MegumaGold Reports of Voting Results of Special Meeting of Shareholders Held on November 8, 2022

VANCOUVER, British Columbia, Nov. 10, 2022 (GLOBE NEWSWIRE) -- MegumaGold Corp. (CSE: NSAU) ("MegumaGold" or the "Company") announces that at the Company's special shareholders' meeting held on November 8, 2022, disinterested shareholder approval was obtained to delist (the "Delisting") the Company's common shares from the Canadian Securities Exchange (the "CSE" or the "Exchange"). An aggregate of 66,909,383 shares of a total of 220,337,723 issued and outstanding shares were casted at the meeting (representing 30.37% of votes cast). Of the shares casted, 55,077,147 shares voted in favour of the Delisting (or 88%), 7,515,570 shares voted against the Delisting (or 12%), and the remaining 4,316,666 shares were held by interested shareholders and therefore not counted. The CSE has approved the Company's application to delist its common shares from the Exchange effective at the close of trading on November 16, 2022. Notwithstanding the Delisting, the Company will continue to be subject to ongoing disclosure and other obligations as a reporting issuer under applicable securities legislation in Canada.

On behalf of Board of Directors

Fred Tejada
CEO and Director
MegumaGold Corp.

For more information contact, please contact [email protected] or +1 (604) 687-2038.

About MegumaGold Corp.

MegumaGold Corp. (CSE: NSAU, OTC: NSAUF, FWB: 2CM2) is a Canadian junior gold exploration company engaged in the business of acquiring, exploring, and developing natural resource properties. MegumaGold has centered its exploration focus on the Meguma Supergroup of Nova Scotia that hosts the producing Touquoy Gold Mine plus several other advanced-stage gold deposits. As a result, MegumaGold has assembled a strategically positioned, district-scale tenure position within the Meguma Gold District. MegumaGold also controls the Elmtree Gold property located in an emerging potential gold district in New Brunswick. For additional information, please visit MegumaGold's website: http://www.MegumaGold.com.

Forward-Looking Statements

All statements in this presentation, other than statements of historical fact, are "forward-looking information" with respect to MegumaGold within the meaning of applicable securities laws including, without limitation economic estimates and any statements related to estimated mining costs. MegumaGold provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to exploration findings, results and recommendations, as well as those risks and uncertainties identified and reported in MegumaGold's public filings under its SEDAR profile at www.sedar.com. Although MegumaGold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. MegumaGold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.