Red Eagle Mining Corporation (RDEMF)

[4Godnwv]

RED EAGLE MINING CLOSES BOUGHT DEAL FINANCING

February 21, 2017 – Red Eagle Mining Corporation (TSX: R, BVL: R, OTCQX: RDEMF) is pleased to announce today that it has closed its previously announced bought deal financing of 20,000,000 Common Shares (the “Common Shares”) at a price of $0.75 per Common Share for aggregate gross proceeds of $15,000,000. The underwriters also exercised the over-allotment option in full and purchased an additional 3,000,000 Common Shares for additional gross proceeds of $2,250,000.

The Common Shares were issued by way of public offering in all of the provinces of Canada, other than Quebec, pursuant to a short form prospectus dated February 14, 2017, and were underwritten by a syndicate of underwriters led by BMO Capital Markets and including National Bank Financial Inc.

The net proceeds of the offering will be used to advance exploration of the Santa Rosa Gold Project and for working capital purposes.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Red Eagle Mining

Red Eagle Mining is a gold producer with an experienced mine development team. Management is focused on building shareholder value through discovering and developing gold projects with low costs and low technical risks in Colombia, a jurisdiction with prolific historic production but until recently limited modern exploration. Red Eagle Mining owns 100% of the Santa Rosa Gold Project where the San Ramon Gold Mine has commenced production. Red Eagle Mining also controls CB Gold which owns 100% of the California Gold, Vetas Gold, and Santa Ana Silver Projects and is actively consolidating additional high grade precious metal deposits in Colombia.

For further information on Red Eagle Mining please contact:

Patrick Balit
Vice President Corporate Development
Red Eagle Mining Corporation
Suite 2348 – 666 Burrard Street
Vancouver, BC, V6C 2X8
[phone]
[phone] mobile
[e-mail]
redeaglemining.com