Gemdale Gold Inc announced the closing of a strategic investment by Eldorado Gold Corporation by way of a non-brokered private placement.

The Offering consisted of the issuance of 2,000,000 units of the Company at a price of C$1.20 per Unit for aggregate gross
proceeds of C$2,400,000. Each Unit consists of one common share of the Company and one-half of one Common Share purchase warrant. Each Warrant entitles the holder to purchase one additional Common Share at a price of C$1.50 for a period of 24 months from the date of issuance.

Dr. Toby Strauss, President and Chief Executive Officer of Gemdale Gold commented, “We are pleased to welcome Eldorado as a new shareholder and strategic partner. Their investment supports the continued advancement of our exploration portfolio in Finland, and we value the technical depth and operational experience they bring as we move into the next phase of growth for the Company“.