Adventure Gold Inc.

Adventure Gold Inc.

November 24, 2015 08:30 ET

Adventure Gold Closes $725,025 Private Placement

MONTREAL, QUEBEC--(Marketwired - Nov. 24, 2015) - Adventure Gold Inc. (TSX VENTURE:AGE) (the "Company") announces the closing of a private placement totaling 4,833,500 units (the "Units") at a price of $0.15 per Unit, for total proceeds of $725,025 (the "Offering").

Each Unit consists of one (1) common share of the Company (a "Share") and one half (1/2) of one share purchase warrant (each full warrant, a "Warrant"). Each Warrant entitles the holder to acquire one (1) common share of the Company at a price of $0.20 per share for a period of twenty-four (24) months ending November 23, 2017.

In connection with the Offering, the Company didn't pay any finders' fee. The Offering is subject to the final approval of the TSX Venture Exchange. The securities issued in connection with the Offering are subject to a four month hold period ending March 24, 2016. The proceeds of this Offering will be allocated to exploration work on the properties of the Company and for the purposes of working capital.

In connection with the Offering, the Société de développement des entreprises minières et d'exploration II, s.e.c. ("Sodémex"), the Société d'investissement dans la diversification de l'exploration, s.e.c. ("SIDEX"), the Société de Développement de la Baie-James and Capital croissance PME II, s.e.c. participated in the Offering.

"I want to thank all shareholders, existing and new, for their support and confidence as we announce the closing of this private placement in a more challenging environment for our industry. The entire team remains committed to develop the high quality mining assets of the company for the benefit of all its shareholders", stated Marco Gagnon, President and CEO of the Company.

Profile of the Company

Since its listing on the TSX Venture Exchange in 2007, Adventure Gold focused on discovering and developing high-quality gold deposits in the Abitibi region located in eastern Canada - one of the richest gold mining areas in the world. Adventure Gold has become, in a few years, an important player in the mineral exploration industry with one of the best portfolios of exploration properties along the main gold-bearing structures of the Abitibi Greenstone Belt. The Company is exploring mainly close to gold mines where mining production infrastructure is already in place, which distinguishes it from several other exploration companies. Adventure Gold's exploration team consists of mining professionals having worked previously for well-established producing companies, who understand industry challenges. The Company owns 100% of the rights on its Val-d'Or East main project (90km²; 770,000 ounces of gold at 2.6 g/t Au in Inferred resources of which 332,000 ounces at 2.4 g/t Au in-pit resources - January 2013, 43-101 technical report) and Detour Quebec. With 79M shares issued, 35% owned by institutions, close to 9% owned by the management, no debt, core business mining titles in good standing and JV properties with gold producers in Timmins and in Val-d'Or, Adventure Gold is well-positioned to benefit its shareholders.



Jules Riopel, Adventure Gold's Vice-president Exploration and Acquisitions acting as the qualified person (as defined by NI 43-101) reviewed and approved the scientific and technical information in this press release.

The foregoing information may contain forward-looking statements and events relating to the future performance of the Company. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate regulatory authorities. We seek safe harbour.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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