT Shares, and remains subject to completion and/or amendment. A copy of the Amended and Restated Preliminary Prospectus is available under Gold Candle's SEDAR profile at www.sedar.com. There will not be any sale or any acceptance of an offer to buy any Offered Shares or FT Shares until a receipt for the final prospectus has been issued by the relevant securities commissions in Canada.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The Offered Shares and the FT Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws. Accordingly, the Offered Shares and the FT Shares may not be offered or sold within the United States or to U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Gold Candle in any jurisdiction in which such offer, solicitation or sale would be unlawful.

For more information about the Company, please refer to the Company's profile on SEDAR at www.sedar.com.

About Gold Candle Ltd.

Gold Candle Ltd. is a Canadian-based mineral exploration and development company which owns 100% of the Kerr-Addison gold project located in Virginiatown, Ontario.

For further information, please contact:

Michael Berns, Chairman and Chief Executive Officer
T: 914 482 0866
E: michaelhberns@gmail.com

Forward-Looking Information

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian and United States securities legislation (collectively, "forward-looking statements") that relate to Gold Candle's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. In particular and without limitation, this news release contains forward-looking statements pertaining to the Offering and the anticipated size and other terms thereof and the successful completion thereof, and the filing of a final prospectus.

Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Gold Candle's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, failure to complete the Offering, market and general economic conditions, tax treatment of the FT Shares, the impact and progression of the COVID-19 pandemic and other factors set forth under "Forward-Looking Information" and "Risk Factors" in the Amended and Restated Preliminary Prospectus. Gold Candle undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Gold Candle to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

Not for distribution to United States newswire services or for release, publication or distribution or dissemination directly, or indirectly, in whole or in part, in or into the United States

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/81973

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