U.S. Gold Corp. Closes $5 Million Direct Registered Offering

CHEYENNE, Wyo., April 12, 2023 /PRNewswire/ -- U.S. Gold Corp. ("U.S. Gold," the "Company," "we," "our" or "us") (NASDAQ: USAU), is pleased to announce that it has closed the previously announced registered direct offering with an institutional investor for the purchase and sale of an aggregate of 870,000 shares of common shares of the Company at $5.75 per share, and accompanying warrants to purchase 870,000 shares of the Company's common stock at an exercise price of $6.16 per share. The aggregate gross proceeds of the offering totaled approximately $5.0 million and closed on April 10, 2023. 

A.G.P./Alliance Global Partners acted as the sole placement agent for the offering.

U.S. Gold intends to use the net proceeds from the offering for working capital and other general corporate purposes and towards development program activities at its CK Gold Project, which offers a combination of copper and gold opportunities.

"This capital provides us with ample runway to further develop our CK Gold project as we ramp up on our exploration and developmental plans," said Luke Norman, Chairman of U.S. Gold's Board of Directors. "In the coming months we will be actively managing the permitting process, and taking steps to drive toward commercial production. Additionally, we will continue systematic exploration at the Keystone Project while looking to pursue permit and development exploration plans for our Challis Gold Project."

Concurrent with the offering, the Company also amended certain existing warrants to purchase up to an aggregate of 625,000 shares at an exercise price of $8.60 per share and a termination date of September 18, 2027 so that the amended warrants have a reduced exercise price of $6.16 per share and a termination date of October 10, 2028.

About U.S. Gold Corp.

U.S. Gold Corp. is a publicly traded, U.S. focused gold exploration and development company. U.S. Gold Corp. has a portfolio of exploration properties. The CK Gold Project is located in Southeast Wyoming and has a Preliminary Feasibility Study technical report, which was completed by Gustavson Associates, LLC. The Keystone exploration property is on the Cortez Trend in Nevada. The Challis Gold Project is located in Idaho. For more information about U.S. Gold Corp., please https://www.usgoldcorp.gold/.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimated," and "intend," among others. These forward-looking statements include statements related to our intended use of the net proceeds from the registered direct offering, plans for 2023 at the CK Gold Project, our exploration activities at the Keystone Project and our plans for 2023 at the Challis Gold Project. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks arising from: market and other conditions, the prevailing market conditions for metal prices and mining industry cost inputs, environmental and regulatory risks, COVID-19 risks, changes in interpretations of geological, geostatistical, metallurgical, mining or processing information, risks faced by junior companies generally engaged in exploration activities, whether U.S. Gold Corp. will be able to raise sufficient capital to develop the CK Gold Project and implement future drilling programs, the success or failure of future drilling programs, and other factors described in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the Securities and Exchange Commission, which can be reviewed at www.sec.gov. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks, contingencies, and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control. The Company undertakes no duty to correct or update any information contained herein.

For additional information, please contact:
U.S. Gold Corp. Investor Relations
+1 800 557 4550

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SOURCE U.S. Gold Corp.