Toronto, Ontario –Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or”Argonaut”) is pleased to announce it has closed its previously announced best efforts marketed offering (the “Offering”) of 434,000,000 common shares of the Company (the “Offered Shares”) at a price of C$0.45 per Offered Share, for gross proceeds to the Company of C$195,300,000. The Offering was completed on a “best efforts” basis by a syndicate of agents led by BMO Capital Markets, Scotiabank, and Cormark Securities, and including Canaccord Genuity Corp., RBC Capital Markets, Desjardins Capital Markets, Echelon Wealth Partners, Laurentian Bank Securities, Paradigm, and Stifel GMP. The net proceeds of the Offering will be used for the construction of the Company’s 100% owned Magino project in Ontario, Canada and for general corporate purposes. The Offered Shares were offered in each of the provinces and territories of Canada, other than Québec, pursuant to a prospectus supplement dated June 24, 2022 to the Company’s base shelf prospectus dated June 2, 2022 (collectively, the “Prospectus”), and in the United States on a private placement basis
pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended. Copies of the Prospectus and documents incorporated by reference therein are available
electronically under Argonaut Gold’s issuer profile on SEDAR at www.sedar.com.
