BitGold Inc. announced further information on the Acquisition Agreement dated May 22, 2015 to purchase the operating and intellectual property assets of GoldMoney Network Limited, subject to regulatory approvals and other customary closing conditions. GoldMoney will have the right to appoint three directors for a period of three years immediately after closing. Mr. Mahendra Naik will join the board of directors of BitGold immediately upon the closing of the GoldMoney acquisition, and James Turk and Hector Fleming will be nominees for election of directors at a shareholder meeting of BitGold to be held within ninety days of closing.

Mr. James Turk has over 40 years experience in international banking, finance and investments. He began his career at The Chase Manhattan Bank where he worked on assignments in Thailand, the Philippines and Hong Kong. Mr. Mahendra Naik, CA, CPA, is a Chartered Professional Accountant with more than 32 years of financial accounting, mining and investment company experience.

Mr. Naik is President & CEO of FinSec Services Inc. Mr. Naik is a director and member of the Audit and Finance Committeeof IAMGOLD Corporation, and Chairman of the Board, Chairman of the Audit Committee and member of the Compensation Committee of Fortune Minerals Inc., both diversified public minerals and resources companies. In addition, Mr. Naik is a member of the Compensation Committee of FirstGlobal Data Limited and of several large private companies including GoldMoney Network Limited. Mr. Naik will be appointed as Chair of the Audit Committee of BitGold.

Mr. Hector Fleming is a founder of Fleming Wulfsohn Africa Limited, a private investment company, and has over 10 years of private equity experience across Africa and other emerging markets.