Mr. Kelly Abbott reports

PEGMATITE ONE LITHIUM AND GOLD CORP. TO SETTLE OUTSTANDING DEBT

Pegmatite One Lithium and Gold Corp. proposes to settle outstanding indebtedness of up to $90,000 in exchange for an aggregate of up to 666,667 common shares of the company at a price of 13.5 cents per common share.

The securities, when issued, will be subject to a four-month exchange hold and a four-month-and-one-day hold commencing from the date of issuance. In addition, the debt settlement is subject to the approval of the Canadian Securities Exchange.

We seek Safe Harbor.