Cartier Iron Closes Final Tranche of its Previously Announced Financing

NEWS RELEASE

Cartier Iron Closes Final Tranche of its Previously Announced

Financing

Toronto, Ontario, September 18, 2020 – Cartier Iron Corporation (CSE: CFE) (“Cartier Iron” or the

“Company”), is pleased to announce that it has closed the final tranche of a previously announced (see

Cartier Iron news releases dated September 2, 8, 10 and 15, 2020) non-brokered private placement

(the “Private Placement”) for proceeds of $795,000, pursuant to the offering of 18,500,000 units of

Cartier Iron at a price of $0.07 per unit (“Units”) for total aggregate proceeds of $1,295,000. A tota l of

11,357,142 Units were issued to investors, including directors and officers of Cartier Iron, in connection

with the closing of the final tranche of the Private Placement.

Each of the 18,500,000 Units issued consists of one common share in the capital of Cartier Iron (a

“Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant entitles the

holder to purchase one Common Share at a price of $ 0.10 per share for a term of 36 months from the

issuance date.

In connection with the closing of the final tranche of the Private Placement, arm’s length finders received

as compensation cash commissions aggregating $5,914 and 84,490 finder’s compensation warrants

(“Finder’s Warrants”). Each Finder’s Warrant entitl es the holder to purchase one Common Share at a

price of $0.10 per share for a term of 36 months from the issuance date.

Given that directors and senior officers of the Cor poration participated in the Private Placement, tha t

portion of the Private Placement constituted a "rel ated party transaction" within the meaning of

Multilateral Instrument 61-101 – Protection of Mino rity Security Holders in Special Transactions (“MI

61-101”). In its consideration and approval of the Private Placement, the board of directors of the

Corporation determined that the Private Placement was exempt from the formal valuation and minority

approval requirements of MI 61-101 on the basis tha t the fair market value of the Common Shares

issued to related parties did not exceed 25% of the market capitalization of the Corporation, in

accordance with Sections 5.5 and 5.7 of MI 61-101. The Corporation did not file a material change

report at least 21 days prior to the anticipated da te of completion of the Private Placement due to th e

Corporation’s determination that it was in the best interests of the Corporation to avail itself of th e

proceeds and complete the Private Placement in an expeditious manner.

The net proceeds of the Private Placement will be u sed to finance exploration at the Big Easy gold

property, located in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern

Newfoundland, and be utilized as working capital. A ll securities issued pursuant to the Private

Placement are subject to the applicable statutory four-month hold period.

About Cartier Iron Corporation

Cartier Iron is an exploration and development Comp any focused on discovering and developing

significant iron ore resources in Quebec, and a pot entially significant gold property in the province of

Newfoundland and Labrador. The Company's iron ore p rojects include the Gagnon Holdings in the

southern Labrador Trough region of east-central Quebec. The Big Easy gold property is located in the

Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland.

Please visit Cartier Iron's website at www.cartieriron.com .

For further information please contact:

Thomas G. Larsen Jorge Estepa

Chief Executive Officer Vice-President

(416) 360-8006 (416) 360-8006

20 Adelaide Street East, Suite 200 , Toronto, Ontario M5C 1K6 Tel.: (416) 360 -8006 Fax: (416) 361 -1333

The CSE has not reviewed nor accepts responsibility for the adequacy or accuracy of this release.

Statements in this release that are not historical facts are “forward-looking statements” and readers are

cautioned that any such statements are not guarante es of future performance, and that actual

developments or results, may vary materially from those in these “forward-looking statements”.