GoldON Closes Non-Brokered Financing

VICTORIA, BC / ACCESSWIRE / October 3, 2019 / GoldON Resources Ltd. (TSXV:GLD) ("GoldON" or the "Company") is pleased to announce the closing of the previously announced non-brokered private placement. The Company placed a total of 200,000 units at a revised price of $0.50 per unit with one qualified investor to raise gross proceeds of $100,000. Each unit consists of one common share and one non-transferable share purchase warrant entitling the holder to purchase an additional common share of the Company at a price of $1.00 per share until October 3, 2021.

The Company paid a finder's fee of $6,000 in cash and 12,000 agent's warrants exercisable at $0.50 per share until October 3, 2021 to Mr. John Newell in respect of the offering. All securities issued pursuant to this offering are subject to a four-month hold period and may not be traded until February 4, 2020, except as permitted by applicable securities legislation and the TSX Venture Exchange. The net proceeds of this financing will be used for general working capital purposes.

About GoldON Resources Ltd.

GoldON is an exploration company focused on discovery-stage properties located in the prolific gold mining belts of northwestern Ontario, Canada. Active projects include the West Madsen property in the Red Lake Gold Camp and our flagship Slate Falls project in the Patricia Mining Division where 18 Au-Ag mineralized zones have been identified over the 13-kilometre breadth of the property. GoldON has 15,152,282 shares issued and is fully funded to complete its fall exploration programs.

For additional information please visit our website and you can view our latest presentation by clicking here.

ON BEHALF OF THE BOARD

Signed "Michael Romanik"
Michael Romanik, President
Direct line: (204) 724-0613
Email: romanikm@mymts.net

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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.

SOURCE: GoldON Resources Ltd.