Algold Resources Ltd. announced completion of a low-dilution funding arrangement with Wafa Mining & Petroleum SA ("Wafa"), under which Wafa has acquired a 10% interest in the corporation's Tirex subsidiary, owner of the Tijirit mining permit and gold development project (the "Investment"), as well as a subscription (the "Subscription") by Wafa for 883,747 common shares of Algold ("Shares") at a price of CAD 1 per Share for a total amount of $4.2 million in cash. The Investment and the Subscription were previously announced on July 13, 2018. In connection with the Investment and the Subscription, Algold has granted Wafa the right to name an additional director to Algold's board of directors, giving it the right to name two directors in total. Accordingly, Wafa exercised such right and nominated Mr. Ousmane Kane to the corporation's board of directors. Mr. Kane joins Mr. Brahim Ghadda, President of Wafa, Algold's larger investor and partner in the Tijirit Gold project, as Wafa's second nominee to the corporation's board of directors. As Algold's board of directors is composed of 10 members - the maximum authorized under its articles of incorporation - Mr. John J. Hick has retired as a director in order to create a vacancy for Mr. Kane.