To: Andrew~ who wrote (20901 ) 10/27/2016 5:55:32 PM From: Goose94 Read Replies (1) | Respond to of 203001 Pilot Gold (PLG-T) Oct 27, '16 is pleased to announce that it has entered into an agreement with a syndicate of underwriters co-led by RBC Capital Markets and National Bank Financial Inc. (collectively, the "Underwriters") pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 20,900,000 units of the Company at a price of C$0.60 per Unit for gross proceeds to the Company of C$12,540,000. Each Unit will consist of one common share of Pilot Gold and one half of one common share purchase warrant. Each Warrant will entitle the holder to acquire one common share of Pilot Gold at a price of C$0.90 at any time prior to the date which is 2.5 years following completion of the Offering. In addition, Pilot Gold has granted the Underwriters an option (the "Underwriters' Option"), exercisable at any time, in whole or in part, until the date that is 30 days following the closing of the financing, to purchase up to an additional 15% of the number of Units solely to cover over-allotments, if any, and for market stabilization purposes. The Underwriters can elect to exercise the option for Units, common shares only, or warrants only, or any combination thereof. The net proceeds of the Offering will be used to fund exploration and development of Pilot Gold's southwest United States gold and precious metal exploration portfolio, focused on the Goldstrike project in Utah, as well as the Black Pine project in Idaho, and the Kinsley deposit in Nevada and for general working capital purposes. Pilot Gold intends to file with the securities commissions and other similar regulatory authorities in the provinces of Canada, other than Quebec, a preliminary short form prospectus relating to the issuance of the Units by November 2, 2016. The Offering is scheduled to close on or about November 16, 2016 and is subject to a number of conditions including, but not limited to, receipt of all necessary approvals including the approval of the Toronto Stock Exchange and applicable securities regulatory authorities.Pilot Gold's SEDAR profile at www.sedar.com . Pilot Gold Inc. John Wenger Chief Financial Officer 604-632-4677 or Toll Free 1-877-632-4677 info@pilotgold.com www.pilotgold.com