Avidian Gold Corp. announced That it has entered into a non-brokered private placement of 14,285,714 units of the company at CAD 0.035 per unit for gross proceeds of up to CAD 500,000 on October 17, 2022. Each unit will be comprised of one common share of the company and one common share purchase warrant.

Each warrant will entitle the holder thereof to acquire one Common Share at an exercise price of CAD 0.06 per common share for a period of twenty-four months following the closing of the transaction. Closing is expected to be on or around November 18, 2022. In connection with the transaction, the company may pay finders' fees in cash or securities, or a combination of both, as permitted by the policies of the Exchange.

If finders' fees are paid in connection with the transaction, it is expected that any cash finders' fee will be equal to 8% of the proceeds placed by the applicable finder, and any finder's fee paid in securities will be equal to 8% of the number of units placed by the applicable finder. The transaction is subject to the receipt of all required regulatory approvals including the approval of the Exchange. All securities issued and issuable pursuant to the transaction will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws.

The company reserves the right to increase the size of the transaction by up to 25% of the size of the transaction, subject to the approval of the TSX Venture Exchange.