Blue Lagoon Completes Private Placement

FSE: 7BL

CSE: BLLG

OTCQB: BLAGF

BLUE LAGOON COMPLETES PRIVATE PLACEMENT

November 24, 2020 – Vancouver, British Columbia – Blue Lagoon Resources Inc. (the “Company”)

(CSE: BLLG; FSE: 7BL; OTCQB: BLAGF) is pleased to announce it has closed its previously annouced

private placement offering (the “Private Placement”) of 2,202,000 units (“Units”) at a price of $1.00 per

Unit and 148,352 common shares at a price of $0.91 per share for aggregate gross proceeds to the Company

of $2,337,000. Each Unit is comprised of one flow-through common share of the Company and one-half

of one common share purchase warrant. Each whole warrant is exercisable into one common share of the

Company at an exercise price of $1.30 per share for a period of 36 months from the closing date.

Proceeds of the Private Placement will be used for exploration activities on the Company’s Dome Mountain

gold project and for general working capital purposes.

The Company issued 152,120 warrants as a finder’s fee in connection with the Private Placement. The

finder’s warrants may be exercised to acquire common shares of the Company at a price of $1.30 per

common share for a period of 36 months from the date of closing.

The foregoing securities are be subject to a hold period expiring on March 24, 2021.

For further information, please contact:

Rana Vig

President and Chief Executive Officer

Telephone: 604-218-4766

Email: [email protected]

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.