Champion Bear Completes Shares for Debt Transaction

Champion Bear Completes Shares for Debt

Transaction

Calgary, Alberta--(Newsfile Corp. - April 22, 2022) -

Champion Bear Resources Ltd. (TSXV: CBA)

("

Champion Bear

" or the "

Company

") announces that it has settled and extinguished $156,819.30 of

Champion Bear's outstanding debt (the "

Debt

") through the issuance of common shares of the

Company ("

Common Shares

"). In accordance with settlement of Debt (the "

Debt Settlement

"), the

Company issued 1,568,193 Common Shares at a deemed price of $0.10 per Common Share to nine

creditors of the Company. The Company chose to settle and extinguish the Debt through the issuance of

Common Shares to preserve cash and improve the Company's balance sheet. The Debt Settlement has

been approved by the TSX Venture Exchange. The Common Shares issued pursuant to the Debt

Settlement are subject to a four month hold period, which will expire on the date that is four months and

one day from the date of issuance.

The Debt Settlement involved the issuance of an aggregate of 736,200 Common Shares to certain

directors and officers (collectively, the "

Related Parties

"). An aggregate of 700,000 Common Shares

have been issued to the Company's Chief Financial Officer representing $70,000 in extinguishment of

the debt owing to him personally and to a holding company he controls and directs for services rendered

in his capacity as Chief Financial Officer. An aggregate of 36,200 Common Shares have been issued to

a director representing $3,620 in extinguishment of the debt owing to him.

The Debt Settlement involving the Related Parties constitutes a "related party transaction" under

Multilateral Instrument 61- 101 -

Protection of Minority Security holders in Special Transactions

("

MI

61-101

"). The Company has relied on the exemptions from the valuation and the minority approval

requirements of MI 61-101 provided for in subsections 5.5(a) and 5.7(a) of MI 61- 101, respectively, as

the fair market value of the subject of, and the consideration paid in the Debt Settlement, in relation to the

interested parties, does not represent more than 25% of the Company's market capitalization, as

determined in accordance with MI 61-101. The participation by the Related Parties in the Debt

Settlement has been approved by directors of the Company who are independent in connection with

such transactions.

About Champion Bear

Champion Bear is a mineral exploration company focused exclusively on the historically prospective

regions of Ontario. The Company's primary targets are platinum group metals, precious metals, and

polymetallic base metals deposits. Champion Bear's aim is to create shareholder value through

selective property acquisition followed by focused exploration emphasizing drilling. The Company has

assembled a large land position in the Dryden and Sudbury areas, totaling over 16,000 hectares.

Additional information about Champion Bear can be found on the Company's website at

www.championbear.com

and on SEDAR at

www.sedar.com

. For further information, please contact:

Richard D. Kantor, Chairman and President of Champion Bear at phone:(403) 850-9103.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS

THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS

RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:

This news release includes certain "forward-looking statements" under applicable Canadian securities

legislation including statements relating to the benefits to be derived from the Debt Settlement.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that,

while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors

which may cause the actual results and future events to differ materially from those expressed or

implied by such forward-looking statements. All statements that address future plans, activities,

events, or developments that the Company believes, expects or anticipates will or may occur are

forward-looking information, including statements regarding the potential development of resources

and drilling plans which may or may not occur. Forward-looking statements and information contained

herein are based on certain factors and assumptions regarding, among other things, , the market

price of the Company's securities, metal prices, exchange rates, taxation, the estimation, timing and

amount of future exploration and development, capital and operating costs, the availability of

financing, the receipt of regulatory approvals, environmental risks, title disputes, failure of plant,

equipment or processes to operate as anticipated, accidents, labour disputes, claims and limitations

on insurance coverage and other risks of the mining industry, changes in national and local

government regulation of mining operations, and regulations and other matters. There can be no

assurance that such statements will prove to be accurate, as actual results and future events could

differ materially from those anticipated in such statements. Accordingly, readers should not place

undue reliance on forward-looking statements. The Company disclaims any intention or obligation to

update or revise any forward-looking statements, whether as a result of new information, future events

or otherwise, except as required by law.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities

of Champion Bear in any jurisdiction in which such offer, solicitation or sale would be unlawful. The

securities to be offered have not been and will not be registered under the United States Securities Act

of 1933, as amended, or any state securities laws and may not be

offered or sold within the United

States or to or for the account or benefit of a U.S. Person absent registration or an applicable

exemption from the registration requirements of such Act or laws.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR

DISSEMINATION IN THE UNITED STATES

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https://www.newsfilecorp.com/release/121190