Almaden Minerals Announces $15 Million Bought Deal Private Placement

VANCOUVER, BC--(Marketwired - May 05, 2017) - Almaden Minerals Ltd. ("Almaden" or the "Company") (TSX: AMM) (NYSE MKT: AAU) is pleased to announce that it has entered into an agreement with Sprott Capital Partners and Cormark Securities Inc. to act as co-lead underwriters (the "Co-Lead Underwriters"), on their own behalf and, if applicable, on behalf of a syndicate of underwriters (collectively with the Co-Lead Underwriters, the "Underwriters"), pursuant to which the Underwriters will arrange for substituted purchasers to purchase, on a bought deal private placement basis, 8,572,000 units ("Units") at $1.75 per Unit to raise gross proceeds of $15,001,000 (the "Offering"). The Underwriters will also have the option (the "Underwriters' Option") to purchase from Almaden up to an additional 1,285,800 Units for additional gross proceeds of $2,250,150.

Each Unit will consist of one common share in the capital of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will be transferable and will entitle the holder to acquire one Common Share (a "Warrant Share") for three years from the date of closing of the Offering at a price of $2.45 per Warrant Share.

The Offering will take place by way of a private placement to qualified investors in such provinces of Canada as the Underwriters may designate, and otherwise in those jurisdictions where the Offering can lawfully be made. All securities issued under the Offering will be subject to a four month hold period from the date of issue in accordance with applicable securities laws in Canada, and potentially additional restrictions under the laws of other jurisdictions in which the Offering may be made. Closing of the Offering is subject to satisfaction of certain conditions including receipt of applicable regulatory approvals including approval of the TSX and NYSE MKT.

In connection with the Offering, the Underwriters will be entitled to a cash fee in an amount equal to 6.0% of the gross proceeds of the Offering, to be paid at closing. As additional consideration, the Company will grant to the Underwriters non-transferable common share purchase warrants (the "Broker Warrants") entitling the Underwriters to purchase that number of Common Shares as is equal to 3.0% of the aggregate number of Units sold in the Offering. Subject to regulatory approval, each Broker Warrant will be exercisable to acquire one Common Share at a price equal to $1.90 for a period of 24 months after the closing of the Offering.

The gross proceeds received by the Company from the sale of the Units are intended to be used to advance the Tuligtic Project through continued engineering, permitting activities and exploration drilling, as well as for general corporate and working capital purposes.

The Offering is scheduled to close on or about June 1, 2017 or such other date or dates as the Company and the Underwriters may agree.

About Almaden

Almaden Minerals Ltd. owns 100% of the Tuligtic project in Puebla State, Mexico. Tuligtic covers the Ixtaca Gold-Silver Deposit, which was discovered by Almaden in 2010.