MacDonald Mines Announces Closing of Offering

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWS WIRES

TORONTO, May 05, 2023 (GLOBE NEWSWIRE) — MacDonald Mines Exploration Ltd. (TSXV:BMK) (“MacDonald Mines” or the “Company”) is pleased to announce the closing of a non-brokered private placement financing (the “Offering”). The Company has issued 6,000,000 flow-through units (the “FT Units”) at a price of $0.05 per FT Unit, with each FT Unit comprised of one Class A common share (each, a “Common Share”) and one Common Share purchase warrant (each, a “Warrant”), each of which qualifies as a “flow-through share” as defined in the Income Tax Act (Canada) (the “Tax Act”), for proceeds of $300,000. Each Warrant is exercisable to acquire one non-flow through Common Share at a price of $0.07 per share for a period of 24 months following the closing date of the Offering. In addition, the Company issued a total of 3,100,000 units (the “Units”) at a price of $0.05 per Unit, with each Unit comprised of one non-flow through Common Share and one Warrant, for proceeds of $155,000. In total, in connection with the Offering the Company has issued an aggregate of 9,100,000 Common Shares and 9,100,000 Warrants for total gross proceeds of $455,000.

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