Orca Gold Inc. (TSX-V: ORG) announces that the previously announced non-brokered private placement (see the Company’s news releases dated March 17 and March 23, 2021) has been over-subscribed and has closed on a total of 19,649,998 common shares for gross proceeds of approximately $10,807,500.

All common shares issued under the Offering will be subject to a hold period expiring on July 31, 2021, in accordance with applicable Canadian securities laws.

The proceeds of the Offering will primarily be used to fund ongoing operations at the Company’s 70%-owned Block 14 Gold Project in the Republic of the Sudan and for general working capital.

The common shares issued under the Offering 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, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Corporation’s securities in the United States.

Commenting upon the successful financing, Richard Clark, CEO, said: “After nine years of working in the Republic of Sudan, delineating a resource with very strong economics and acquiring all the necessary permits for development, the Company is ready to proceed towards the construction of the Block 14 Gold Project. Today, the political environment in the Republic of Sudan is stabilizing at a rapid pace. With all sanctions removed, negative designations withdrawn, and sovereign immunity restored, the country is poised to be a go-to jurisdiction for many industries, not just mining. In particular, the Republic of Sudan’s recent clearing of financial arrears to the World Bank now opens the door to significant international financial assistance. For Orca, we are fortunate to have the support of the new Cabinet in advancing the Block 14 Gold Project and using it to set the stage for a commercial gold mining industry for the country. I would like to extend our sincere appreciation to Orca’s shareholders for their ongoing support and a warm welcome to new investors who see the great potential of Block 14 and the potential of the Republic of the Sudan. The Company will provide a more detailed corporate update regarding Orca’s plans and budget in the coming weeks. I very much look forward to providing more details of the Company’s financing and development opportunities and plans for the development of Block 14”.

About Orca Gold Inc.

Orca Gold Inc. is a Canadian resource company focused on exploration and development opportunities in Africa. Led by a board of directors made up of industry experts and a management team with a track record of discovering and building significant mines globally, Orca is developing one of the leading gold projects in Africa. The Company is currently focused on the 70%-owned Block 14 Gold Project in the Republic of the Sudan on which a Feasibility Study was completed in November 2018 and a revised Study filed in September 2020.