Canadian Gold Corp. Closes Final Tranche of Financing

Canadian Gold Corp. (CGC) has successfully closed the final tranche of its financing, raising CAD 4.1 million. This significant achievement reflects the company's strategic positioning and the confidence investors have in its management team and exploration potential. The funds will be primarily allocated to expand exploration and development activities at the Tartan Mine project in Manitoba, with a focus on accelerating exploration programs and reviewing process plant designs.

CGC's strategic location in the prolific Flin Flon-Snow Lake Greenstone Belt, which has produced roughly 50% of Manitoba's mines, attracted investors. The company's geological potential, highlighted by its 2023 exploration drilling results, including 12.0 gpt gold over 8.0 meters, further bolstered investor confidence. Additionally, CGC's acquisition of three early-stage exploration projects adjacent to major gold mines and deposits in Canada, and its tax incentives for a major expansion, contributed to its appeal to investors.



The company's management team, led by Robert McEwen, the founder and former CEO and Chairman of Goldcorp, played a significant role in securing the financing. McEwen's personal investment of $2.0 million, now owning approximately 36% of the Company, signals his faith in the management team's ability to execute on their strategic vision. The Manitoba Mineral Development Fund ("MMDF") also contributed $300,000, further endorsing the company's potential.



With the raised funds, CGC plans to accelerate exploration activities, including drilling programs, to further define and expand the known mineralization at the Tartan Mine. The company also aims to review and optimize the original process plant and mill design, and to conduct an underwater drone survey to assess the condition of the underground mine. Additionally, CGC may explore opportunities to acquire or partner with other mining projects or companies in the region to diversify its portfolio and create synergies.

In conclusion, Canadian Gold Corp.'s successful closing of the final tranche of financing, raising approximately $4.1 million, reflects the company's strategic positioning, geological potential, and the confidence investors have in its management team. The funds will be primarily allocated to expand exploration and development activities at the Tartan Mine project, with a focus on accelerating exploration programs and reviewing process plant designs. By leveraging its strong financial position and strategic partnerships, CGC seeks to create value for shareholders and capitalize on the growing demand for gold in the global market.