Reunion Closes $11.5 Million Bought Deal Private Placement Financing

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

LONGUEUIL, Quebec, Feb. 24, 2022 (GLOBE NEWSWIRE) -- Reunion Gold Corporation (TSXV: RGD) (the "Company"), is pleased to announce that it has closed its previously announced bought deal private placement common share offering (the "Offering") with Paradigm Capital Inc. and Dundee Goodman Merchant Partners (the "Lead Underwriters") on behalf of a syndicate of underwriters including Sprott Capital Partners LP, Cormark Securities Inc. and BMO Capital Markets. (collectively with the Lead Underwriters, the "Underwriters"). Pursuant to the Offering, the Company issued 65,715,349 common shares (the "Common Shares") of the Company at a price of $0.175 per Common Share, including 8,570,349 Common Shares issued pursuant to the exercise of the Underwriters' over-allotment option, for aggregate gross proceeds to the Company of $11,500,186. As compensation, the Company paid to the Underwriters a cash fee of approximately $680,000 and issued to the Underwriters an aggregate of 3,894,064 non-transferable compensation options (the "Compensation Options"). Each Compensation Option entitles the holder thereof to purchase one Common Share at an exercise price of $0.175 per Common Share until February 24, 2024.

The net proceeds from the Offering will be used primarily to accelerate exploration activities, including drilling and trenching on the OKO West project, and for general corporate purposes. All securities issued pursuant to the Offering are subject to a statutory four-month hold period, which expires on June 25, 2022.

The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state security laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Reunion Gold Corporation

Reunion Gold Corporation is a leading gold explorer in the Guiana Shield, South America, with a portfolio of projects in Guyana, Suriname, and French Guiana. In 2021 the Company made an exciting new gold discovery at its Oko West project in Guyana, where to date it has outlined gold mineralization on the Kairuni zone over 2,500 meters of strike length and to a depth of 220 meters. A 15,000 meter phase 4 drill program is currently underway with a target of releasing a maiden resource in the second half of 2022. The Company's common shares are listed on the TSX Venture Exchange under the symbol 'RGD.' Additional information about the Company is available on SEDAR (www.sedar.com) and the Company's website (www.reuniongold.com).

Forward Looking Statements

This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the use of proceeds of the Offering. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions. We do not intend and do not assume any obligation to update these forward- looking statements and shareholders are cautioned not to put undue reliance on such statements.

For further information, please contact:
REUNION GOLD CORPORATION
Carlos H. Bertoni, Interim CEO, or
Doug Flegg, Business Development Advisor Telephone: +1 450.677.2585
Email: info@reuniongold.com