Golden Pursuit Announces Re-Organization Including Consolidation, Financing and Shares FOR Debt

GOLDEN PURSUIT RESOURCES LTD.

652 Millbank

Vancouver, B.C. V5Z 4B7

NEWS RELEASE

GOLDEN PURSUIT ANNOUNCES RE-ORGANIZATION INCLUDING CONSOLIDATION,

FINANCING AND SHARES FOR DEBT

March 25, 2020 Symbol: GDP

Vancouver, B.C., Canada, March 25, 2020 – Golden Pursuit Resources Ltd. (the “ Company”) is pleased to

announce that the board of directors believe it would be in the best interest to consolidate its outstanding

common shares on the basis of two (2) existing common shares fo r one (1) new common share of the

Company (the “Consolidation”).

The Company would also like to announce that it intends to comp lete a non-brokered private placement

financing following the Consolidation for up to 4,000,000 units (the “ Units”) at a post-consolidated price of

$0.10 per Unit to raise gross proceeds of up to $400,000 (the “ Private Placement”). Each Unit will consist of

one (1) post-consolidated common share and one-half of one (1) common share purchase warrant. Each whole

warrant will entitle the holder to acquire an additional post-c onsolidated common share exercisable at $0.12

per share, on a post-consolidated basis, for a period of two (2 ) years from the date of closing of the Private

Placement.

Proceeds of the Private Placement will be used for project generative activities, and general working capital.

The Company would also like to announce that its board of direc tors has approved the settlement of up to

$470,014 of outstanding debt through the issuance of common sha res of the Company (the “ Debt

Settlement”). Pursuant to the Debt Settlement, the Company would issue up to 4,700,140 post-consolidated

common shares of the Company (the “ Shares”) at a deemed price of $0.10 per Share to the creditors of the

Company (the “Creditors”)

The issuance of the Shares to the Creditors is subject to the a pproval of the TSX Venture Exchange and the

shareholders of the Company. All securities issued will be sub ject to a four month hold period which will

expire on the date that is four months and one day from the date of issue.

As certain insiders participated in the Debt Settlement, it is considered to be a “related party transaction” under

Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transaction (“Mi-61-

101”). All of the independent directors of the Company, acting in good faith, considered the transactions and

determined that the fair market value of the securities being i ssued to insiders and the consideration being paid

is reasonable. The Company intends to rely on the exemptions fr om the valuation and minority shareholder

approval requirements of MI 61-101 contained in section 5.5(a) and 5.7(a).

The foregoing is subject to the approval of the TSX Venture Exchange.

GOLDEN PURSUIT RESOURCES LTD.

Per: “Brian McClay”

Brian McClay, President

CONTACT INFORMATION:

Brian McClay

Email: [email protected]

Tel: (604) 730-6982

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies

of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.