Evolving Gold Corp. announced an over-subscribed non-brokered private placement of 10,053,000 subscription receipts at a price of CAD 0.50 per subscription receipt for gross proceeds of CAD 5,026,500 on March 8, 2022. Each receipt will be automatically converted into one common share of the company and one common share purchase warrant of the company, with each warrant entitling the holder thereof to purchase one additional common share of the company at a price of CAD 1.25 per share until March 8, 2026. All securities issued in connection with the financing are subject to a statutory hold period expiring on July 9, 2022. In connection with completion of the transaction and the conversion of the receipts, the company will issue 100,530 common shares to Winchester Advisory Ltd., and 100,530 to Fiore Management and Advisory Corp., an arms-length third parties, for administrative services rendered in connection with the financing. The company will also pay an aggregate finder's fee of CAD 175,000 cash and issue an aggregate of 350,000 common share purchase warrant. Each broker warrant entitles the holder to purchase one common share at a price of CAD 1.25 until March 7, 2026. Completion of the transaction remains subject to several conditions, including the completion of satisfactory due diligence, the negotiation and finalization of definitive documentation, receipt of any required regulatory and third-party consents, approval of the Canadian Securities Exchange, and the satisfaction of other customary closing conditions.

On the same day, the company amended the terms of the transaction. The company completed a non-brokered private placement of 10,113,000 subscription receipts at a price of $0.50 per Receipt for gross proceeds of $5,056,500.