Kamloops, British Columbia: Advance Gold Corp. (TSXV: AAX) (“Advance Gold” or “the
Company”) announces that, further to its news release dated October 8, 2019, it has closed the first tranche of a non-brokered private placement of 1,412,500 units (the “Units”) at a per Unit price of $0.08 for gross proceeds of $113,000. Each Unit is comprised of one common share of the Company and one non-transferable share purchase warrant. Each warrant entitles the holder to purchase an additional common share at a price of $0.10 per share until November 8, 2021, subject to accelerated expiry in certain circumstances.