Spanish Mountain Gold Ltd. announced the private placement of non-brokered private placement of up to an aggregate of 28,571,428 units of the Company at a price of CAD 0.21 per Unit for aggregate gross proceeds of up to CAD 6,000,000 on May 4, 2023. Each Unit will consist of one common share of the Company and one half of one share purchase warrant. Each whole warrant will entitle the holder thereof to acquire one common share of the company at a price of CAD 0.25 per common share for a period of 24 months, subject to earlier expiry if the ten-day volume weighted average price exceeds CAD 0.30 per common share.

All securities issued in connection with the Offering will be subject to a statutory hold period of four months. Closing is subject to customary conditions, including the acceptance of the TSX Venture Exchange.