Golden Tag Resources Ltd. (TSX-V: GOG) (OTCQB: GTAGF) is pleased to announce the closing of the first tranche of the non-brokered private placement announced on January 20, 2022. Under the First Tranche, the Company issued 7,166,670 Units, for aggregate gross proceeds of $1,791,667.50.

The Offering

Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole Warrant issued pursuant to the First Tranche entitles the holder thereof to acquire one Common Share at a price of C$0.40 until February 8, 2024. The Warrants contain an acceleration provision whereby if the closing price of the Common Shares on the Exchange is $0.70 or more for 10 consecutive trading days the Company will have the right to accelerate the expiry date of the Warrants.

In connection with the First Tranche, the Company paid aggregate cash finder’s fees of $39,800 and issued 140,000 finder’s warrants. Each Finder’s Warrant entitles the holder to purchase one Share at a price of $0.25 for a period of 24 months months following closing of the First Tranche, subject to the Acceleration Provision.

The securities issued and issuable pursuant to the First Tranche of the Offering will be subject to a four month and one day hold period. The Company intends to use the net proceeds of the Offering to fund advancement of the Company’s 100% owned San Diego Project, in Durango Mexico, and for working capital and general corporate purposes.

The Offering remains subject to TSX Venture Exchange final acceptance.

About Golden Tag Resources

Golden Tag Resources Ltd. is a junior exploration company exploring for high-grade silver deposits. The Company holds a 100% interest, subject to a 2% NSR, in the San Diego property in Durango State, Mexico. The San Diego property is located within the prolific Velardeña Mining District, the site of several mines having produced silver, zinc, lead, and gold over the past century.