Clear Gold Announces Proposed Share Consolidation

VANCOUVER, BC, May 5, 2021 /CNW/ - Clear Gold Resources Inc. (the "Company" or "Clear Gold") (NEX: CFA.H) announces that it plans to consolidate its issued and outstanding common shares at a ratio of ten (10) pre-consolidated shares to one (1) post-consolidation share (the "Consolidation").  The purpose of the Consolidation is to facilitate the Company's ability to attract future financings, generate greater investor interest and improve trading liquidity.

The Company currently has 16,897,959 common shares issued and outstanding.  Upon completion of the Consolidation, the Company will have1,689,796 common shares issued and outstanding.

In accordance with the Company's Articles, the Consolidation will not require the approval of the shareholders.

The Consolidation is subject to the acceptance of the TSX Venture Exchange.

Forward-Looking Statements

This press release contains forward-looking statements that relate to Clear Gold's plans, objectives and estimates within the meaning of the federal securities laws, including statements concerning financial projections, financing activities, product development activities and sales and licensing activities. Such forward-looking statements are not guarantees of future results or performance, are sometimes identified by words of condition such as "should," "could," "expects," "may," "plans," or "intends," and are subject to a number of risks and uncertainties, known and unknown, that could cause actual results to differ materially from those intended or anticipated. Such risks include, without limitation: problems securing the necessary financing to continue operations, failure to identify a suitable transaction or consummate the transaction on acceptable terms or at all. To the extent permitted by applicable law, Clear Gold makes no commitment to update any forward-looking statement or to disclose any facts, events, or circumstances after the date of this release that may affect the accuracy of any forward-looking statement.

On behalf of the Board of Directors,

Jeremy Ross, Chief Executive Officer

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.

SOURCE Clear Gold Resources Inc.

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