Strategic Metals Ltd. (TSX-V: SMD) announces that it has closed the private placement announced on June 25, 2019. The private placement consisted of the sale of the following securities:

(a) 5,128,206 flow-through units at a price of $0.39 per flow-through unit, raising gross proceeds of $2,000,000.34, each flow-through unit consisting one flow-through common share and one-half (1/2) of a share purchase warrant, each whole warrant entitling the holder to purchase one additional common share at a price of $0.40 until July 22, 2021; and

(b) 2,000,000 units at a price of $0.30 per unit, raising gross proceeds of $600,000, each unit consisting of one common share and one-half (1/2) of a share purchase warrant, each whole warrant having the same terms as disclosed in (a) above in respect of the warrants forming part of the flow-through units.

The proceeds from the private placement will be used to finance further exploration at certain of the Company’s mineral properties (see news release dated May 9, 2019) and for working capital purposes.

The Company paid cash finders’ fees totalling $34,277.87 and issued 122,422 finder warrants among Haywood Securities Inc., Canaccord Genuity Corp., PI Financial Corp. and Sprott Capital Partners LP in connection with the closing of this private placement. Each finder warrant has the same terms as the warrants forming part of the flow-through units and units disclosed above.

All securities issued pursuant to this private placement, including any shares that may be issued pursuant to the exercise of either the share purchase warrants forming part of the flow-through units or the units or the finder warrants, are subject to a hold period in Canada until November 23, 2019.

About Strategic Metals Ltd.

Strategic is a project generator with a portfolio of more than 130 projects that are the product of over 50 years of focused exploration and research by a team with a track record of major discoveries. Current projects include 115 wholly-owned, 5 joint-ventures, 5 under option and 8 royalty interests. Projects available for option, joint venture or sale include drill-confirmed prospects and drill-ready targets with high-grade surface showings, geochemical anomalies and geophysical features that resemble those at nearby deposits.

Strategic has a current cash position of over $10 million and large shareholdings in a number of active mineral exploration companies including 41.7% of Rockhaven Resources Ltd., 37.3% of GGL Resources Corp., 27.7% of Precipitate Gold Corp., 17.8% of Silver Range Resources Ltd., 9.1% Trifecta Gold Ltd., and 6.4% of ATAC Resources Ltd.