Adyton Resources Corporation (TSX-V: ADY) announces it has closed its previously announced non-brokered private placement offering, pursuant to which it has issued 50,000,000 common shares of the Company at a price of C$0.03 per Share for aggregate gross proceeds of C$1,500,000.

The Company intends to use the net proceeds of the Financing for general corporate purposes, exploration activities, and tenement holding costs. It is expected the majority of the proceeds will be used for general corporate purposes with no other specific use representing 10% or more of the gross proceeds of the Financing” None of the proceeds from the Financing will be used for payments to non-arm’s length parties of the Company other than normal course compensation of its officers, directors, employees and consultants as part of general corporate purposes, or to persons conducting investor relations activities.

In connection with the Financing, the Company paid finder’s fees consisting of 4,000,000 Shares and 4,000,000 common share purchase warrants (the “Finder Warrants”) to an arm’s length finder. Each Finder Warrant entitles the holder thereof to purchase one Share at an exercise price of C$0.05 until April 20, 2026.

All Shares issued under the Financing are subject to a hold period expiring on August 20, 2024 under applicable Canadian securities laws. All Shares issued under the Financing are also subject to contractual resale restrictions with the Company whereby 25% portions of the Shares purchased by the purchasers under the Financing may be sold, transferred or otherwise traded only after each of the dates which are 4, 6, 9 and 12 months from closing.

Certain officers, directors and other insiders of the Company purchased an aggregate of 6,250,000 Shares under the Financing. The sales of these Shares to the insiders are considered to be “related party transactions” for the purposes of National Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company has determined that exemptions from the various requirements of MI 61-101 and TSX Venture Exchange Policy 5.9 in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101 are available for the issuance of the Shares to these related parties.

The closing of the Financing is subject to final acceptance of the TSX Venture Exchange.

ABOUT ADYTON RESOURCES CORPORATION

Adyton Resources Corporation is focused on the development of gold and copper resources in world class mineral jurisdictions. It currently has a portfolio of highly prospective mineral exploration projects in Papua New Guinea on which it is exploring to expand its identified gold Inferred and Indicated Mineral Resources and expand on its recent significant copper drill intercepts on the 100% owned Feni Island ‎project. The Company’s mineral exploration projects are located on the Pacific Ring of Fire on easy to access island locations which hosts several globally significant copper and gold deposits including the Lihir gold mine and ‎Panguna copper/gold mine on Bougainville Island, both neighbouring projects to the ‎Company’s Feni Island project.