Mr. Kevin Bottomley reports

KING'S BAY RESOURCES CORP. ANNOUNCES CLOSING OF SECOND AND FINAL TRANCHE OF PRIVATE PLACEMENTS

Further to its news releases dated June 26, 2017, and July 14, 2017, King's Bay Resources Corp. has completed the second and final tranche of a non-brokered, non-flow-through private placement of 615,000 units at a price of 10 cents per unit for gross proceeds of $61,500 and a non-brokered, flow-through private placement of 200,000 flow-through shares at a price of 12.5 cents per flow-through share for gross proceeds of $25,000. The company has raised a total of $402,750 from the closing of the first and second tranches of the financing.

The non-flow-through 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 Aug. 30, 2019.

In connection with the flow-through private placement, the company paid cash finders' fees of $2,000 to certain finders.

The company intends to use the proceeds of the financing for exploration expenditures 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.

Two insiders of the company subscribed for an aggregate of 100,000 units under the financing, which is a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The participation of the insiders 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.