Plato Gold Corp. Announces $200,000 Non-Brokered Private Placement

Toronto, May 6, 2021 – Plato Gold Corp. (TSX-V: PGC; Frankfurt: 4Y7 or WKN: A0M2QX) (“Plato” or the “Company”) is pleased to announce that it intends to complete a non-brokered private placement (the “Offering”) for gross proceeds of up to $200,000. Closing of the Offering is expected to occur on or about Jun 11, 2021.

 

The Offering shall be composed of (i) 3,000,000 flow-through shares (“FT Shares”) at a price of $0.05 per FT Share for gross proceeds of up to $150,000; and (ii) 1,000,000 hard dollar units (“HD Units”) at a price of $0.05 per HD Unit for gross proceeds of up to $50,000. Each HD Unit shall be composed of one common share in the capital of the Company (“Common Share”) and one Common Share purchase warrant (“Warrant”). Each Warrant will entitle the holder to purchase one Common Share at a price of $0.07 per Common Share until the date which is twenty-four (24) months following the closing date of the Offering, whereupon the Warrants will expire. Each FT Share shall be composed of one Common Share issued on a flow-through basis within the meaning of the Income Tax Act (Canada) (the “Tax Act”).

 

Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange (the “Exchange”) and applicable securities regulatory authorities. The securities issued and issuable pursuant to the Offering will be subject to a four month and one day statutory hold period. In connection with the Offering, the Company may pay commissions to eligible persons in accordance with the policies of the Exchange.

 

The proceeds raised from the sale of the FT Shares will be used to incur “Canadian exploration expenses” that are “flow-through mining expenditures” (as such terms are defined in the Tax Act) to pay for assay results on over 2,000 meters of drill core from the Company’s Good Hope Niobium Project near Marathon, Ontario and to fund the Company’s other properties in Ontario, Canada.

 

The proceeds raised from the sale of the HD Units will be used for general working capital purposes and for exploration expenses on the Company’s properties.

 

About Plato Gold Corp.

 

Plato Gold Corp. is a Canadian exploration company listed on the TSX Venture Exchange and Frankfurt Exchange with projects in Timmins, Ontario, Marathon, Ontario and Santa Cruz, Argentina.

The Timmins, Ontario project includes 4 properties: Guibord, Harker, Holloway and Marriott in the Harker/Holloway gold camp located east of Timmins, Ontario with a focus on gold.

In Argentina, Plato owns a 95% interest in Winnipeg Minerals S.A. (“WMSA”), an Argentina incorporated company that holds a number of contiguous mineral rights totalling 9,672 hectares with potential for gold and silver.

The Good Hope Niobium Project consists of approximately 5,146 hectares in Killala Lake Area and Cairngorm Lake Area Townships, near Marathon, Ontario with the primary target being niobium.

The Pic River Platinum Group Metals (PGM) Project consists of 2,247 hectares in Foxtrap Lake and Grain Township, near Marathon, Ontario of which 19 claims are contiguous to the western boundary of Generation Mining’s Marathon PGM project and is located on strike to Generation Mining’s Sally deposit.