(TSXV: CAPT) ("Capitan" or the "Company"), is pleased to announce that it has closed its non-brokered equity financing previously announced on April 6, 2021 (the "Private Placement"). Pursuant to the Private Placement, Capitan issued 16,000,000 common shares at a price of C$0.20 per Common Share (the "Issue Price") for gross proceeds of C$3,200,000. There were no finders' fees paid on the Private Placement. The proceeds received by the Company will be primarily used to advance exploration and corporate development activities at Capitan's 100%-owned Peñoles Project located in Durango, Mexico, as well as for working capital and general corporate purposes. All securities issued will be subject to a four-month hold period expiring on September 8, 2021. The Offering remains subject to final acceptance of the TSX Venture Exchange.