Snowline Gold Completes Oversubscribed C$31.9 Million Financing

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VANCOUVER, BC / ACCESSWIRE / April 25, 2024 / Snowline Gold Corp. (TSX-V:SGD)(OTCQB:SNWGF) (the "Company" or "Snowline") is pleased to announce that it has completed its previously announced "bought deal" private placement of 3,685,750 charity flow-through common shares of the Company (the "FT Shares") at a price of C$7.80 per FT Share (the "Offering Price") for aggregate gross proceeds of C$28,748,850 (the "Offering"), including C$3,749,850 from the full exercise of the underwriters' option. Each FT Share will qualify as a "flow-through share" (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act")).

The Company also completed a concurrent non-brokered private placement of 405,000 FT Shares at the Offering Price for additional gross proceeds of C$3,159,000, through which existing shareholder B2Gold Corp. (TSX: BTO, NYSE American: BTG, NSX: B2G) subscribed to maintain its 9.9% interest in the Company.

"The present financing provides Snowline the bandwidth to significantly expand the scope of our upcoming field season, allowing us to simultaneously pursue exploration at our Rogue Project's Valley target alongside an aggressive regional drill campaign," said Scott Berdahl, CEO & Director of Snowline. "We continue to be impressed both by the results from Valley and from our pipeline of regional targets, and we are keen to unlock value through discovery and efficient advancement of what we see as an emerging Canadian gold district. And we are grateful for the investment of supportive shareholders who have initiated, maintained, or expanded on their positions in Snowline through this raise."

The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Shares, in the amount of C$31,907,850, to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" as both terms are defined in the Tax Act (the "Qualifying Expenditures") related to the Company's projects in the Yukon Territory, on or before December 31, 2025, and will renounce all the Qualifying Expenditures in favour of the subscribers of the FT Shares effective December 31, 2024.