Gespeg Announces Warrant Extension and Repricing

SASKATOON, Saskatchewan, May 13, 2020 (GLOBE NEWSWIRE) -- GESPEG RESOURCES LTD. (TSX-V:GCR) (the “Company” or “Gespeg”), announces that it is proposing to extend the expiry dates and alter the exercise price of certain share purchase warrants (the "Warrants").  1,365,000 Warrants were issued on May 31, 2018 and 573,333 Warrants were issued on June 14, 2018 as part of a private placement that closed in two tranches.  The Warrants are exercisable into common shares in the capital of the Company (the “Shares”) at a price of 0.30 ($0.06 pre consolidation) per Share and will expire on May 31 and June 14, 2020.  No warrants have been exercised to date.

Subject to the approval of TSX Venture Exchange ("TSX-V"), Gespeg will extend the expiration of these Warrants to May 31 and June 14, 2021 and lower the exercise price of the Warrants from $0.30 to $0.16 per Share.

Mr. Sylvain Laberge, President and CEO of Gespeg remarks “We are pleased to offer this amendment to our loyal shareholder group who supported our financing in 2018.  Gespeg is making significant forward progress corporately and on our property package in Quebec and we are excited about the junior copper and gold space in general.  As we enter the next commodity cycle, we feel we are very well positioned and look forward to sharing our exploration plans and results, as these become available”.

About Gespeg Resources Inc.: Gespeg is an exploration company with a focus in strategic and energetic metals and underexplored regions “Gaspé, Chibougamau Québec”.  With a dedicated management team, the Company’s goal is to create shareholder value through the discovery of new deposits.

Bernard-Olivier Martel, P. Geo, the Company's Director of Exploration, is a qualified person (as such term is defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects) and has reviewed and approved the technical disclosure contained in this news release.

GESPEG RESOURCES LTD.

(signed) “Sylvain Laberge”

Sylvain Laberge
President and CEO
514.702.9841
slaberge@gespegcopper.com

Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “expects”, “feel”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.