Pasofino Gold Limited announced a non-brokered private placement 10,000,000 common shares at an issue price of $0.55 for gross proceeds of $5,500,000 on December 6, 2021. The transaction include participation from ESAN Eczacibasi Endustriyel Hammaddeler San. ve Tic.

AS for 8,225,092 common shares for approximately $4,500,000. The transaction is expected to close in December 2021 and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the TSX Venture Exchange and the applicable securities regulatory authorities. The transaction is being made by way of private placement in Canada.

The securities issued under the transaction will be subject to a hold period in Canada expiring four months and one day from the closing date of the transaction.