Montage Gold Corp. announced a private placement of 28,600,000 subscription receipts at a price of CAD 0.7 per receipt for gross proceeds of CAD 20,020,000 on June 8, 2022. Each subscription receipt shall be deemed to be exchanged, without payment of any additional consideration, into one common share. The gross offering price of the subscription receipts will accrue interest for the benefit of the holders for 10.0% per annum, payable in cash on the earlier of the satisfaction of the release conditions and the termination date, 6.0% per annum, payable in common shares to be issued at the then current market price on the two month anniversary of the closing of financing and on each subsequent two month anniversary of the prior interest shares payment date until the earlier of the satisfaction of the release conditions; and the termination date; provided that no such interest shall accrue, and no interest shares will be issuable for any partial bi-monthly period. The securities issued pursuant to transaction are subject to a four-month hold period. The placement is expected to close on July 7, 2022.