Mr. Michael Romanik reports

GOLDON CLOSES PRIVATE PLACEMENT FINANCING

GoldON Resources Ltd. has closed the second and final $150,000 tranche of its previously announced non-brokered private placement financing with qualified investors of 16 million units for gross proceeds of $400,000.

In its second and final tranche, the company issued six million units at a price of 2.5 cents per unit. Each unit consists of one common share and one transferable share purchase warrant that will entitle the holder to purchase one additional common share of the company at a price of five cents per share for two years from the closing date. All shares issued in respect of this tranche will be subject to a hold period expiring July 28, 2025.

If, at any time after the date of issuance of the warrants, the closing price of the company's common shares on the TSX Venture Exchange is at or above 20 cents per share for a period of 10 consecutive trading days, the company may elect to accelerate the expiry date of the warrants by delivering notice to the warrantholders and issuing a news release announcing the triggering event. The warrants will expire on the 30th calendar day after the later of the date of such notice and the date of issuance of such news release.

The company expects it will use up to $200,000 of the proceeds of the offering to finance work at its 100-per-cent-owned Slate Falls gold-silver property and the remainder for general working capital purposes. Management estimates that not more than 10 per cent of the proceeds will be used for investor relations expenses and not more than 20 per cent of the proceeds will be used for payments to non-arm's-length parties. Completion of this offering is subject to TSX Venture Exchange acceptance.

About GoldON Resources Ltd.

GoldON is a mineral exploration company focused on discovery-stage properties. The company's goal is to add value by defining or redefining the exploration opportunity, maintain ownership control during the value creation phase of discovery, and then source a well-financed partner capable of accelerating discovery, resource definition and development.

We seek Safe Harbor.