Vancouver, British Columbia--(Newsfile Corp. - December 21, 2016) - Iconic Minerals Ltd. (TSXV: ICM) (FSE: YQGB) (OTC Pink: BVTEF) announces the negotiation, subject to acceptance by the TSX Venture Exchange ("TSX-V"), of a private placement for gross proceeds of up to $500,000 (the "Financing"). Upon receipt of acceptance from the TSX-V to the Financing, the Company will issue up to 4,545,454 Units at a price of $0.11 per Unit, each Unit being comprised of one common share and one-half share purchase warrant, each whole warrant being exercisable into one common share for a period of one (1) year from the date of issuance at $0.20 per share.

Proceeds raised will be used toward expenditures required for the Bonnie Claire lithium Property, and for general working capital purposes.

The Company may pay finders' fees in connection with the Financing in accordance with the rules and policies of the TSX-V.

On behalf of the Board of Directors

SIGNED: "Richard Barnett"

Richard Barnett, CFO and Secretary
Contact: (604) 336-8614

For further information on ICM, please visit our website at www.iconicmineralsltd.com
The Company's public documents may be accessed at www.sedar.com

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.

This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES