Orca Gold Inc. (TSX-V: ORG) announces that the previously announced non-brokered private placement (see the Company’s news release on May 18, 2020) has been fully subscribed and has closed on a total of 18,333,334 common shares for gross proceeds of approximately $5,550,000 million.

All common shares issued under the Private Placement will be subject to a hold period expiring on October 3, 2020, in accordance with applicable Canadian securities laws. 

The proceeds of the Private Placement will primarily be used to fund ongoing operations at the Company’s 70%-owned Block 14 Gold Project in the Republic of the Sudan and for general working capital.

The common shares issued under the Private Placement 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 news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Corporation’s securities in the United States.

Commenting upon the successful financing, Richard Clark, CEO, said: “Orca continues to enjoy the strong support of our major shareholders and other investors, towards the development of our exciting Block 14 Gold Project in The Sudan. With continued positive progress of Sudan towards democracy, Block 14 will be at the forefront of an emerging mining industry in the country.”

About Orca Gold Inc.

Orca Gold Inc. is a Canadian resource company focused on exploration and development opportunities in Africa. Led by a board of directors made up of industry experts and a management team with a track record of discovering and building significant mines globally, Orca is developing one of the leading gold projects in Africa. The Company is currently focused on its 70%-owned Block 14 Gold Project in the Republic of the Sudan on which a Feasibility Study was completed in November 2018.