Nevada King Gold Corp. (TSX-V: NKG) is pleased to announce the closing of its previously announced non-brokered private placement financing with the issuance of an aggregate of 28,396,857 common shares of the Company at a price of $0.35 per Share, thereby raising total gross proceeds of $9,938,899.95.

Highlights:

• The Non-Brokered Private Placement was fully allocated to insiders, existing shareholders, and a new strategic shareholder of the Company.
  • Company Founder & Chief Executive Officer Collin Kettell participated for $2,000,000.
  • Two significant shareholders of the Company subscribed for $4,200,000 and $1,356,400, respectively.
  • A new strategic shareholder to the Company participated for $2,000,000.
• Proceeds of the Non-Brokered Private Placement will be used to advance the Company’s Atlanta Gold Mine Project and for working capital purposes of Nevada King.

All securities issued pursuant to the Non-Brokered Private Placement are subject to a statutory hold period under applicable Canadian securities laws expiring July 23, 2024, being the date that is four months and one day from the date of closing of the Non-Brokered Private Placement. The Non-Brokered Private Placement remains subject to final acceptance by the TSX Venture Exchange.

No finder’s fees were applicable to the Non-Brokered Private Placement and the Proceeds will be used to advance the Company’s Atlanta Gold Mine Project and for working capital purposes of Nevada King.

The securities issued in connection to the Non-Brokered Private Placement have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This release does not constitute an offer to sell or a solicitation of an offer to buy of any securities 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 (the “U.S. Securities Act“), or any state securities laws, and 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 laws or pursuant to available exemptions therefrom.

Related Party Participation in the Non-Brokered Private Placement

Certain insiders of the Company participated in the Non-Brokered Private Placement acquiring an aggregate of 18,364,286 Shares. The participation by insiders in the Non-Brokered Private Placement constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the Common Shares purchased by insiders, nor the consideration for the Common Shares paid by such insiders, exceeds 25% of the Company’s market capitalization. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the Non-Brokered Private Placement, which the Company deems reasonable in the circumstances in order to complete the Non-Brokered Private Placement in an expeditious manner. The Non-Brokered Private Placement was unanimously approved by the Company’s board of directors.

About Nevada King Gold Corp.

Nevada King is the third largest mineral claim holder in the State of Nevada, behind Nevada Gold Mines (Barrick/Newmont) and Kinross Gold. Starting in 2016 the Company has staked large project areas hosting significant historical exploration work along the Battle Mountain trend located close to current or former producing gold mines. These project areas were initially targeted based on their potential for hosting multi-million ounce gold deposits and were subsequently staked following a detailed geological evaluation. District-scale projects in Nevada King’s portfolio include (1) the 100% owned Atlanta Mine, located 100km southeast of Ely, (2) the Lewis and Horse Mountain-Mill Creek projects, both located between Nevada Gold Mines’ large Phoenix and Pipeline mines, and (3) the Iron Point project, located 35km east of Winnemucca, Nevada.

The Atlanta Mine is a historical gold-silver producer with a National Instrument 43-101 compliant pit-constrained resource of 460,000 oz Au in the measured and indicated category (11.0M tonnes at 1.3 g/t) plus an inferred resource of 142,000 oz Au (5.3M tonnes at 0.83 g/t). See the NI 43-101 Technical Report on Resources titled “Atlanta Property, Lincoln County, NV” with an effective date of October 6, 2020, and a report date of December 22, 2020, as prepared by Gustavson Associates and filed under the Company’s profile on SEDAR+ (www.sedarplus.com).

The scientific and technical information in this news release has been reviewed and approved by Calvin R. Herron, P.Geo., who is a Qualified Person as defined by NI 43-101.