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    PGM   CA74624E1007

PURE GOLD MINING INC.

(PGM)
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Pure Gold Mining : Inc. Enters Into a Bought Deal Agreement for Gross Proceeds of C$20,000,400

09/09/2021 | 11:30am EDT

VANCOUVER - Pure Gold Mining Inc. (TSXV: PGM LSE: PUR) ('Pure Gold Mining Inc.' or the 'Company') has today entered into an agreement with National Bank Financial Inc., as lead underwriter, on behalf of a syndicate of underwriters under which the Underwriters have agreed to purchase, on a bought deal basis, 19,048,000 units of the Company at a price of C$1.05 per Unit for gross proceeds of C$20,000,400.

Each Unit is comprised of one common share (each a 'Common Share') and one-half Common Share purchase warrant (each such full warrant, a 'Warrant'). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of C$1.36 for a period of 18 months following the closing of the Offering.

The Company has also granted to the Underwriters an over-allotment option to purchase an additional 15% of the base Offering, for additional gross proceeds to the Company of up to C$3,000,060, to acquire Units, Common Shares and/or Warrants (or any combination thereof), at the Underwriters' discretion, and shall be exercisable by the Underwriters, in whole or in part, for a period of 30 days from and including the closing date.

The Units will be offered in all the provinces of Canada other than Quebec by short form prospectus.

The Offering is expected to close on September 28, 2021, subject to customary conditions and all regulatory approvals including the approval of the TSX Venture Exchange.

The gross proceeds raised from the Offering will be used by the Company to fund the continued ramp up of operations at its 100%-owned PureGold Mine Project located in Red Lake, Ontario, underground drilling and development of the high-grade 8 zone, and for general corporate purposes.

ABOUT PURE GOLD MINING

PureGold is a growth company, located in the very heart of Red Lake, Canada. Our objective is pure and simple. To develop a highly-profitable long life gold mining company, becoming Canada's next iconic gold producer. Our plan is very disciplined, very methodical and financially sound. To expand organically, and develop PureGold's multi-million ounce high grade gold asset incrementally, step-by-step, using a phased mining development plan to deliver maximum return.

This news release contains 'forward-looking information' which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects, the ability of the Company to close the Offering, the anticipated terms of the Offering, the anticipated use of proceeds from the Offering and the proposed timing of the Offering. Often, but not always, forward-looking statements can be identified by the use of words such as 'plans', 'expects', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes' or variations (including negative variations) of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Contact:

Adrian O'Brien

Tel: 604-809-6890

Email: aobrien@puregoldmining.ca

(C) 2021 Electronic News Publishing, source ENP Newswire

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Analyst Recommendations on PURE GOLD MINING INC.
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Financials
Sales 2021 63,0 M 50,9 M 50,9 M
Net income 2021 - - -
Net Debt 2021 119 M 96,2 M 96,2 M
P/E ratio 2021 -48,5x
Yield 2021 -
Capitalization 426 M 345 M 344 M
EV / Sales 2021 8,65x
EV / Sales 2022 2,55x
Nbr of Employees 245
Free-Float 71,1%
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Mean consensus BUY
Number of Analysts 7
Last Close Price 0,97 CAD
Average target price 1,99 CAD
Spread / Average Target 105%
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Managers and Directors
Darin Labrenz President, Chief Executive Officer & Director
Sean Tetzlaff Chief Financial Officer & Secretary
Graeme Currie Chairman
Kenneth Donner Vice President-Operations
Mark G. O'Dea Independent Non-Executive Director
Sector and Competitors