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Providence Gold Mines Inc. Closes First Tranche of $500,000 Private Placement






TheNewswire - May 19, 2020 - Providence Gold Mines Inc. (the "Company") (TSXV:PHD) (OTC:PRRVF) is pleased to announce closure of a first tranche in the amount of $100,000 of its private placement offering announced today to raise up to $500,000 from the sale of 6,250,000 units at $0.08 per unit. Each unit is comprised of one (1) common shares and one (1) share purchase warrant exercisable for a term of one year to purchase an additional common share of the Company at the price of $0.15 per common share.

Finder's fees may be payable to qualified individuals comprised of shares, warrants or cash or any combination thereof.

The private placement is subject to the approval of the TSX Venture Exchange.

The proposed net proceeds received from the Offering after payment of commissions are intended to be used by the Company for further evaluation including a depth profile, bulk sampling, and a report of what the Company believes is the original stockpile from the famous providence high grade gold mine which reportedly produced in excess of 200,000 ounces up until a dispute and a subsequent fire in 1916 destroyed everything in its path. The remaining proceeds will be used for administration and general operating expenses

Qualified Person

Brian Ray M.Sc., P.Geo. Head of Exploration and a qualified person (as defined under NI 43-101) has read and approved the technical information contained in this news release.

ON BEHALF OF THE BOARD

"Ronald Coombes"

Ronald Coombes, President & CEO

Mobile 604 724 2369

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.