CAPITAN MINING INC. ANNOUNCES THE SUCCESSFUL CLOSING OF A $3.2 MILLION NON-BROKERED PRIVATE PLACEMENT; MICHAEL GENTILE, CFA INCREASES HIS STRATEGIC INVESTMENT IN CAPITAN MINING WITH MARKET PURCHASES

Vancouver, British Columbia–(Newsfile Corp. – May 7, 2021) – Capitan Mining Inc. (TSXV: CAPT) (“Capitan” or the “Company”), is pleased to announce that it has closed its non-brokered equity financing previously announced on April 6, 2021(the “Private Placement”). Pursuant to the Private Placement, Capitan issued 16,000,000 common shares at a price of C$0.20 per Common Share (the “Issue Price”) for gross proceeds of C$3,200,000. There were no finders’ fees paid on the Private Placement.

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