Gold Bull Resources Corp. (TSX-V: GBRC) is pleased to announce that it has closed its non-brokered private placement, which was previously announced on November 1, 2021, and November 10, 2021. A total of 30,702,500 units were issued at a price of $0.20 per Unit raising gross proceeds of C$6,140,500.

Each Unit consists of one common share and one-half common share purchase warrant. Each Warrant will entitle the holder to acquire an additional common share for $0.30 for a period of twenty-four months from the date of closing of the Private Placement.

A total of C$140,760 in cash was paid and a total 688,800 in compensation options were issued for finders’ fees. The Compensation Options have the same terms as the Warrants noted above.

Proceeds of the Private Placement will be used for continued exploration and general working capital.

The securities to be issued under the Private Placement will be offered by way of private placement in each of the provinces of Canada and such other jurisdictions as may be determined by the Company, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws.

The Units to be issued under the Private Placement will have a hold period of four months and one day from Closing. The Company may pay finder’s fees or commissions on a portion of the Private Placement, subject to compliance with the policies of the TSX Venture Exchange and applicable securities legislation.

The securities described herein 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 press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

Stock Options

The Company also announces that it has granted, subject to regulatory approval, 5,800,000 incentive stock options to certain directors, officers, and consultants of the Company. The options are exercisable at a price of $0.30 per share, have a term of five years, and will vest over a period of 12 months.

Resignation of Director

The Company also announces that Mr. Jim Yates has resigned from the Board of Directors effective immediately. Mr. Yates will continue in an advisory role capacity. The Board would like to thank Mr. Yates for his contributions to the Company.

About Gold Bull Resources Corp.

Gold Bull’s mission is to grow into a US focused mid-tier gold development Company via rapidly discovering and acquiring additional ounces. The company’s exploration hub is based in Nevada, USA, a top-tier mineral district that contains significant historical production, existing mining infrastructure and an established mining culture. Gold Bull is led by a Board and Management team with a track record of exploration and acquisition success.

Gold Bull’s core asset is the Sandman Project, located in Nevada which has a 494,000 oz gold resource as per 2021 43-101 Resource Estimate. Sandman is located 23 km south of the Sleeper Mine and boasts excellent large-scale exploration potential.

Gold Bull is driven by its core values and purpose which includes a commitment to safety, communication & transparency, environmental responsibility, community, and integrity.