Advance United Holdings Inc. Announces Closing of Private Placement

Toronto, Ontario–(Newsfile Corp. – December 15, 2021) – Advance United Holdings Inc. (CSE: AUHI) (the “Company“) is pleased to announce, further to its press release of November 2, 2021 the Company has closed a non-brokered private placement through the issuance of 2,866,700 common shares in the capital of the Company issued on a flow-through basis (“Flow Through Shares“) at a price of $0.75 per Flow-Through Share for aggregate gross proceeds of $2,150,025 (the “Offering“). The Flow Through Shares will qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada).

All securities issued pursuant to 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. The gross proceeds from the sale of the Flow-Through Shares will be used by the Company to incur eligible “Canadian exploration expenses” that will qualify as “flow-through expenditures” as such terms are defined in the Income Tax Act (Canada).

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

In connection with the Offering, the Company paid certain eligible persons (the “Finders“) cash commissions in the aggregate of $120,001.55 and issued the Finders an aggregate of 172,001 compensation warrants (“Broker Warrants“). Each Broker Warrant entitles the holder thereof to acquire one common share in the capital of the Company (each, a “Common Share“) at a price of $0.75 per Common Share for a period of two (2) years from the Closing Date.

For further information, please contact:

James Atkinson P. Geo., CEO
Email: jim.atkinson@advanceunited.ca
Tel: (647) 278-7502

Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws relating to trading on the CSE and the focus of the Company’s business. Any such forward-looking statements may be identified by words such as “expects”, “anticipates”, “intends”, “contemplates”, “believes”, “projects”, “plans” and similar expressions. Forward-looking statements in this news release include statements regarding the Company’s ability to increase the value of its current and future mineral exploration properties and, in connection therewith, any long-term shareholder value, the Company’s ability to mitigate or eliminate exploration risk, and the Company’s intention to develop a portfolio of historic gold properties. Readers are cautioned not to place undue reliance on forward-looking statements. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that the Company will continue its business as described above. Readers are encouraged to refer to the Company’s annual and quarterly management’s discussion and analysis and other periodic filings made by the Company with the Canadian securities regulatory authorities under the Company’s profile on SEDAR at www.sedar.com. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances or actual results unless required by applicable law.