Iconic Minerals Announces Closing of Non-Brokered Private Placement

Iconic Minerals Announces Closing of Non-Brokered Private Placement

Vancouver, British Columbia–(Newsfile Corp. – June 29, 2020) – Iconic Minerals Ltd. (TSXV: ICM) (OTC Pink: BVTEF) (FSE: YQGB) (the “Company”) that it has closed its non-brokered private placement (the “Private Placement“) issuing 20,000,000 units (the “Units“) at CAD$0.05 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 transferable common share purchase warrant (a “Warrant“), with each Warrant exercisable to purchase one common share of the Company (a “Warrant Share“) for a period of two (2) years from the date of closing of the Private Placement at a price of $0.07 per Warrant Share in the first year and $0.10 per Warrant Share in the second year.

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 $3,000 and 60,000 finder’s warrants (the “Finder’s Warrants“) to Canaccord Genuity Corp. The Finder’s Warrants are exercisable at $0.07 per Share for a period of 1 year.

Insiders of the Company subscribed for a total of 3,400,000 Units, with Richard Kern, President, CEO and a director of the Company, subscribing for 2,500,000 Units; Keturah Nathe, a director of the Company, subscribing for 500,000 Units; and Richard Barnett, CFO of the Company, subscribing for 400,000 Units. As a result, the Private Placement is a related party transaction (as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company relied upon the “Fair Market Value Not More Than $2,500,000” exemptions from the formal valuation and minority shareholder approval requirements, respectively, under MI 61-101.

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.

This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN