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| Press Release

Evolving Gold Announces Closing of Financing

VANCOUVER, British Columbia, Dec. 02, 2019 (GLOBE NEWSWIRE) -- Evolving Gold Corp. (CSE: EVG) (FSE: EV7) (OTCB: EVOGF) (the “Company” or “EVG”) announces that in October 2019 it borrowed the sum of $60,000 from JMM Trading LP (the “Lender”) for purposes of financing its audited financial statements for the fiscal year ended March 31st, 2019 and the costs associated with obtaining revocation orders to the previously outstanding cease trade orders issued by the BCSC and OSC.

The loan is unsecured, bears interest at the rate of 10% per annum, and matures in 12 months.

The Company has now agreed that:

  1. the loan will be convertible to common shares of the Company (“Shares”) at the lesser of $0.075 per Share or such price the Company has then most recently issued Shares on a private or public basis (subject to a minimum $0.05 per Share);

  2. the loan may be prepaid, provided a full 12 months of interest is paid; and

  3. the Company will issue 500,000 bonus Shares to the Lender.

EVG continues to seek new business opportunities.

On behalf of the Board of Directors

EVOLVING GOLD CORP.

R. Bruce Duncan

President, CEO and Director

FOR MORE INFORMATION, PLEASE CONTACT:

Investor Relations:
Tel: 604.685.6375
TF: 866.604.3864

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

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