Stone Gold Inc. Announces Non-Brokered Private Placement of up to C$500,000

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, Dec. 16, 2020 (GLOBE NEWSWIRE) — Stone Gold Inc. (TSX-V: STG) (“Stone Gold” or the “Company“) is pleased to announce that it intends to complete a non-brokered private placement of up to 2,500,000 flow-through units (“FT Units”) at a price of C$0.20 per FT Unit for gross proceeds of up to C$500,000 (the “Offering”). The Company shall reserve the right to increase the size of the Offering by up to 25%, at its discretion.Each FT Unit will be comprised of one (1) common share of the Company one common share of the Company issued on a flow-through basis within the meaning of the Income Tax Act (Canada) (a “FT Share”), and one-half of one (0.5) common share purchase warrant (each whole warrant, a “Warrant”), with each Warrant entitling the holder thereof to acquire one additional common share of the Company at a price of $0.30 for a period of twenty-four (24) months following the closing of the Offering.The proceeds from the issuance of the FT Units will be used for “Canadian exploration expenses” and will qualify as “flow-through mining expenditures” (the “Qualifying Expenditures“), as defined in subsection 127(9) of the Income Tax Act (Canada). The Company intends to renounce the Qualifying Expenditures to subscribers of FT Units for the fiscal year ended December 31, 2020.The Offering is subject to receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange. The securities issued pursuant to the Offering will be subject to a statutory hold period of four months and one day in accordance with applicable securities laws.For further information, please contact:
Mr. John Timmons
President & CEO
Stone Gold Inc.
Cellular (416) 931 2243
Email: jtimmons@stonegold.ca
Web: www.stonegold.ca
Stone Gold Inc. is engaged in the acquisition, exploration and evaluation of properties for the mining of precious and base metals.Caution Regarding Forward-Looking Information
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Stone Gold. Forward-looking statements include estimates and statements that describe Stone Gold’s future plans, objectives or goals, including words to the effect that Stone Gold or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Stone Gold, Stone Gold provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Stone Gold’s objectives, goals or future plans, statements, details of the exploration results, potential mineralization, Stone Gold’s portfolio, treasury, management team and enhanced capital markets profile, the timing of the Offering, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. 
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

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