Signature Resources Ltd. (TSX-V: SGU) (OTCQB) (SGGTF, FSE 3S3) is pleased to announce that his has closed a non-brokered private placement financing raising gross proceeds of $1,000,000. Pursuant to the Offering, the Company issued 999,945 hard dollar units at a price of $0.11 per HD Unit and 6,846,200 flow-through units at a price of $0.13 per FT Unit.

“As a result of a sizable unsolicited interest, Signature is pleased to further enhance its balance sheet strength at a significant premium to its most recent financing. It is important to highlight that the additional funds will be used to further enhance the camp optimization and logistics for the upcoming field program. In addition, a reputable third-party group has been selected to prepare an updated technical report and will be announced shortly.”

Robert Vallis, P.Eng, MBA – President, CEO, & Director

Each HD Unit issued pursuant to the Offering, consists of one common share of the Company and one Common Share purchase warrant. Each FT Unit consists of one Common Share issued on a flow-through basis and one half of one Warrant. Each whole Warrant issued will be exercisable into one Common Share at a price of $0.20 until April 17, 2022. The FT Shares will qualify as “flow-through shares” (within the meaning of the Income Tax Act (Canada)).

In connection with the Offering, the Company paid aggregate cash finder’s fees of $62,300 and issued 205,386 finder’s warrants. Each Finder’s Warrant is exercisable to acquire one Common Share at a price of $0.13 for a period of 16 months following closing of the Offering.

The use of proceeds will be mainly focused on exploration efforts at the Lingman Lake Gold Project in Ontario and general corporate purposes.

All securities issued in the Offering, including the Finder’s Warrants, are subject to a statutory hold period expiring on April 18, 2021.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.

The purchase of 386,309 HD Units under the Offering by certain officers and directors for aggregate gross proceeds of $42,494, constituted a “related party transaction” as such term is defined by Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Company was exempt from the MI 61-101 valuation and minority approval requirements for related party transactions in connection with the Offering under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves certain officers and directors, exceeds 25% of the Company’s market capitalization (as determined under MI 61-101).

About Signature

The Lingman Lake gold property consists of 622 staked claims, four free hold full patented claims and 14 mineral rights patented claims totaling approximately 12,148 hectares. The property hosts an historical estimate of 234,684 oz of gold* (1,063,904 tonnes grading 6.86 g/t with 2.73 gpt cut-off) and includes what has historically been referred to as the Lingman Lake Gold Mine, an underground substructure consisting of a 126.5-meter shaft, and 3-levels at 46-meters, 84-meters and 122-meters depths.

This historical resource estimate is based on prior data and reports obtained and prepared by previous operators, and information provided by governmental authorities. A Qualified Person has not done sufficient work to verify the classification of the mineral resource estimates in accordance with current CIM categories. The Company is not treating the historical estimate as a current NI 43-101 mineral resource estimate. Establishing a current mineral resource estimate on the Lingman Lake deposit will require further evaluation, which the Company and its consultants intend to complete in due course. Additional information regarding historical resource estimates is available in the technical report entitled, “Technical Report on the Lingman Lake Property” dated December 20, 2013, prepared by Walter Hanych, P.Geo., and Frank Racicot, P.Geo., available on the Company’s SEDAR profile at www.sedar.com.