Big Ridge Gold Corp. (TSX-V: BRAU) (OTCQB: ALVLF) announced that it has closed its previously announced non-brokered private placement of 23,333,333 units of the Company at a price of C$0.30 per Unit, for aggregate gross proceeds of $7,000,000.

Each Unit consists of one common share of the Company and one common share purchase warrant of the Company. Each Warrant is exercisable into one common share of the Company at a price of C$0.46 per common share and expires on July 7, 2029. The Company intends to use the net proceeds of the Offering to fund exploration of the Hope Brook Gold Project and for general corporate overhead.

In conjunction with the Offering, Mr. Michael Gentile has acquired 18,103,333 Units such that, upon closing of the Offering, Mr. Gentile owns approximately 19.9% of the issued and outstanding common shares of the Company on a partially diluted basis assuming full exercise of his warrants.

Big Ridge CEO, Mike Bandrowski, commented: “Michael Gentile’s support comes at a pivotal time for the Company as we build out the Big Ridge team in anticipation of our first drill program in 3 years and continue advancing environmental and engineering studies at Hope Brook. This Offering puts us in an excellent financial position to complete the Preliminary Economic Assessment, exploration and geotechnical drilling and finalize several ongoing environmental studies.”

The Offering was made by way of private placement in Canada and the securities issued under the Offering are subject to a four month hold period under applicable securities laws in Canada.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act.

About Big Ridge

Big Ridge Gold Corp. is an exploration and development company managed by a disciplined and experienced team of officers and directors. The Company is committed to the development of advanced stage mining projects using industry best practices combined with strong social licence from local communities. Big Ridge owns a 100% interest in its flagship Hope Brook Gold Project, located in Newfoundland and Labrador. Big Ridge also owns a 100% interest in the highly prospective Oxford Gold Project located in Manitoba and the Destiny Gold Project in Quebec.

Acknowledgement

Big Ridge acknowledges and appreciates the Newfoundland and Labrador Ministry of Natural Resources’ financial support of the Company’s 2023 exploration programs through the Junior Exploration Assistance (JEA) Program.