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Mar 27, 2020


Golden Pursuit Resources Ltd. (the “Company”) is pleased to announce that the board of directors believe it would be in the best interest to consolidate its outstanding common shares on the basis of two (2) existing common shares for one (1) new common share of the Company (the “Consolidation”).

The Company would also like to announce that it intends to complete a non-brokered private placement financing following the Consolidation for up to 4,000,000 units (the “Units”) at a post-consolidated price of $0.10 per Unit to raise gross proceeds of up to $400,000 (the “Private Placement”). Each Unit will consist of one (1) post-consolidated common share and one-half of one (1) common share purchase warrant. Each whole warrant will entitle the holder to acquire an additional post-consolidated common share exercisable at $0.12 per share, on a post-consolidated basis, for a period of two (2) years from the date of closing of the Private Placement. Proceeds of the Private Placement will be used for project generative activities, and general working capital.

The Company would also like to announce that its board of directors has approved the settlement of up to $470,014 of outstanding debt through the issuance of common shares of the Company (the “Debt Settlement”). Pursuant to the Debt Settlement, the Company would issue up to 4,700,140 post-consolidated common shares of the Company (the “Shares”) at a deemed price of $0.10 per Share to the creditors of the Company (the “Creditors”).

The issuance of the Shares to the Creditors is subject to the approval of the TSX Venture Exchange and the shareholders of the Company. All securities issued will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issue.

As certain insiders participated in the Debt Settlement, it is considered to be a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transaction (“Mi-61-101”). All of the independent directors of the Company, acting in good faith, considered the transactions and determined that the fair market value of the securities being issued to insiders and the consideration being paid is reasonable. The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in section 5.5(a) and 5.7(a).

The foregoing is subject to the approval of the TSX Venture Exchange.

GOLDEN PURSUIT RESOURCES LTD. Per: “Brian McClay” Brian McClay, President

CONTACT INFORMATION: Brian McClay Email: Tel: (604) 730-6982

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.

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