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Battle North raising $55Million for Red Lake Bateman Project

Aug 20, 2020

Another major financing is underway for the red hot Red Lake mining district. Battle North Gold has announced it has agreed to increase the size of a previously announced financing. The underwriters have agreed to purchase, on a bought deal basis an additional 5,405,500 common shares of Battle North at a price of $1.85 per share.

The gross proceeds of the offering will now be $55,006,501, including the $5,000,076 to be raised through the issuance of 1,865,700 Common Shares to be issued as "flow-through shares" with respect to "Canadian exploration expenses" ("CEE") within the meaning of the Income Tax Act (Canada) and the regulations thereunder in force as of the date hereof (the "Tax Act") (the "Flow-Through Shares") at a price of $2.68 per Flow-Through Share (the "Flow-Through Share Offering Price").

The Underwriters also have an option to purchase up to an additional 3,243,750 Common Shares and 279,855 Flow-Through Shares at the Common Share Offering Price and Flow-Through Share Offering Price, as the case may be, for market stabilization purposes and to cover over-allotments for a period expiring 30 days after the date of closing.

The proceeds from the sale of the Common Shares will be used for exploration, pre-development and development activities and for general working capital purposes and/or repayment of its loan facility. The proceeds of the sale of Flow-Through Shares will be used on exploration expenses on the Red Lake Regional Exploration Claims as permitted under the Tax Act to qualify as CEE.

The Offering will be qualified by way of a prospectus supplement (the "Prospectus Supplement") to the Company's existing base shelf prospectus in each of the provinces of Canada, except Quebec. The Prospectus Supplement (together with the related Base Shelf Prospectus) will be available on SEDAR at www.sedar.com.

Closing is expected on or about August 27, 2020 and is subject to Toronto Stock Exchange and other necessary regulatory approvals.

The securities to be offered have not been and will not be registered under the United States Securities Act of 1933, as amended, or under any state securities laws, and may not be offered, sold, directly or indirectly, or delivered within the United States of America and its territories and possessions or to, or for the account or benefit of, United States persons except in certain transactions exempt from the registration requirements of such Act. This release does not constitute an offer to sell or a solicitation to buy such securities in the United States, Canada or in any other jurisdiction where such offer is unlawful.

Battle North Gold is a Canadian gold mine developer led by an accomplished management team with successful underground gold mine operations, finance, and capital markets experience. Battle North owns the significantly de-risked and shovel-ready Bateman Gold Project, located in the renowned Red Lake gold district in Ontario, Canada and controls the second largest and strategic exploration ground in the district. Battle North also owns a large gold exploration land package on the Long Canyon gold trend near the Nevada-Utah border in the United States. Battle North's shares are listed on the Toronto Stock Exchange and the OTCQX markets. For more information, please visit our website at www.battlenorthgold.com.


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