Golden Sky Closes Financing

Vancouver, December 29, 2020  – Golden Sky Minerals Corp. (AUEN.V) (the “Company” or “Golden Sky”) is pleased to announce that, subject to regulatory approval, it has closed their private placement financing consisting of Hard Dollar Units and Flow-Through Units, for total gross proceeds of $1,157,750.  Both offerings received support from strategic accredited investors.

The Company has closed on 362,500 non-flow-through Units for gross proceeds of $145,000 (the “Units”), each Unit priced at $0.40 and consisting of 1 common share of the Company and 1 common share purchase warrant (the “Unit Warrants”), each Unit Warrant being exercisable for an additional common share of the Company at $0.75 for 24 months from closing, subject to the right of the Company to accelerate the exercise period should, after the expiration of the 4 month hold, shares of the Company trade close at or above $1.50 for 10 consecutive trading days. Proceeds of this portion of the financing will be used for general corporate purposes, that may include corporate development and property acquisition.

The Company has also closed on 2,250,554 flow-through units for gross proceeds of $1,012,750 (the “FT Units”), each FT Unit priced at $0.45 and consisting of 1 flow-through share and 1/2 common share purchase warrant (the “FT Unit Warrants”), each full FT Unit Warrant being exercisable at $0.80 for a common share of the Company for 12 months. The flow-through shares will entitle the holder to receive tax benefits applicable to flow-through shares in accordance with the provisions of the Income Tax Act (Canada). Proceeds of the financing will be used to advance Goldensky’s 100% owned Bulls Eye Property with no underlying royalty, which is adjacent to K2 Gold Wels property in the Yukon; and the 100% owned Hotspot Property with no underlying royalty, which is also in the Yukon next to Kenorland’s Tanacross Project.

All securities issued pursuant to this financing are subject to a 4-month hold period.

On receipt of regulatory approval and in accordance with the policies of the TSX Venture Exchange, cash finders’ fees totaling $43,814.97will be paid.

The Financing was effected with one insider of the Company subscribing for 100,000 Flow-Through Units for aggregate subscription proceeds of $45,000.



John Newell, President and Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.