Gold Candle Ltd. Closes Private Placement Raising Proceeds of $7,836,680

TORONTO, Sept. 10, 2024 /CNW/ - Gold Candle Ltd. ("Gold Candle" or the "Company") is pleased to announce that on August 19, 2024, it closed a private placement in which the Company raised gross proceeds of $7,836,680.25 (the "Private Placement").

The Private Placement consisted of the issuance of an aggregate of 4,478,103 common shares at a price of $1.75 per common share, of which 2,511,944 were non-flow through common shares and 1,966,159 were flow through common shares.

The proceeds from the Private Placement will be used to fund the Company's 2024 30,000 metre drill program, continued geological modeling, engineering and permitting, and to generally de-risk and advance the deposit, in addition to the continuing exploration of its strategic land package in the Abitibi Greenstone Belt.

About Gold Candle Ltd.

Gold Candle, a non-offering company, has identified 1.8Moz of indicated and 3.4Moz of inferred gold resources at the iconic Kerr-Addison mine in northeastern Ontario, located 650km north of Toronto, Canada. The mine, part of the prolific Abitibi gold belt which extends eastward to Quebec, historically produced 11Moz of gold at an average grade of 9 g/t. It benefits from excellent infrastructure, including major highways, rail and air access, and is surrounded by other mining centers and operating gold mines.

SOURCE Gold Candle Ltd.

For further information please contact: Leon LeBlanc, President & COO, [email protected]