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Vancouver, British Columbia – TheNewswire - April 19, 2024 - Leocor Gold Inc. (the “ Company ” or “ Leocor ”) (CSE:LECR ) , ( OTC:LECRF) is pleased to announce that it has closed its non-brokered private placement and has issued 38,300,000 units (each, a “ Unit ”) at a price of $0.05 per Unit for gross proceeds of $1,915,000. Each Unit consists of one common share of the company and one-half of one common share purchase warrant (each whole warrant, a “ Warrant ”), entitling the holder thereof to purchase one additional share at a price of $0.10 until April 19, 2027.

The Company intends to use the gross proceeds to advance the exploration and development of its gold and copper projects in Newfoundland, and for general working capital purposes.

In connection with closing of the offering, the Company paid finders' fees totalling $25,200 and issued 504,000 Warrants to certain arm's-length brokerage firms. All securities issued in connection with the private placement are subject to a statutory hold period until August 20, 2024, under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside of Canada.

Brian Shin, the Chief Financial Officer of the Company, subscribed for 200,000 Units in the offering. Participation in the offering by an insider of the Company constitutes a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions) (“ MI 61-101 ”).  The issuance of securities to Mr. Shin is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(b) as the shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(a) of MI 61-101, in that the fair market value of the consideration paid for the securities issued to Mr. Shin does not exceed twenty-five percent of the Company’s market capitalization.

“We’re pleased with support of existing and new shareholders who participated in this raise,” said Alex Klenman, CEO.  “The additional funds realized in this placement will assist greatly in moving our Baie Verte project forward.  With demonstrated robust gold and copper mineralization, the projects that make up this exploration package provide exceptional opportunities.  Now is the perfect time to complete the next stage of development of these assets,” continued Mr. Klenman.  

About Leocor Gold Inc.

Leocor Gold Inc. is a British Columbia-based resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada.  Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte Mining District.  Leocor’s Bae Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous nearly 2,000-hectare exploration corridor.  The Company also controls district scale land packages in North Central Newfoundland, known as Robert’s Arm, Hodge’s Hill, and Leamington, (collectively “Western Exploits”) representing over 144,000 hectares (1,440 square kilometers) of prospective exploration ground.

Contact Information

Leocor Gold Inc.

Alex Klenman, Chief Executive Officer

Email : aklenman@leocorgold.com

Telephone : (604) 970-4330

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release .

Cautionary Statements Regarding Forward-Looking Information

This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the intended use of proceeds from the offering. Although Leocor believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.

Forward looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those, which, by their nature, refer to future events. Leocor cautions investors that any forward-looking information provided by Leocor is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the state of the financial markets for Leocor's securities; the state of the natural resources sector in the event the Option, or any of them, are completed; recent market volatility; Leocor's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that Leocor is unaware of at this time. The reader is referred to Leocor's initial public offering prospectus for a more complete discussion of applicable risk factors and their potential effects, copies of which may be accessed through Leocor’s issuer page on SEDAR+ at www.sedarplus.ca.

The forward-looking statements contained in this press release are made as of the date of this press release. Leocor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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