Andina Gold Corp. Announces Completion of Private Placement

DENVER, July 7, 2021 — Andina Gold Corp. (the “Company“) today announced the completion of a non-brokered private placement (the “Private Placement”) of units (“Units”) to accredited investors at a price of $1,000 per Unit. Each Unit consists of (i) a $1,000 principal amount term note providing for an optional conversion into shares of Company common stock at a price of $0.20 per share and (ii) a common share warrant for the purchase of 5,000 shares of Company common stock at an exercise price of $0.40 per share. The Private Placement was accomplished in two tranches, an initial tranche of 3,000 Units and a second tranche (added in response to strong investor interest) of 1,900 Units. The aggregate gross proceeds to the company were $4.9 million.

The offer and sale of Units in the Private Placement were made in the United States solely to accredited investors pursuant to the exemption from registration in Rule 506(c) of Regulation D promulgated by the United States Securities and Exchange Commission under the United States Securities Act of 1933, as amended, and in Canada pursuant to and in compliance with exemptions from the prospectus requirements of applicable Canadian securities laws.

Company Chief Executive Officer Christian Noel noted, “The Company has applied the proceeds of the Private Placement to pay for and close its acquisition of the assets of CryoCann USA Corp and to increase the Company’s working capital.  We take the success of the Private Placement as an indication of investor enthusiasm for CryoCann technologies and their promise for efficiently collecting and conserving pure, high-value plant materials.”

“In light of the commercial potential presented by the CryoCann technologies, the Company will be evaluating adjustments to its branding and development strategies. We expect to provide specifics in the coming weeks.”

The Company’s common stock trades on the OTCQB® Venture Market with the ticker symbol AGOL.

For additional information, please contact the Company by email at [email protected] or by telephone at +1 303 222 8092.

This press release is not an offer of securities, or a solicitation for purchase, subscription, or sale of securities in the United States of America or in any other jurisdiction in which it would be unlawful to do so.