Mr. Paul Brockington reports

MARGARET LAKE DIAMONDS INC. CLOSES NON-BROKERED FLOW-THROUGH PRIVATE PLACEMENT

Margaret Lake Diamonds Inc., further to its news release dated March 18, 2015, has received final TSX Venture Exchange acceptance for the closing of its non-brokered private placement, which consists of 559,000 flow-through common shares of the company at a price of 18 cents per flow-through share, for total gross proceeds of $100,620.

The securities issued in this closing are subject to a four-month-and-a-day hold period expiring on July 27, 2015.

Proceeds from the flow-through shares will be used for Canadian exploration expenses within the meaning of the Income Tax Act. This will specifically include the processing and analysis of about 160 indicator mineral samples from the Margaret Lake property.

Paul Brockington, a subscriber to the private placement, is a related party to the company under Multilateral Instrument 61-101 (protection of minority security holders in special transactions). Accordingly, the closing of the private placement is a related party transaction under MI 61-101. The private placement is a transaction that is exempt from: (i) the formal valuation requirements under Section 5.4 of MI 61-101 pursuant to Subsection 5.5(a) of MI 61-101; and (ii) the minority approval requirements under Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(a) of MI 61-101. The company did not file a material change report more than 21 days before the expected closing of the private placement, as the details of the participation therein by related parties of the company were not settled at that time, and the board of directors considered it to be in the best interest of the company to close the private placement once it had been substantially fully subscribed.