South Atlantic Gold Inc. announced a non-brokered private placement of up to 8,500,000 common shares at a price of CAD 0.06 per share for the aggregate gross proceeds of CAD 510,000 on July 11, 2023. The transaction will include participation from individual investors as insiders of the company. The transaction is subject to the receipt of all regulatory approvals including the approval of the TSX Venture Exchange.

All securities issued under the offering will be subject to a hold period expiring four months and one day from the date thereof. The transaction is expected to close on or about July 27, 2023. The TSX Venture Exchange has accepted filing documentation with respect to the transaction.