MAS Gold Corp. (TSX-V: MAS) is pleased to announce the closing of the first tranche of a non-brokered private placement financing of units.  The Company issued 21,625,000 Units of the Company at a price of $0.08 per Unit for proceeds of $1,730,000. The Company is expecting to close the second and final tranche in June, 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, 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: “I am extremely pleased that we have been able to close the first tranche of the financing over our expected minimum, largely due to the investment of the Company’s Management, insiders, and Board members taking up the majority of this tranche. The current markets are extremely bearish, and the closing of this first tranche demonstrates strong shareholder support for the company’s strategies in achieving their objectives of expanding its gold resources. Additional results from our winter drill program are expected in the near term which we believe that will also assist the Company in reaching its exploration and development objectives.”

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.

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.