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VANCOUVER, BC, April 12, 2023 /CNW/ - Montage Gold Corp. ("Montage" or the "Company") (TSXV: MAU) is pleased to announce the closing of its "bought deal" private placement offering of 21,786,300 common shares (the "Offered Shares") at an issue price of $0.70 per Offered Share (the "Issue Price") for gross proceeds of $15,250,410 (the "Brokered Offering"), including the full exercise of the option granted to the Underwriters (as defined herein) in connection with the Brokered Offering. The Brokered Offering was led by Canaccord Genuity Corp., as lead underwriter, on behalf of a syndicate of underwriters including BMO Capital Markets, Beacon Securities Limited, and Raymond James Ltd. (collectively, the "Underwriters"). The Company intends to issue shortly hereafter, on a non-brokered basis, an additional 2,714,300 Offered Shares at the Issue Price for additional gross proceeds of $1,900,010 (the "Non-Brokered Offering", and together with the Brokered Offering, the "Offering"). Following closing of the Non-Brokered Offering, the Company will have issued an aggregate of 24,500,600 Offered Shares for total gross proceeds of $17,150,420 under the Offering.