Mr. Kevin Bottomley reports

KING'S BAY GOLD CORPORATION ANNOUNCES CLOSING OF $316,250 ON FIRST TRANCHE OF PRIVATE PLACEMENTS

Further to the news release dated June 26, 2017, King's Bay Gold Corp. has completed a first tranche of a non-brokered, non-flow-through private placement of 2.5 million units at a price of 10 cents per unit for gross proceeds of $250,000 and a non-brokered, flow-through private placement of 530,000 flow-through shares at a price of 12.5 cents per FT share for gross proceeds of $66,250. The company intends to close the second and final tranche of the private placements before the end of August, 2017.

The NFT private placement consisted of one common share of the company and one non-transferable common share purchase warrant. Each warrant will entitle the holder to purchase one common share of the company at a price of 15 cents until July 14, 2019.

In connection with the financing, the company paid cash finders' fees of $5,300 to certain finders.

The company intends to use the proceeds of the offering for exploration expenditures on its 100-per-cent-owned Lynx Lake copper-cobalt property in Labrador, the Trump Island property in Newfoundland and working capital.

All securities issued in connection with the financing are subject to a statutory hold period expiring four months and one day after the closing of the financing.

An insider of the company subscribed for an aggregate of one million units under the financing, which is a related-party transaction within the meaning of Multilateral Instrument 61-101 (protection of minority securityholders in special transactions). The participation of the insider in the private placement was exempt from the valuation and minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in sections 5.5 (a) and 5.7 (a) of MI 61-101 in that the fair market value of the consideration of the shares to be issued to the insider did not exceed 25 per cent of the company's market capitalization.