Mr. Kelly Abbott reports

PEGMATITE ONE LITHIUM AND GOLD CORP. CLOSES PRIVATE PLACEMENT OFFERING

Pegmatite One Lithium and Gold Corp. has closed its previously announced private placement by issuing 4,003,947 units at a price of nine cents per unit for total proceeds of $360,355.23.

Each unit consists of one common share and one-half of one whole share purchase warrant. Each warrant is exercisable at a price of 12 cents per share for a period expiring two years from the date of issuance.

All securities issued in connection with the offering will be subject to a four-month statutory hold period.

The company paid a finder's fee of $8,190 cash and 91,000 broker warrants. Each warrant is exercisable at a price of 12 cents per share for a period expiring two years from the date of issuance.

The proceeds of the offering will be used for exploration as well as general working capital purposes.

Closing of the proposed offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval from the Canadian Securities Exchange.

We seek Safe Harbor.