("Canagold" or the "Company") is pleased to announce that it has closed an oversubscribed brokered private placement (the "Offering") with Red Cloud Securities Inc. ("Red Cloud" or the "Agent"), acting as sole agent and bookrunner, for gross proceeds of CAD$5.3 million. The Offering was previously announced by Canagold in a press release dated September 24, 2021 for gross proceeds of CAD$5 million. Pursuant to the Offering, the Company issued 10.6 million "flow-through shares", within the meaning of the Income Tax Act (Canada) (the "Tax Act") (each, a "FT Share"), at a price of CAD$0.50 per FT Share.