Q-Gold Resources Ltd (TSX-V: QGR) (OTC: QGLDF) (FRA: QX9G) is pleased to announce that it has closed its previously announced $1,000,000 non-brokered flow-through financing. Closing of the Offering is subject to final approval of the TSX Venture Exchange. The proceeds of the Closing will be used to fund exploration activities at its wholly-owned Foley Gold Mine complex, near the town of Mine Centre, Ontario.

Pursuant to the Offering, the Company issued 9,090,909 flow-through units of the Company at a price of $0.11 per Unit. Each Unit consists of one flow-through common share of the Company and one-half non-flow-through share purchase warrant. Each Warrant will entitle the holder to acquire one common share of the Company at an exercise price of $0.20 for a period of 24 months following the closing date of the Offering.

No finders fees were paid in connection with the Offering. All securities issued under Offering are subject to a statutory hold period ending on May 1, 2022.

This press release is not an offer of common shares for sale in the United States. The Units, Warrants, Common Shares, Finder’s Warrants and any other securities of the Company may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the US. Securities Act of 1933, as amended (the “U.S. Securities Act“) and applicable U.S. state securities laws. Q-Gold will not make any public offering of the securities in the United States. The Units, Warrants, Common Shares and any other securities of the Company have not been and will not be registered under the U.S. Securities Act, or any state securities laws.

About Q-Gold Resources Ltd.

Q-Gold Resources is a publicly traded Canada-based mineral exploration company targeting high-grade gold and silver discoveries in multiple jurisdictions. Q-Gold is currently exploring for gold at the past-producing Foley Gold Mine in Mine Centre, Ontario and for silver at the Surupana Property in the silver-rich altiplano region of Peru.