Pure Gold Mining Inc. Enters Into a Bought Deal Agreement for Gross Proceeds of C$20,000,400

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

VANCOUVER, British Columbia, Sept. 08, 2021 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (TSXV:PGM LSE:PUR) (“Pure Gold Mining Inc.” or the “Company”) has today entered into an agreement with National Bank Financial Inc., as lead underwriter, on behalf of a syndicate of underwriters (collectively, the “Underwriters”) under which the Underwriters have agreed to purchase, on a bought deal basis, 19,048,000 units of the Company (“Units”) at a price of C$1.05 per Unit for gross proceeds of C$20,000,400 (the “Offering”). Each Unit is comprised of one common share (each a “Common Share”) and one-half Common Share purchase warrant (each such full warrant, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of C$1.36 for a period of 18 months following the closing of the Offering.

The Company has also granted to the Underwriters an over-allotment option to purchase an additional 15% of the base Offering, for additional gross proceeds to the Company of up to C$3,000,060, to acquire Units, Common Shares and/or Warrants (or any combination thereof), at the Underwriters’ discretion, and shall be exercisable by the Underwriters, in whole or in part, for a period of 30 days from and including the closing date.

The Units will be offered in all the provinces of Canada other than Quebec by short form prospectus.

The Offering is expected to close on September 28, 2021, subject to customary conditions and all regulatory approvals including the approval of the TSX Venture Exchange.

The gross proceeds raised from the Offering will be used by the Company to fund the continued ramp up of operations at its 100%-owned PureGold Mine Project located in Red Lake, Ontario, underground drilling and development of the high-grade 8 zone, and for general corporate purposes.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

ABOUT PURE GOLD MINING

PureGold is a growth company, located in the very heart of Red Lake, Canada. Our objective is pure and simple. To develop a highly-profitable long life gold mining company, becoming Canada’s next iconic gold producer. Our plan is very disciplined, very methodical and financially sound. To expand organically, and develop PureGold’s multi-million ounce high grade gold asset incrementally, step-by-step, using a phased mining development plan to deliver maximum return.

This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects, the ability of the Company to close the Offering, the anticipated terms of the Offering, the anticipated use of proceeds from the Offering and the proposed timing of the Offering. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For further information:
Adrian O’Brien
Director, Marketing and Communications
604-809-6890
aobrien@puregoldmining.ca