TORONTO, June 16, 2021 (GLOBE NEWSWIRE) — Research Capital Corporation (formerly Mackie Capital Corporation) has exercised all of its 1,355,940 broker compensation option units (CPU), said Amarillo Gold Corporation (TSXV: AGC, OTCQB: AGCBF) today.

Issued in August 2019 as a result of the brokered portion of two private placements, the CPUs had an exercise price of $0.20 per CPU and an expiry date of August 29, 2021. Amarillo issued 1,355,940 common shares of the Company and 1,355,940 common share purchase warrants upon the exercise of the CPUs; each warrant is exercisable to acquire one common share at a price of $0.30 until August 29, 2021.

A small number of warrants due to expire on August 29, 2021, have been exercised early. The 149,000 warrants were part of the 50,025,000 common share purchase warrants issued on August 29, 2019, at $0.30 per warrant as part of private placements that raised gross proceeds of $10,005,000.

In addition, 292,000 warrants at $0.30 have also been exercised. These warrants were part of the 26,382,950 warrants issued on closing of the non-brokered private placements on June 14, 2019, for total gross proceeds of $5,276,590. The remaining 26,090,950 warrants expired on May 31 and June 14, 2021.

One director also exercised 150,000 stock options at $0.28.

The exercise of the CPUs, warrants, and stock options have generated overall proceeds of $400,788. There are 51,380,940 warrants at an exercise price of $0.30 expiring on August 29, 2021, and 20,320,000 options outstanding.

The total number of shares outstanding as at June 16, 2021 is 383,868,754.

About Amarillo

Amarillo is advancing two gold projects located near excellent infrastructure in mining-friendly states in Brazil.

The development stage Posse Gold Project is on the Company’s Mara Rosa Property in Goiás State. It has a positive definitive feasibility study that shows it can be built into a profitable operation with low costs and a strong financial return. Mara Rosa also shows the potential for discovering additional near-surface deposits that will extend Posse’s mine life beyond its initial 10 years. The exploration stage Lavras do Sul Project in Rio Grande do Sul State has more than 22 prospects centered on historic gold workings.

Amarillo trades on the TSXV under the symbol AGC and the OTCQB under the symbol AGCBF. Visit www.amarillogold.com to learn more about the Company’s focus on becoming a mid-tier Brazilian gold producer. Follow us on

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NOTES

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

Forward-looking statements

This news release contains forward-looking statements regarding the Company’s current expectations regarding future events, including its business, operations and condition, and management’s objectives, strategies, beliefs, and intentions.

Various factors may prevent or delay our plans, including but not limited to, the trading price of the common shares of the Company, capital market conditions, impacts from the coronavirus or other epidemics, counterparty risk, TSXV approval(s), contractor availability and performance, weather, access, mineral and gold prices, and success and failure of the exploration and development carried out at various stages of the program. Permission from the government and community is also required to proceed with future mining production. Readers should review the Company’s ongoing quarterly and annual filings, as well as any other additional documentation comprising the Company’s public disclosure record, for additional information on risks and uncertainties relating to these forward-looking statements.

Readers should also review the risk factors applicable to junior mining exploration companies generally to better understand the variety of risks that can affect the Company. The Company undertakes no obligation to update publicly or otherwise revise any Forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law.

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