GLD.V · 2020-09-24 12:00:00

GoldON Closes Non-Brokered Private Placement Financing

Financings

GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999

FOR IMMEDIATE RELEASE

VICTORIA, BC, September 24, 2020 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or the

“Company”) is pleased to report the closing of its previously announced n on-brokered private placement

of 1,000,000 common share units at a price of $.50 per unit to raise gross proceeds of $500,000. Each unit

consists of one common share a nd one non-transferable share pur chase warrant. Each warrant entitles the

holder to purchase one additional common share of the Company at a price of $0.75 per share for a period

of two years from the closing date.

The Company paid finders' fees totalling $28,800 and 57,600 agents' warrants exercisable at $0.50 per share

until September 24, 2022 to Canaccord Genuity Corp., Leede Jones Gable Inc., and Echelon Wealth Partners

Inc. All securities issued pursuant to this offering will have a hold period expiring January 25, 2021.

The net proceeds of this financing will be used to fund work on the Company’s exploration properties in

the Red Lake Gold Camp and for general working capital purposes.

About GoldON Resources Ltd.

GoldON is an exploration company focused on discovery-stage properties located in the prolific gold mining

belts of northwestern Ontario, Canada. Our current project portfolio includes four properties in the Red Lake

Mining Division (West Madsen, Pipestone Bay, McDonough, and Bru ce Lake) and a fifth property in the

Patricia Mining Division (Slate Falls). If you are an investor looking for exposure to the rising gold price,

then GoldON is an explorer worthy of a closer look: tight share structure with a $9 million market cap,

discovery-stage projects all in good standing, experienced mana gement and advisors, and no debt with

capital devoted to exploration not excessive salaries.

For additional information: please visit our website at https://goldonresources.com, you can download our

latest presentation by clicking here and you can follow us on Twitter at

https://twitter.com/GoldONResources.

ON BEHALF OF THE BOARD

Signed “Michael Romanik”

Michael Romanik, President

Direct line: (204) 724-0613

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

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