Providence Gold Mines Inc. Announces Extension of Private Placement

(TheNewswire)

January 16, 2025 – TheNewswire - (TSX-V: PHD) ( OTC:PRRVF ) Providence Gold Mines Inc.(the “Company”) announces that it hasreceived an extension from the TSX Venture Exchange (“TSX-V”) withrespect to the duration of its previously announced private placement(the “Private Placement”) (please see the Company’s pressreleases dated November 20, 2024 and December 6, 2024).   The outsidedate upon which final acceptance of the Private Placement will begranted by the TSX-V has been extended by 30 days.  While the Companyhas closed a first tranche of the private placement it applied for anextension to January 28, 2025.

As previously announced the private placement of up to $1,700,000 Cdn for 34,000,000 units at$0.05 per unit. Each unit will comprise of one common share and onenon-transferable warrant, exercisable into one common share of theCompany at a price of $0.09 for a period of two years from the date ofclosing.

The funds from this placement will be used forevaluation of the new gold surface discovery reported for reference onMay 6,2024 and for a significant drilling program of up to 2500mdesigned to target the historical McCarthy and Mexican shafts  and aswell as an area north of  the Mexican  shaft where  significantground preparation  provides a favorable structural setting forhanging wall splay veins analogous to the historical ”Bonanza” stope  at the Providencemine first stope at surface alone produced 50,000 ounces. Ron Coombesstates, “exploration efforts have modelled potential for robustsignificant high grade gold targets”.

All securities issued will be subject to a hold periodof four months and one day from the closing date of the privateplacement, in accordance with applicable Canadian securities laws.

Qualified Person

Lee Groat Ph.D., P. Geo, a geologist and qualifiedperson (as defined under NI 43-101) has read and approved of thetechnical information contained in this news release.

Neither the TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange acceptsresponsibility for the adequacy or accuracy of this release

ON BEHALF OF THE BOARD

"Ronald Coombes"

Ronald Coombes, President & CEO

Copyright (c) 2025 TheNewswire - All rights reserved.