Mr. Glenn Mullan reports

CLEGHORN MINERALS CLOSES $150,000 PRIVATE PLACEMENT FINANCING

Cleghorn Minerals Ltd. has completed the previously announced non-brokered private placement offering for gross proceeds of $150,000.

Cleghorn issued three million units under the offering at a per-unit price of five cents, with each unit comprising one common share in the capital of the company and one non-transferable common share purchase warrant, with each warrant entitling the holder to purchase one common share of the company at a per-share price of seven cents until Feb. 22, 2027.

Three insiders participated in the private placement offering for aggregate cash consideration to Cleghorn of $125,000; this constitutes a related party transaction under TSX Venture Exchange Policy 5.9. Cleghorn availed itself of the exemptions contained in Section 5.5(c) of Multilateral Instrument 61-101 (distribution of securities for cash) for an exemption from the formal valuation requirement and Section 5.7(1)(b) of Multilateral Instrument 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the securities distributed in the transaction and the consideration received by the company for those securities, insofar as the transaction involved interested parties, did not exceed $2.5-million.

The net proceeds raised from the offering will be used by Cleghorn for general corporate purposes.

All securities issued under the offering, including common shares underlying the warrants, are subject to a hold period until June 23, 2024, in accordance with applicable securities legislation and the policies of the TSX Venture Exchange.

About Cleghorn Minerals Ltd.

Cleghorn is a junior mineral exploration company with a 100-per-cent interest in the Meech Lake/Matachewan prospect, a property located in Northeastern Ontario, subject to an aggregate 3.5-per-cent net smelter return royalty.

We seek Safe Harbor.