Toronto, Ontario – December 9, 2020 – Compass Gold Corp. (TSX-V: CVB) (“Compass” or the “Company”) announced today that, as a result of substantial investor demand, it has further increased the size of its initially announced $2.5 million private placement (the “Offering”) (see Compass news releases dated November 30 and December 7, 2020) and will now issue up to 18,500,000 common shares of the Company, at $0.20 per share, for aggregate gross proceeds of up to $3.7 million.
The proceeds from this offering will be used to fund exploration, including a 17,000-meter drill program to be completed before the end of Q2, 2021, and for general corporate purposes. Drilling will focus on mineralized trends on the Tarabala and Samagouela targets discovered at the Company’s Sikasso Property in southern Mali. Phase 1 of this program, consisting of 3,000 meters of drilling on the first of these targets, is fully funded and has commenced. Initial drill results are expected near the end of December.