/THIS NEWS RELEASE IS INTENDED FOR
DISTRIBUTION IN CANADA ONLY AND IS
NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES./
VANCOUVER, BC, March 25, 2021
/CNW/ - Orca Gold Inc. (TSXV: ORG) ("Orca" or the
"Company") is pleased to announce that in connection with the
previously announced non-brokered private placement to raise
$10 million by the issuance of up to
18,181,819 common shares at a price of $0.55 per share (the "Private Placement") (see
press released dated March 17, 2021),
the Private Placement has been increased to 19,650,000 common
shares for aggregate gross proceeds of $10,807,500.00. All other terms remain the
same.
On behalf of the Board of Directors,
"Richard P. Clark"
Richard P. Clark| CEO & Director
| Orca Gold Inc. | 604.689.7842
About Orca Gold Inc.
Orca Gold Inc. (TSX-V: ORG) is a Canadian resource
company focused on exploration and development opportunities in
Africa. Led by a board of
directors made up of industry experts and a management team with a
track record of discovering and building significant mines
globally, Orca is developing one of the leading gold projects in
Africa. The Company is currently
focused on its 70%-owned Block 14 Gold Project in the Republic of
the Sudan on which a Feasibility
Study was completed in November 2018
and a revised Study filed in September
2020.
Cautionary Statement Regarding Forward-Looking
Information
Certain information contained in this press release
constitutes "forward-looking information", within the meaning of
applicable Canadian and U.S. securities laws. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur", "be achieved" or "has the potential
to". The forward-looking information contained herein is provided
for the purpose of assisting readers in understanding management's
current expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes.
Forward-looking statements contained in this press release
may include statements regarding the use of proceeds, the closing
of the Private Placement, the future operating or financial
performance of the Company and the financial metrics reported in
our feasibility study, which involve known and unknown risks and
uncertainties which may not prove to be accurate. Actual results
and outcomes may differ materially from what is expressed or
forecasted in these forward-looking statements. Such statements are
qualified in their entirety by the inherent risks and uncertainties
surrounding future expectations. Among those factors which could
cause actual results to differ materially are the following: the
requirement for regulatory approvals; enhanced uncertainty in
global financial markets as a result of the current COVID-19
pandemic; unquantifiable risks related to government actions and
interventions; stock market volatility; regulatory restrictions;
that the Feasibility Study may not represent a viable development
option for Block 14 and that the assumptions set out therein
(particularly with respect to the economics of Block 14) may prove
to be untrue or inaccurate; that actual Mineral Reserves and
Resources at Block 14 and the grades thereof may be less or
different in nature than those contained in the Feasibility Study;
that the Company may not meet the production estimates set out in
the Feasibility Study; that the life of mine at Block 14 may be
shorter than anticipated; that the Company may not receive the
necessary permits on time, or at all; risks related to cost
overruns and the changes of the cost of inputs; that the
development and mining of Block 14 may experience delays and may
not proceed on the expected timeline, or at all; that the Company
may develop Block 14 in a different manner than is set forth in the
Feasibility Study and other risk factors listed from time to time
in our reports filed with Canadian securities regulators on SEDAR
at www.sedar.com. The forward-looking statements
included in this press release are made as of the date of this
press release and the Company 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
expressly required by applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Orca Gold Inc.