Nexco Announces Closing of $254,925 Private Placement

NEXCO RESOURCES INC.

#750 – 1095 West Pender Street Vancouver, British Columbia V6E 2M6 Telephone: 778-938-3367

Trading Symbol: NXU:CNX

NEXCO ANNOUNCES CLOSING OF $254,925 PRIVATE PLACEMENT

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Vancouver, British Columbia, October 16, 2020. Nexco Resources Inc. (the “Company” or “Nexco”) is pleased to announce the closing of its non-brokered private placement (the “Private Placement”) of units, raising gross proceeds to the Company of $254,925. The Company intends to use the net proceeds of the Private Placement for business development, marketing and general working capital purposes.

The Company has issued an aggregate of 3,399,999 units (each, a “Unit”) in the capital of the Company at a purchase price of $0.075 per Unit. Each Unit consists of one common share (a “Common Share”) of the Company and one transferable Common Share purchase warrant (a “Warrant”). Each Warrant is exercisable to purchase an additional Common Share (a “Warrant Share”) of the Company at an exercise price of $0.10 per Warrant Share until October 16, 2023. The Common Shares are subject to a fourmonth hold period expiring on February 17, 2021. No finders fees are payable on this financing.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act.

ON BEHALF OF THE BOARD

Zayn Kalyan, Interim Chief Executive Officer Telephone: 778-938-3367 Email: [email protected]

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding the intended use of the proceeds of the Private Placement. Nexco does not intend to, and does not assume any obligation to, update such forward- looking statements or information, other than as required by applicable securities laws.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of Nexco’s exploration operations, no material adverse change in the market price of commodities, and such other assumptions and factors as set out herein. Although Nexco has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.