Mr. Anthony Zelen reports

REX RESOURCES ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Rex Resources Corp. has closed its previously announced non-brokered private placement of units. On April 25, 2024, the company issued 5.15 million units at a price of five cents per unit for gross proceeds of $257,500, with each unit consisting of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant entitles the holder thereof to acquire one share at a price of 7.5 cents per share for a period of 24 months.

Certain insiders of the company subscribed for $50,000 worth of the private placement or one million units. Each of these transactions constituted a related party transaction as that term is defined in Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is relying on exemptions from the formal valuation and minority approval requirements under MI 61-101 and, in particular, sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the transactions is not more than the 25 per cent of the company's market capitalization.

In connection with the private placement, the company paid an aggregate of $9,200 in cash finders' fees to two arm's-length parties, being Canaccord Genuity Corp. (as to $2,400) and Research Capital Corp. (as to $6,800). The private placement remains subject to the approval of the TSX Venture Exchange.

All securities issued in connection with the private placement are subject to a hold period of four months and one day in accordance with applicable securities laws.

The company plans to use the net proceeds from the private placement for general working capital purposes.

About Rex Resources Corp.

Rex is a mineral exploration company focused on the acquisition, exploration and development of mineral resource properties. Rex owns an undivided 100-per-cent interest in eight contiguous mineral claims located near Port Alberni, B.C., generally known as the Rex property.

We seek Safe Harbor.