Iconic Minerals Announces Closing of Non-Brokered Private Placement

Vancouver, British Columbia / January 26, 2021 – Iconic Minerals Ltd. (the “Company”) (TSX‑V: ICM) (OTC: BVTEF) (FSE: YQGB) that it has closed its non-brokered private placement (the “Private Placement”) issuing 10,000,000 units (the “Units”) at CAD$0.10 per Unit for gross proceeds of CAD$1,000,000.

Each Unit is comprised of one common share of the Company (a “Share”) and one half-warrant, with each whole warrant (the “Warrant”), exercisable to purchase one common share of the Company (a “Warrant Share”) for a period of one (1) year from the date of closing of the Private Placement at a price of $0.15 per Warrant Share in the 12 month period.

All securities issued will be subject to a four month hold period pursuant to securities laws in Canada.

The Company intends to use the proceeds from the Private Placement for exploration work, corporate development and general working capital.

The Company paid finder’s fees of $21,000 and 105,000 finder’s warrants (the “Finder’s Warrants”) to Leedes Jones Gable and Raymond James Ltd. The Finder’s Warrants are exercisable at $0.15 per common share for a period of one (1) year.

ON BEHALF OF THE BOARD

“Richard Barnett”

Richard Barnett, CFO

Contact:  Keturah Nathe,

VP Corporate Development (604) 336-8614

For further information on ICM, please visit our website at www.iconicminerals.com.  The Company’s public documents may be accessed at www.sedar.com

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

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.