Mistango Welcomes Eric Sprott as an Investor and Closes $2 Million Financing

Mistango Welcomes Eric Sprott as an Investor and Closes $2

Million Financing

Toronto, Ontario, February 28, 2020: Mistango River Resources Inc. (CSE: MIS, “Mistango” or

the “Company” ) is pleased to announce it has closed a $2,038,999.54 non-brokered private

placement financing.

Click here to view Mistango’s Corporate Presentation

Mistango issued 31,369,224 units consisting of one common share of Mistango and one share

purchase warrant , with e ach whole warrant exercisable for up to 2 years after closing at an

exercise price of $0.0 8 for one common share of Mistango . All common shares to be issued

pursuant to the Private Placement are subject to a statutory four (4) month and one day hold

period.

Under the Private Placement, insiders of the Company have purchased a total of 7,692,308

shares. Their participation is considered to be a “related party transaction” as defined under

Multilateral Instrument 61-101 (”MI 61-101”). The transaction is exempt from the formal valuation

and minority shareholder approval requirements of MI 61-101 as neither the fair market value of

the securities to be distributed in the Private Placement nor the consideration to be received for

those securities, in so far as the Private Placement involves the insiders, exceeds 25% of the

Company’s market capitalization.

Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him,

acquired 15,384,616 Units for a total consideration of $1,000,000. Following the completion of

the private placement, Mr. Sprott beneficially owns and controls 15,384,616 Common Shares

and 15,384616 Warrants of the Company representing approximately 14.8% of the issued and

outstanding Common Shares of the Company on a non-diluted basis and approximately 25.8%

of the issued and outstanding Common Shares on a partially diluted basis. Prior to the

Financing, Mr. Sprott did not beneficially own or control any shares of the Company.

The Units were acquired by Sprott for investment purposes. Mr. Sprott has a long-term view of

the investment and may acquire additional securities of Mistango River including on the open

market or through private acquisitions or sell securities of Mistango River including on the open

market or through private dispositions in the future depending on market conditions,

reformulation of plans and/or other relevant factors.

A copy of Sprott's early warning report will appear on Mistango River profile on SEDAR and

may also be obtained by calling Mr. Sprott’s office at (416) 945 -3294 (200 Bay Street, Suite

2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).

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The Company did not file a material change report more than 21 days before the expected closing

of the private placement as the details of the private placement and the participation therein by

related parties of the Company were not settled until shortly prior to closing and the Company

wished to close on an expedited basis for sound business reasons and in a timeframe consistent

with usual market practices for transactions of this nature.

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

Baldwin and Omega Mine projects near Kirkland Lake, Ontario.

To Speak to Mistango directly, please contact:

Stephen Stewart, Director

Phone: 416.644.1567

Email: [email protected]

www.Mistango.com