GoldON Closes Private Placement Financing Proceeds to be used for exploration programs at Slate Falls, West Madsen, and Bruce Lake Projects

FOR IMMEDIATE RELEASE

GoldON Closes Private Placement Financing

Proceeds to be used for exploration programs at Slate Falls, West Madsen, and

Bruce Lake Projects

VICTORIA, BC, February 19, 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 1,150,000 flow-through shares at a price of $1.00 per share for gross proceeds of

$1,150,000.

The Company will, subject to TSX Venture Exchange acceptance, p ay finders’ fee totalling $69,000

and 69,000 warrants exercisable at $1.00 per share until Februa ry 19, 2022 in respect of the offering.

All securities issued pursuant to this offering are subject to a four-month hold period and may not be

traded until at least June 20, 2020, except as permitted by applicable securities legislation and the TSX

Venture Exchange.

The Company will use the proceeds of the financing to fund its initial 2020 exploration programs.

Analytical results are forthcoming from the recent Slate Falls drilling program and the West Madsen

soil-gas-hydrocarbon survey. Once those results are received and interpreted, details of the next phase

of work at both projects will be provided.

About GoldON Resources Ltd.

GoldON is an exploration company focused on discovery-stage pro perties located in the prolific gold

mining belts of northwestern Ontario, Canada. Active projects i nclude: the West Madsen property in

the Red Lake Gold Camp, an option/JV with Great Bear Resources; the Bruce Lake property that

adjoins BTU Metals’ Dixie Halo property and their TNT Target; and our flagship Slate Falls project in

the Patricia Mining Division, where 18 Au-Ag mineralized zones have been identified over the 13-km

breadth of the property. GoldON has 16,858,432 shares issued.

For additional information: 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

Email: [email protected]

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.