Sylla Gold Announces Non-Brokered Private Placement of Units for up to $2,300,000

Sylla Gold Corp. (TSXV: SYG,OTC:SYGCF) (OTC Pink: SYGCF) ("Sylla" or the "Company") is pleased to announce its intention to complete a non-brokered private placement of up to $2,300,000 through the issuance of up to 46,000,000 units in the capital of the Company (the "Units") at a price of $0.05 per Unit (the "Offering"). Gross proceeds of the Offering are expected to be used to advance exploration and permitting objectives for the Company's Niaouleni Gold Project and for working capital and general corporate purposes, including, as applicable, the payment of accounts payable and the repayment of loans.

Each Unit consists of one common share in the capital of the Company (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.05 per Common Share for a period of two (2) years from the date of issuance.

The net proceeds of the Offering are intended to position the Company to proceed with the renewal of its flagship Deguefarakole licence including approval of associated work programs as well as facilitating the exercise of option agreements on the remaining three licences within the Company's highly prospective Niaouleni land package. Such consolidation of these licences represents a significant step toward unlocking the district-scale potential of Niaouleni, which is strategically located within the Koulikoro Region of southwest Mali, a well-endowed gold belt, proximal to several advanced-stage deposits and development projects.

In connection with the Offering, the Company may pay certain eligible finders a cash commission equal to 7% of the gross proceeds of the Offering and may issue such number of finder's warrants (each, a "Finder Warrant") as is equal to 7% of the Units sold pursuant to the Offering. Each Finder Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.05 per Common Share until the date that is two (2) years from the date of issuance.

Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the TSXV. All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/281841