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Probe Metals Closes Strategic Investment From Québec Funds

Press Release

Toronto, June 10, 2022 – Probe Metals Inc. (TSX-V: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) is pleased to announce the successful completion of the previously-announced non-brokered Private Placement (the “Offering”) including the participation of the government of Québec, through Investissement Québec (“IQ”) via Fonds Capital Ressources Naturelles et Énergie, Caisse de dépôt et placement du Québec (“CDPQ”), SIDEX, Fonds de solidarité FTQ, Fonds régionaux de solidarité FTQ, the Société de développement de la Baie-James (“SDBJ”) and Desjardins Capital (collectively, the “Quebec funds). The Offering was comprised of 6,000,000 units (the “Units”) at a price of C$1.75 per Unit for aggregate gross proceeds of $10,500,000. This Offering is in addition to the flow-through private placement completed in March (see news release dated March 8, 2022) of an amount of $20.8 million to bring the total financing to approximately $31.3 million.

Each Unit consists of one common share of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (each full warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share of the Company at a price of $2.40 per share for a period of 24 months from the date of issuance. The Common Shares and Warrants issued pursuant to the Offering are subject to a hold period of four months and a day from the date of issuance. Completion of the Offering is subject to the receipt of all regulatory approvals, including final approval of the TSXV.

David Palmer, President and CEO of Probe, states: “We are very pleased to have such strong support from our existing Québec-based institutional shareholders and to welcome the government of Quebec, through d’Investissement Québec, as a new investor in Probe Metals. It is another example of Quebec’s commitment to the responsible development of its resource sector and marks an important milestone for the Val-d’Or East project. To see this level of support from provincial sources is also an illustration of why Quebec is considered one of the most mining-friendly jurisdictions in the world.  This strategic partnership not only further solidifies our ability to continue advancing our projects but also puts us in a strong position to pursue the development of the Val-d’Or East project and establish project financing options.”

Pierre Fitzgibbon, Minister of Economy and Innovation and Minister Responsible for Regional Economic Development, stated: “The gold mining sector is particularly important for the economic development of the Abitibi-Témiscamingue region, and the investments that will be made by Probe Metals will undoubtedly generate direct and multiple socio-economic benefits. Consequently, our government is proud to participate in this major project, which will allow us to continue to develop the natural resources of Quebec.”

The proceeds from the Offering will be used to further explore and develop the Company’s assets in Quebec.

About Probe Metals:

Probe Metals Inc. is a leading Canadian gold exploration company focused on the acquisition, exploration and development of highly prospective gold properties. The Company is committed to discovering and developing high-quality gold projects, including its key asset the multimillion-ounce Val-d’Or East Gold Project, Québec. The Company is well-funded and controls a strategic land package of approximately 1,500-square-kilometres of exploration ground within some of the most prolific gold belts in Québec. The Company was formed as a result of the $526M sale of Probe Mines Limited to Goldcorp. Eldorado Gold Corporation currently owns approximately 10 % of the Company.

On behalf of Probe Metals Inc.,

Dr. David Palmer,
President & Chief Executive Officer
For further information:

Please visit our website at www.probemetals.com or contact:

Seema Sindwani
Director of Investor Relations
[email protected]
+1.416.777.9467

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