Canadian Palladium Closes Non-Brokered Private Placement

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Not for dissemination in the United States or through U.S. newswires

FOR IMMEDIATE RELEASE

CANADIAN PALLADIUM CLOSES NON-BROKERED PRIVATE PLACEMENT

Vancouver, British Columbia , January 2 9, 2020 – Canadian Palladium Resources Inc. (formerly 21C

Metals Inc.) (the "Company") (CSE: BULL) (OTCQB: DCNNF) (FSE: DC R1) has closed the non -brokered

private placement previously announced on January 20, 2020. The private placement raised gross

proceeds of $4,000,403 through the issuance of 33,336,698 units (each, a “Unit”) at a price of $0.12 per

share. Each Unit consists of one common share and one common share purchase warrant exercisable at

a price of $0.18 for a period of 12 months from the date of grant.

Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired

12,500,000 Units for a total consideration of $1,500,000. Following the completion of the private

placement, Mr. Sprott beneficially owns and contro ls 12,500,000 Common Shares and 12,5 00,000

Warrants of the Company representing approximately 12.6 % of the issued and outstanding Common

Shares of the Company on a non -diluted basis and approximately 22.2% of the issued and outstanding

Common Shares on a partially diluted basis. Prior to the Financing, Mr. Sprott did not beneficially own or

control any shares of the Company.

The Units were acquired by Sprott for investment purposes. Mr. Sprott has a long- term view of the

investment and may acquire additional securities of Canadian Palladium including on the open market or

through private acquisitions or sell securities of Canadian Palladium including on the open market or

through private dispositions in the future depending on market conditions, reformulation of plans and/or

other relevant factors.

A copy of Sprott's early warning report will appear on Canadian Palladium profile on SEDAR and may also

be obtained by calling Mr. Sprott’s office at (416) 945-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza,

South Tower, Toronto, Ontario M5J 2J2).

The Company has issued 1,314,099 finder’s units (the “Finder’s Units”), 230,042 finder’s w arrants (the

“Finder’s Warrants”) and issued $27,605 in cash as finder’s fees to eligible agents who arranged for

subscriptions of Units under the private placement. Each Finder’s Unit consists of one common share and

one Finder’s Warrant. Each Finder’s Wa rrant entitles the holder thereof to purchase one additional

common share at a price of $0.18 for a period of 12 months from the date of issuance.

The Company intends to use the proceeds of the financing to advance its East Bull palladium project and

for general working capital.

All of the securities issued under the private placement are subject to a four-month resale restriction and

may not be traded until May 29, 2020.

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For additional information please contact:

Canadian Palladium Resources Inc.

Wayne Tisdale, President and CEO

T: (604) 639-4472

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adequacy or accuracy of this release.