Probe Gold Inc. (TSX: PRB) (OTCQB: PROBF) is pleased to announce that it has closed its previously announced bought deal private placement for aggregate gross proceeds of $15,000,076. The Offering was comprised of 7,389,200 common shares of the Company that qualify as “flow-through shares” at a price of $2.03 per Flow-Through Share.

David Palmer, President and CEO of Probe, states: “We are very pleased with the strong level of support for the Offering. By utilizing the substantial flow-through premium for Quebec projects, we can not only continue our 2023 exploration programs, while minimizing dilution to our shareholders, but actually expand these programs to accelerate growth and unlock additional value.  Our focus this year will be on expanding our five million-plus ounce resource and testing brand new gold exploration targets at Novador in Val-d’Or; and exploring the vast regional potential of our Detour project, including our new copper discovery at La Peltrie, the extension of the gold structure hosting Agnico’s Zone 58 and new targets identified in our regional work. With the successful conclusion of the Offering, we now have approximately $34 million in treasury to carry out these exploration initiatives and concurrently advance the Novador project. We are looking forward to 2023 and thank all of our shareholders for their support as we work towards building one of Canada’s premier gold projects.”

The Company plans to use the gross proceeds from the Offering to fund exploration and drilling at the Novador Gold project and the Detour Gold project. The Offering was completed through a syndicate of underwriters led by Canaccord Genuity Corp., and including BMO Capital Markets, CIBC Capital Markets, Sprott Private Partners, iA Private Wealth and Laurentian Bank Securities. The completion of the Offering is subject to the receipt of all regulatory approvals including the final approval of the TSX. All securities issued pursuant to the Offering are subject to a standard hold period expiring four months a day from the date of closing.

About Probe Gold:

Probe Gold Inc. is a leading Canadian gold exploration company focused on the acquisition, exploration, and development of highly prospective gold properties. The Company is committed to discovering and developing high-quality gold projects, including its key asset the multimillion-ounce Novador Gold Project, Québec. The Company is well-funded and controls a strategic land package of approximately 1,500-square-kilometres of exploration ground within some of the most prolific gold belts in Québec. The Company was formed as a result of the $526M sale of Probe Mines Limited to Goldcorp.