Medalist Capital Ltd. Provides Update with Respect to Its Beneficial Ownership of Securities of Rapier Gold Inc.

Toronto, Ontario--(Newsfile Corp. - May 4, 2017) - Medalist Capital Ltd. ("Medalist") announces an update with respect of its beneficial ownership of securities of Rapier Gold Inc. (the "Issuer").

As of the date hereof, Medalist owns 4,760,500 common shares ("Common Shares") of the Issuer and 3,990,000 Common Share purchase warrants ("Warrants") of the Issuer. However, as a result of certain equity issuances by the Issuer, one of which Medalist participated in, purchasing 1,000,000 units of the Issuer, Medalist's interest in the Issuer has been diluted and, assuming the exercise in full of the Warrants held by Medalist, it would own an aggregate of 8,750,500 Common Shares, representing approximately 8.99% of the Issuer's then outstanding Common Shares, on a partially diluted basis.

Medalist may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over the Common Shares or other securities of the Issuer, through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.

This press release is being issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bids and Insider Reporting Issues in connection with the filing of an early warning report by Medalist (the "Early Warning Report").

For further details, please see the Early Warning Report, a copy of which is available on the Issuer's profile on SEDAR at www.sedar.com.

For more information, please contact:

Riley Keast
Partner, Medalist Capital Ltd.
Tel:(416) 307-1033