Mr. Adrian Hobkirk reports

CODRINGTON ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Codrington Resource Corp. has arranged a non-brokered private placement of up to five million units to be sold at a price of five cents per unit to raise gross proceeds of up to $250,000. Each unit will consist of one common share and one transferable common share purchase warrant of the company, with each warrant exercisable for a period of three years from the closing at an exercise price of eight cents per share. In addition, the company will sell up to five million flow-through common shares at a price of six cents per common share for total gross proceeds up to $300,000.

The company advises that the private placement is available to all interested investors provided that a prospectus exemption is available for the company to issue units to such investors. The company advises that an additional prospectus exemption is available pursuant to B.C. Instrument 45-534 (and in similar instruments in other provinces of Canada) that would allow shareholders of the company, who, as of the close of business on Oct. 6, 2015, held common shares of the company and continue to hold common shares at the time of closing, to subscribe for units. Unless such shareholder is a person that has obtained advice regarding the suitability of the investment and, if such shareholder is resident in a jurisdiction of Canada, that advice has been obtained from a person that is registered as an investment dealer in such jurisdiction, the aggregate subscription cost to such shareholder for the units subscribed under the existing shareholder exemption cannot exceed $15,000 (250,000 units).

If the aggregate subscriptions for units exceed the maximum number of units proposed to be distributed, subscriptions will be accepted on a first-come, first-served basis such that it is possible that a subscription received from a shareholder may not be accepted by the company. Completion of the private placement is subject to TSX Venture Exchange approval. There is no minimum offering size for the private placement.

Finders' fees may be payable in cash and warrants in accordance with the policies of the TSX Venture Exchange. All securities issued in connection with the private placement are subject to a four-month-and-one-day hold period in accordance with applicable Canadian securities laws. Proceeds will be used for project exploration and for general working capital purposes.

Use of proceeds

The private placement flow through proceeds will be used to complete initial exploration work at the LAB project (Lac Aux Bouleaux graphite project), as outlined in the National Instrument 43-101 technical report filed Sept. 8, 2015. The LAB project is located in a very active graphite exploration and production area, and is contiguous to the south to TIMCAL's producing (Imerys graphite and carbon mine) Lac des lles graphite mine in Quebec, one of only two producers in North America. The company has completed surface sampling, mapping and metallurgical testwork, and confirmed historical drill hole collars. SGS Canada completed metallurgical testwork on surface samples and composite testwork. The most recent test completed was a regrind of previous testwork with the intent of obtaining higher carbon values. The regrind test comprised a sample of the plus-48 mesh and plus-100 mesh results, both with 94.8 per cent Cg. A total sample weight of 141 grams was reground with 74 per cent passing 35 mesh before floatation. The combined cleaner concentrate was 96.2 per cent Cg, at a 99.8-per-cent graphite recovery. Flakes larger than 65 mesh returned 96.7 per cent Cg. The testwork completed by SGS Canada demonstrates that the graphite from the LAB project can produce a large-flake, high-carbon, high-value concentrate.

We seek Safe Harbor.