Warrior Gold Announces Closing of Final Tranche of Oversubscribed Private Placement

Warrior Gold Inc. (TSX-V - WAR) (“Warrior Gold” or the “Company”) is pleased to announce that further to its press releases of May 27^th and June 30^th, the Company has closed the final tranche of the private placement with the issuance of 4,083,333 common share units (“Common Share Units”) for additional gross proceeds of $245,000 bringing the aggregate proceeds of the Private Placement, both Common Share Units and the FT Share Units closed on June 30^th to $970,000 in gross proceeds.

Each Common Share Unit was priced at $0.06 and comprised one common share and one common share purchase warrant (a “Warrant”) of the Company. Each Warrant entitles the holder, on exercise, to purchase one additional share of the Company (a “Warrant Share”), at a price of CDN $0.10 per Warrant Share until the close of business on the day which is 18 months from the Closing Date, subject to an accelerated expiry date. If at any time following the expiry of the statutory four-month hold period, the closing price of the common shares on the TSX Venture Exchange is greater than $0.20 for 20 or more consecutive trading days, the Company may give notice to the holders of Warrants that the expiry date of the Warrants will be accelerated and the Warrants will expire on the 30^th business day following the date of such notice. The securities issued are subject to a four-month hold period from the date of issue in accordance with applicable securities laws, expiring on November 4, 2020.

The gross proceeds from the sale of the $245,000 in Common Share Units will be utilized by the Company for working capital and general corporate purposes and the gross proceeds from the sale of the $725,000 in FT Share Units (closed on June 30^th) will be used by the Company to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" as such terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") related to the Company's Goodfish-Kirana Property located in Kirkland Lake, Ontario. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Common Shares effective December 31, 2021.

In connection with the closing of the flow-through portion of the private placement, the Company paid finder’s fees of $30,100 cash and issued 501,664 compensation warrants in accordance with the policies of the TSX Venture Exchange.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About Warrior Gold Inc.

Warrior Gold is a TSX Venture Exchange listed Company that owns the Goodfish-Kirana Property located five km from the town of Kirkland Lake, Ontario. The Property is located in the historic Kirkland Lake Gold Camp which is situated in the prolific Abitibi Greenstone Belt, recognized as one of the world’s highest grade greenstone belts with over 200 million ounces of gold produced to date.

The Goodfish-Kirana Property is 11.5 km long by roughly three km wide (34 km²) and contains three major structural trends: the east-west trending Kirana Deformation Zone; the northeast trending Goodfish Deformation Zone; and the Victoria Creek Deformation Zone on the recently acquired Sutton claims on the northeast side of the property. The Property contains numerous historical gold showings, as well as 18 historical pits and shafts.

Neither the 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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Danièle Spethmann, P.Geo.
President & CEO
Warrior Gold Inc.
+1 647 344-3433
[email protected]