Pilot Gold Inc. (TSX:PLG) announces that it has completed its non-brokered private placement announced on February 22, 2016. Under the Private Placement, a total of 17,893,000 units of the Company were sold at a price of C$0.25 per Unit, for gross proceeds of C$4.47 million. Each Unit consists of one common share of the Company and one-half of one Common Share purchase warrant. Each full Warrant entitles the holder to acquire one Common Share at an exercise price of C$0.40 for a period of 24 months from the closing date of the Private Placement.

Proceeds from the Private Placement will be used to advance the Company’s Goldstrike and Kinsley Mountain gold projects in the United States, and for general working capital purposes. All securities issued in connection with the Private Placement will be subject to a four month hold period, in accordance with securities regulations.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the 1933 Act), absent such registration or an applicable exemption from such registration requirements.

ABOUT PILOT GOLD

Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our two core projects are Goldstrike in Utah and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilağa and TV Tower, and has a pipeline of Western US projects characterized by large land positions and district-wide potential that can meet our growth needs for years to come.