Reunion Gold Corporation (TSX-V: RGD) announces the successful completion of its early warrant exercise incentive program, as described in its press release dated November 15, 2021. A total of 67,606,028 common shares of the Company were issued upon the exercise of 67,606,028 previously outstanding share purchase warrants, providing aggregate gross proceeds of $8,112,723 to the Company.

For every Outstanding Warrant that were exercised, the holders of such Outstanding Warrant received the one Share to which they were otherwise entitled under the terms of the Outstanding Warrants and one-half of one common share purchase warrant. Each whole Incentive Warrant allows the holder to acquire one Share at an exercise price of $0.20 for a period of two years expiring on December 16, 2023. A total of 33,803,011 Incentive Warrants were issued pursuant to the Program.

Holders of 80,469,344 common share purchase warrants issued on May 18, and May 21, 2021 and 37,499,999 common share purchase warrants issued on August 6, 2020 were eligible to participate in the Program. Following completion of the Program, there remains 28,783,652 May Warrants and 21,579,663 August Warrants. For those holders of Outstanding Warrants who chose not to participate in the Program, the applicable Outstanding Warrants will continue to be exercisable on the same terms that previously existed.

The Company is well funded to pursue its planned exploration activities. The proceeds from the Program will be used for exploration on the Company’s mineral projects in Guyana and Suriname and for general working capital requirements.

The Incentive Warrants issued are subject to a hold period ending April 17, 2022. The Program is subject to the final acceptance of the TSXV.

A portion of the Outstanding Warrants were exercised by insiders of the Company. Participation by such insiders in the Program constitutes a related party transaction pursuant to Multilateral Instrument 61-101 – Special Transactions. Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 based on the fact that neither the fair market value of the Shares subscribed for by the insiders, nor the consideration for the Shares paid by such insiders, would exceed 25% of the Company’s market capitalization.

About Reunion Gold

Reunion Gold Corporation is a leading gold explorer with a portfolio of projects in the Guiana Shield, South America.