Elevation Gold upsizes public offering to $20M

Due to strong investor demand, Elevation Gold Mining (TSXV: ELVT; OTC: EVGDF) has decided to increase the size of its previously announced marketed public offering from $12 million to $20 million, consisting of 37.74 million units.

Each unit, priced at $0.53, consists of one Elevation Gold common share and one common share purchase warrant. The warrant can be exercised at a price of $0.70 for a five-year period after the offering closing date.

The syndicate of agents led by Canaccord Genuity Corp. and including Stifel GMP will retain an over-allotment option to sell up to an additional 15% of the number of units sold under the offering. This option will be valid for 30 days from and including the closing date.

Elevation Gold plans to use the net proceeds for, among other things, continued exploration and development of the Moss mine in Arizona, where the company is looking to expand its resources and production.

The Moss property was optioned by the company (formerly Northern Vertex Mining) back in 2011, and was successfully advanced through the feasibility (2015) and preliminary economic assessment (2017) phases prior to the mine's commissioning in 2018.

An initial mineral reserve for the Moss mine was presented last July, showing 184,500 oz. gold and 2.2 million oz. silver in 12.74 million tonnes of ore grading 0.45 g/t gold and 5.4 g/t silver. Measured and indicated resources, also effective July 2021, are estimated at 490,200 oz. gold and 5.75 million oz. silver in 38.86 million tonnes grading 0.39 g/t gold and 4.6 g/t silver.

Resource expansion drilling is currently underway at the Moss property, as well as exploration drilling at the district-scale land package surrounding the mine site.

For more information, visit www.elevationgold.com.