Meadow Bay Gold Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 19, 2016) - Meadow Bay Gold Corporation ("Meadow Bay Gold" or the "Company") (TSX:MAY)(OTCQB:MAYGF)(FRANKFURT:20M)(WKN A1C3DN) announces the closing of a non-brokered private placement financing (the "Private Placement") consisting of the sale of 4,113,100 units ("Units") at a price of $0.05 per Unit, raising gross proceeds of $205,655. Each Unit consisted of one common share of the Company and one share purchase warrant (a "Warrant") exercisable to purchase an additional common share of the Company at a price of $0.06 per share for a period of five years.

The Company paid finder's fees in the amount of $14,395.85 in cash and issued 287,917 finder's warrants ("Finder's Warrants") in respect of a portion of the Private Placement. Each Finder's Warrant entitles the holder to purchase one common share of the Company at a price of $0.06 per share for a period of five years.

All securities issued pursuant to the Private Placement are subject to a four-month hold period. Net proceeds from the Private Placement will be used for general working capital.