Riley Gold announces CA $ 1,600,000 private placement

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THIS RELEASE IS NOT FOR DISTRIBUTION FOR UNITED STATES SERVICES OR FOR UNITED STATES DISTRIBUTION

VANCOUVER, British Columbia, August 03, 2021 (GLOBE NEWSWIRE) – Riley Gold Corp. (TSX.V: RLYG) (OTCQB: RLYGF) (“Gold Riley ” or the “Company“) is pleased to announce a non-brokered private placement of a maximum of 4,000,000 units at CAD $ 0.40 per unit (“Units“) for total gross proceeds of up to CA $ 1,600,000 (the”Private placement“).

“We are very pleased to date with our high grade gold surface and drilling results at the Tokop gold project (“Tokop“) in the Walker Lane trend. We are raising additional capital, within our narrow structure, to expand our exploration and knowledge base at Tokop with additional geophysical, mapping and drilling work beyond our own program. In addition, we want to accelerate the initial work of our Pipeline West / Clipper project which adjoins the Nevada Gold Mines joint venture (joint venture between Barrick and Newmont) in the Battle Mountain-Eureka area. Our projects have very promising mineralization signatures. in world-class precious metals trends in the state of Nevada favorable to mining, ”commented Todd Hilditch, CEO.

Private placement:

Each unit will consist of one ordinary share of the Company (a “To share“) and a half share subscription warrant (a”To guarantee“). Each entire Warrant will allow its holder to purchase for a period of twenty-four (24) months one additional Share (a “Warrant share”) At an exercise price per warrant share of CA $ 0.60.

All securities issued under the private placement will be subject to a holding period of four months and one day from the closing date. The Company may pay intermediation fees in cash or issue intermediation shares. The Private Placement and the brokerage commissions are subject to regulatory approval.

The net proceeds of the private placement will be used for exploration of the project and for general working capital purposes.

About Riley Gold Corp.

Riley Gold is a Nevada, United States-based mining exploration and development company. The company is primarily focused on its two key assets: the Tokop Gold Project located in the Walker Lane Corridor and the Pipeline West / Clipper Project located in the Battle Mountain Eureka Corridor. Riley Gold’s founders and management team have a proven track record of maximizing shareholder value at every phase of the mining lifecycle: exploration, development and production.

FOR MORE INFORMATION, PLEASE CONTACT:

Todd hilditch

Chief Executive Officer

Phone. : (604) 443-3831

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.

Caution regarding forward-looking information

This press release contains statements that constitute “forward-looking information” under applicable Canadian securities laws, including statements regarding the completion of the private placement as well as the current plans, intentions, beliefs and expectations of the Company, its directors or officers with respect to the future business activities of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “” “. Company, or its management, are intended to identify this forward-looking information. Although Riley Gold believes that the expectations reflected in these forward-looking statements are reasonable, one should not place undue reliance on them as Riley Gold cannot guarantee that they will prove to be correct. Because forward-looking statements deal with future events and conditions, by their very nature they involve inherent risks and uncertainties and the Company’s future business activities may differ materially from forward-looking information due to various factors. , including, but not limited to, fluctuations in market prices, the success of the Company’s operations, the continued availability of capital and financing and general economic, market or business conditions and the ability to obtain the required approvals from the TSX Venture Exchange, or the failure to meet other conditions until closing, to the transactions reflected in this press release. The Private Placement and other transactions may not be completed at all if these approvals are not obtained or if some other condition at closing is not met. Investors are cautioned that this forward-looking information is not a guarantee of future business activities and involves risks and uncertainties. Additional information on these and other factors that could affect Riley Gold’s business and financial results is included in reports filed with Canadian securities regulators and can be found on the SEDAR website (www.sedar. com). the information will prove to be correct and, therefore, readers are urged to rely on their own assessment of these uncertainties. The Company assumes no obligation to update forward-looking information, except as required by applicable securities laws.

Source: Riley Gold Corp.

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