Mr. Ronald Perry reports

METANOR ANNOUNCES $7 MILLION BROKERED PRIVATE PLACEMENT

Metanor Resources Inc. has appointed Red Cloud Klondike Strike Inc. and Sprott Capital Partners, a division of Sprott Private Wealth LP, to sell, by way of private placement, up to 100 million units at a price of six cents each and up to 13,333,333 flow-through shares at a price of 7.5 cents each for maximum aggregate gross proceeds of $7-million.

Each unit shall consist of one common share and one-half of one common share purchase warrant. Each full warrant will entitle the holder to purchase one common share of the company at a price of nine cents each, at any time during the 24-month period following the closing of the offering. Each flow-through share shall be issued as a flow-through share (within the meaning of the Income Tax Act (Canada)).

The net proceeds from the sale of units will be used for mining development and exploration at the Barry project and for general working capital purposes. The gross proceeds from the sale of flow-through shares will be used to incur resource exploration expenses on the company's exploration properties, which will constitute Canadian exploration expenses as defined in Subsection 66.1(6) of the tax act and flow-through mining expenditures as defined in Subsection 127(9) of the tax act.

It is anticipated that the private placement will close on or before March 8, 2017, and is subject to the completion of formal documentation, receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange, and other customary conditions.

In connection with the offering, the agents will receive a cash commission equal to 6.5 per cent of the gross proceeds raised and broker warrants in a quantity equal to 3 per cent of the aggregate number of units and flow-through shares sold. Each broker warrant will entitle the holder to purchase one common share of the company at a price of 6.5 cents each, at any time during the 24-month period following the closing of the offering.

All of the securities sold pursuant to the offering will be subject to a four-month hold period, which will expire four months and one day from the date of closing.

We seek Safe Harbor.