Antioquia Gold Announces Closing of Rights Offering

Calgary, Alberta--(Newsfile Corp. - May 30, 2018) - Antioquia Gold Inc. (TSXV: AGD) (OTC Pink: AGDXF) ('Antioquia Gold" or the "Company") is pleased to announce that it has completed its previously announced rights offering which expired on May 28, 2018 (the "Rights Offering"). The Rights Offering together with the standby commitment arrangement generated approximately $26,970,771 in gross proceeds to the Company. The Company issued 642,161,218 common shares of the Company ("Common Shares"), including 638,796,593 Common Shares to Infinita Prosperidad Minera SAC ("Infinita") pursuant to the terms of Infinita's standby commitment with the Company. Following completion of the Rights Offering, the Company has a total of 949,398,138 Common Shares issued and outstanding.

The Company intends to use the proceeds raised from the Rights Offering as described in its final short form prospectus dated April 19, 2018 which is available on SEDAR at www.sedar.com. 

For further information on Antioquia Gold Inc. contact:

Antioquia Gold Inc.
1-800-348-9657 
www.antioquiagoldinc.com

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 press release.

Reader Advisory Forward-Looking Statements:

This press release contains "forward-looking information" within the meaning of Canadian securities legislation. This information and these statements, referred to herein as "forward-looking statements", are made as of the date of this press release and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law. 

Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: the use of proceeds of the Rights Offering. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "schedule" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. 

Forward-looking statements are made based upon certain assumptions by the Company and other important factors that, if untrue, could cause the actual results, performances or achievements of Antioquia to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Antioquia will operate in the future, including the accuracy of any resource estimations, the price of gold, anticipated costs and Antioquia's ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Additional risks are described in the Company's final prospectus dated April 19, 2018, Antioquia's most recently filed Annual Information Form, annual and interim MD&A and other disclosure documents available under the Company's profile at: www.sedar.com. 

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. 

Readers should also be cautioned that the Company's decision to move forward with the construction and production of the Cisnero Mine is not based on the results of any, pre-feasibility study or feasibility study of mineral resources demonstrating economic or technical viability. Readers are referred to the Company's most recently filed technical report in respect of the Cisneros Project for details on independently verified mineral resources on the Cisneros Project. Since 2013, the Company has undertaken exploration and development activities; and after taking into consideration various factors, including but not limited to: the exploration and development results to date, technical information developed internally, the availability of funding, the low starting costs as estimated internally by the Company's management, the Company is of the view that the establishment of mineral reserves and the commissioning of a pre-feasibility study or feasibility study at this stage is not necessary, and that the most responsible utilization of the Company's resources is to proceed with the development and construction of the mine. Readers are cautioned that due to the lack of a pre-feasibility study or feasibility study, there is increased uncertainty and higher risk of economic and technical failure associated with the Company's decision. In particular, there is additional risk that mineral grades will be lower than expected, the risk that construction or ongoing mining operations will be more difficult or more expensive than management expected. Production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101. Project failure may materially adversely impact the Company's future profitability, its ability to repay existing loans, and its overall ability to continue as a going concern.

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