Toronto - Royal Fox Gold Inc. (TSXV: FOXG) ('Royal Fox' or the 'Company') is pleased to announce that, pursuant to its press release of March 18, 2022, it has closed a non-brokered private placement through the issuance of 8,333,334 common shares in the capital of the Company issued on a flow-through basis at a price of $0.06 per FT Share for aggregate gross proceeds of $500,000.04.
The FT Shares will qualify as 'flow-through shares' within the meaning of subsection 66(15) of the Income Tax Act (Canada).
Simon Marcotte, President and Chief Executive Officer of the Company, stated: 'This small flow through financing will allow Royal Fox to complete the current 15,000-metre exploration program while preserving the company's hard dollars. I would like to thank the directors of the Company, as well as Mme Adree Delazzer, Vice-President Exploration, for their support and participation in this financing, which ensures that the shares are in good hands as the Company moves towards its next stage of development, including the publication of a maiden 43-101 resource in the months ahead.'
About Royal Fox Gold Inc.
Royal Fox Gold Inc. is a mineral exploration company focused on the development of the Philibert Project near Chibougamau, Quebec. The Philibert Project comprises 110 mineral titles having a total approximate area of 5,393 hectares of highly prospective ground, 9km from IAMGOLD's Nelligan Gold project which was awarded the 'Discovery of the Year' by the Quebec Mineral Exploration Association (AEMQ) in 2019.
To date, more than $10M (historical) have been spent on the Philibert Project, with more than 60,000 metres of drilling completed. The Company is focused on de-risking the asset and releasing a maiden NI 43-101 resource estimate which will incorporate results from both brownfield and greenfield exploration, combined with extensive historical data. The Philibert Project is owned by SOQUEM. Royal Fox is currently undergoing an ownership option process, details of which can be found in the corporate presentation available on the Company's website.
About SOQUEM
SOQUEM, a subsidiary of Investissement Quebec, is dedicated to promoting the exploration, discovery, and development of mining properties in Quebec. SOQUEM also contributes to maintaining strong local economies. Proud partner and ambassador for the development of Quebec's mineral wealth, SOQUEM relies on innovation, research, and strategic minerals to be well-positioned for the future.
Contact:
Simon Marcotte
Tel: +1-647-801-7273
Email: smarcotte@royalfoxgold.com
Cautionary Statements
This news release contains certain 'forward-looking information' within the meaning of applicable securities laws. Forward looking information is frequently characterized by words such as 'plan', 'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate', 'may', 'will', 'would', 'potential', 'proposed' and other similar words, or statements that certain events or conditions 'may' or 'will' occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
ROYAL FOX GOLD INC. 
