Leagold Mining Corp. Announces Closing of Acquisition by Equinox Gold Corp.

VANCOUVER, March 10, 2020 - Leagold Mining Corp. (TSX:LMC; OTCQX:LMCNF) ("Leagold" or the "Company") reports it has completed its previously announced plan of arrangement (the "Arrangement") with Equinox Gold Corp. (TSX:EQX; NYSE-A:EQX) ("Equinox Gold") pursuant to which Equinox Gold has acquired all of the issued and outstanding shares of Leagold.

Leagold held its special meeting of securityholders on January 28, 2020 where the transaction was approved by 99.73% of the votes cast by Leagold shareholders at the meeting. Leagold has obtained a final order from the Supreme Court of British Columbia and the transaction has received all regulatory approvals. As a result, Leagold's shares will be delisted from the Toronto Stock Exchange on or around March 11, 2020 and Leagold will cease to be a reporting issuer under Canadian securities laws shortly thereafter.

Full details of the Arrangement are set out in the Equinox Gold and Leagold joint management information circular dated December 20, 2019 (the "Circular"). A copy of the Circular can be found under the Equinox Gold and Leagold profiles on SEDAR at www.sedar.com.

In accordance with the Arrangement, former Leagold shareholders are entitled to receive, for each Leagold common share held, 0.331 of an Equinox Gold common share. Upon completion of the Arrangement, Leagold's warrants will be adjusted in accordance with the terms of the Leagold warrant indenture as described in the Circular such that each warrant shall, subject to adjustment, entitle the holder thereof to acquire 0.331 of an Equinox Gold share at an exercise price of C$3.70 per warrant. Warrants may only be exercised in a sufficient number to acquire a whole number of Equinox Gold shares. Any fractional Equinox Gold shares shall be rounded down to the nearest whole number, and there will be no compensation in respect of any Equinox Gold shares that are not issued.

Leagold shares deposited in an online trading account will update automatically to reflect the conversion to Equinox Gold shares within the next two weeks. Leagold shareholders who still hold physical share certificates or DRS Statements must submit a Letter of Transmittal to Equinox Gold's transfer agent, Computershare Investor Services Inc. ("Computershare"), to receive new Equinox Gold share certificates. Leagold shareholders who have questions or who need further assistance should contact Computershare by phone (North American toll-free at 1-800-564-6253 or International at +1-514-982-7555) or by email at corporateactions@computershare.com.


Cautionary Notes and Forward-looking Statements

This news release includes certain statements that constitute "forward-looking statements", and "forward-looking information" within the meaning of applicable securities laws collectively "forward-looking statements". These include statements regarding the timing for de-listing of Leagold's shares and Leagold ceasing to be a reporting issuer. When used in this news release, words such as "will", "on or around", "shortly thereafter", and similar expressions are intended to identify these forward-looking statements as well as phrases or statements that certain actions, events or results "may", "could", "would", "should", "occur" or "be achieved" or the negative connotation of such terms. These forward-looking statements involve numerous risks and uncertainties, including the risk factors identified in the Circular, which is available under Leagold's profile on SEDAR at www.sedar.com and under Equinox Gold's profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Leagold assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Leagold updates any one or more forward-looking statements, no inference should be drawn that the company will make additional updates with respect to those or other forward-looking statements. All forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

SOURCE Leagold Mining Corp.



For more information about

Equinox Gold please visit www.equinoxgold.com or contact:
Rhylin Bailie - Vice President, Investor Relations
North American toll-free: 1-833-EQX-GOLD (379-4653)
International: +1-604-558-0560 x 119
Email: ir@equinoxgold.com