Contact Gold Corp. announced a non-brokered private placement of up to 60,000,000 units at a price of CAD 0.05 per unit for gross proceeds of up to CAD 3,000,000 on October 18, 2021. Each Unit will consist of one common share and one half of one common share purchase warrant entitling the holder to purchase an additional common share at a price of CAD 0.075 per share for a period of 24 months from the closing date. In the event that at any time between four months and one day following the closing date and the expiry date, the common shares trade on the TSX Venture Exchange at a closing price which is equal to or greater than CAD 0.15 for a period of ten consecutive trading days, the company may accelerate the expiry date of the warrants by giving notice to the holders thereof and in such case the warrants will expire on the 30th day after the date such notice is provided. The company may pay finders' fees in cash, representing up to 6% of the proceeds in the transaction. The securities to be issued in the transaction are subject to a hold period of four months and one day from the date of closing. The transaction is subject to the approval of TSX Venture Exchange and is expected to close on or about November 17, 2021.