Margaret Lake Diamonds Announces Private Placement

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MARGARET LAKE DIAMONDS ANNOUNCES PRIVATE PLACEMENT

Vancouver, British Columbia / November 5, 2019 / Margaret Lake Diamonds Inc. (TSX.V:

DIA / FSE: M85) (“Margaret Lake” or the “Company”) is pleased to announce that it has

arranged a non-brokered private placement (the “ Offering”) for total gross proceeds of up to

$250,000. The offering is subject to a $100,000 gross proceeds minimum . The Offering will

consist of the issuance of no less than 4,000,000 common shares and up to 10,000,000

common shares at price of $0.025 per common share (each a “Share”).

The Offering will be available to existing securityholders of the Company utilizing BC Instrument

45-534 Exemption from Prospectus Requirements for Certain Trades to Existing Securityholders

and other provincial equivalents (collectively, the “Existing Security Holder Exemptions”). The

Company will make the Offering available to all shareholders of the Company as of October 31,

2019 (the “ Record Date ”) who are eligible to participate under the Existing Security Holder

Exemptions and who have notified the Company of their intention to participate in the Offering.

The Existing Security Holder Exemptions limit a shareholder to a maximum investment of

$15,000 unless the shareholder certifies in the subscription agreement that he or she has

obtained advice regarding the suitability of the investment from a registered investment dealer or

otherwise qualifies to rely on another private placement exemption.

In the subscription agreement, shareholders will be required to certify that, on or before the

Record Date, they acquired and held, common shares of the Company. Each existing

shareholder on the Record Date will be entitled to purchase Shares which will be allocated by

the Company on a first come, first served basis such that it is possible that a subscription

received from a shareholder may not be accepted by the Company if the Offering is over

subscribed. Any person who becomes a shareholder of the Comp any after the Record Date

shall not be entitled to participate in the Offering under the Existing Security Holder Exemptions.

The proceeds of the Offering will be used for the settlement of outstanding professional fees

(15%), management fees (15%), general working capital (20%) and costs related to the

development of the Company’s Kiyuk Lake Gold Property (50%). The Offering is subject to the

acceptance of the TSX Venture Exchange.

The Company would also like to announce that Don ald Huston has resigned as director and

Neil Foran has been appointed as CFO. The Board of Directors of Margaret Lake would like to

thank Mr. Huston for his many contributions to the Company.

About Margaret Lake Diamonds Inc.

Margaret Lake Diamonds Inc. (T SX.V: DIA) is a Canadian junior mining company focused on

mineral exploration in Canada's most prolific mining districts. The Company is earning an 80%

interest in the high-grade Kiyuk Lake Gold Property located in southern Nunavut and also holds

interests in two diamond exploration properties in the Northwest Territories - the Margaret Lake

project located adjacent to Mountain Province Diamond's Kennady North project and close

proximity to Gahcho Kué, the newest Canadian diamond mine owned by De Beers and Mountain

Province Diamonds. The Company also has a 60/40 joint venture with Arctic Star Exploration

Corp. (TSX.V: ADD) to explore the Diagras property, which is comprised of 23 claims totaling

18,699 hectares located in the prolific Lac de Gras diamond field.

ON BEHALF OF THE BOARD OF DIRECTORS

“Jared Lazerson”

President and Chief Executive Officer

Phone: 1.604.630.2810

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Web: www.margaretdiamonds.com

Forward-Looking Statements

This news release contains forward -looking information that involves various risks and

uncertainties regarding future events. Such forward -looking information includes statements

based on current expectations involving a number of risks and uncertainties and are not

guarantees of future performance of the Company. Actual results and future events could differ

materially from anticipated in such information. These and all subsequent written and oral

forward-looking information are based on estimates and opinions of management on the dates

they are made and expressed qualified in their entirety by this notice.

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.