ZIGY.CN · 2020-02-14 12:00:00

Mistango Announces Issuance of Convertible Note

Financings Debt & Credit Facilities

Toronto, February 14, 2020: Mistango River Resources Inc. (“Mistango” or the “Company”)

(CSE: MIS) announced today that, further to the Company’s press dated November 1, 2019, the

Company has issued a convertible promissory note to 2287957 Ontario Inc. (the “Lender”) in

respect of the $55,000 loan (the “Loan”) previously made by the Lender to the Company. The

Lender is controlled by Stephen Stewart, a director of the Company.

Under the terms of the con vertible note, subject to regulatory approval, the Lender may convert

the principal amount of the Loan in whole, but not in part, into common shares of the Company

on the basis of one common share for every $0.03 of principal so converted. The Company sought

and was granted an exemption from the Canadian Securities Exchange’s minimum price

requirement for the conversion on the condition that the transaction be completed at a price no

lower than the 20-day volume weighted average trading price as provided by the Exchange. The

Loan is also secured by a fixed and floating charge against all of the assets and undertaking of

the Company, bears interest at the rate of 8.0% per annum and is repayable on demand.

By virtue of Mr. Stewart’s control of the Lender, the transaction is considered to be a “related party

transaction” under Multilateral Instrument 61 -101 (“MI 61 -101”). However, the transaction is

exempt from the formal valuation and minority approval requirements of MI 61-101 as neither the

subject matter of, nor the fair market value of the consideration for, the transaction exceeds 25%

of Mistango’s market capitalization. The terms of the convertible note were only finalized recently

and, accordingly, it was not possible to publicly disclose details at lea st 21 days prior to the

issuance of the convertible note.

Mistango is a Canadian-based exploration and development company focusing on its Omega and

Eby-Baldwin projects in Kirkland Lake, Ontario. Detail on all of Mistango’s assets can be found at

www.mistango.com.

To Speak to the Mistango directly, please contact:

Stephen Stewart, Director

Phone: 416.644.1567

www.Mistango.com