MAS Gold Corp. (TSX-V: MAS) is pleased to announce the closing of the second tranche of a non-brokered private placement financing of units.  The Company issued 4,312,500 Units at a price of $0.08 per Unit for proceeds of $345,000 in this second tranche.  The Company issued a total of 25,937,500 Units at a price of $0.08 for gross proceeds of $ 2,075,000 for the entire Private Placement Financing that was announced on May 5, 2022.  The first tranche closed on May 20, 2022.

Each Unit consists of one common share and one Common Share purchase warrant.  Each Warrant is exercisable to acquire one Common Share at a price of $0.20 for 24 months after the closing of the Private Placement.  The Warrant is subject to early expiry if, commencing four months after the closing of the Private Placement, the daily volume weighted average trading price of the Common Shares exceeds $0.30 for 10 consecutive trading days.

MAS Gold will pay finder’s fees on a portion of the Offering in accordance with applicable securities laws and the policies of the TSXV.  The finder’s fee is 7% in cash and 7% in warrants.

MAS Gold intends to use the net proceeds from the Private Placement to assist the Company in advancing its portfolio of prospective projects as well as, working capital requirements and other general corporate purposes.

MAS Gold’s CEO Jim Engdahl commented: “We are happy to report on the successful closing of the second and final tranche of the Private Placement announced last month.  I would like to thank our management team, our loyal shareholders and our newly acquired shareholders for their support. 

Mr. Engdahl continued, “Initial results from the latest drilling on the North Lake Deposit reported in our news release dated May 16, 2022 are encouraging, and we look forward to announcing additional results when available.  We anticipate an exciting exploration season as we advance the development of our gold exploration properties in northern Saskatchewan.”

The Private Placement is subject to the final acceptance of the TSXV.  The securities issued via the placement subject to a statutory four month and one day hold period.

Changes to MAS Gold’s Board of Directors:

Andrew B. Davidson has resigned from the Board of Directors of MAS Gold Corp.  The management team and Board of Directors would like to thank Mr. Davidson for his valued input on the Board and we wish him the best in his future endeavors.

About MAS Gold Corp. 

MAS Gold Corp. is a Canadian mineral exploration company focused on exploration projects in the prospective La Ronge Greenstone Belt of Saskatchewan.  In the belt, MAS Gold Corp. operates the Greywacke, North Lake and Point advanced gold projects, each hosting drill-intercepted zones of gold mineralization. MAS Gold’s NI 43-101 Technical Report of June 1, 2016 concerning the Greywacke deposit is available on SEDAR and on MAS Gold’s website: www.masgoldcorp.com.