Mr. Timothy Turner reports

UNITED HUNTER OIL & GAS CORP. AND BOCANA RESOURCES LTD. COMPLETE $3.10M IN TOTAL OFFERINGS WITH A LEAD ORDER FROM PALISADES GOLDCORP LTD.

United Hunter Oil & Gas Corp. and Bocana Resources Ltd. have closed the previously announced non-brokered private placements as announced on Jan. 12, 2021, and Feb. 22, 2021. Total proceeds from all three offerings were $3.1-million, compared with the initial objective of $2.5-million announced on Jan. 12, 2021.

Further to the announcement on Jan. 12, 2021, Bocana completed the non-brokered private placement of 19,467,500 subscription receipts of Bocana at a price of 10 cents per subscription receipt for aggregate gross proceeds to Bocana of $1,946,750 with a lead order from Palisades Goldcorp Ltd. Each subscription receipt entitles the holder thereof, without payment of any additional consideration and without further action on the part of the holder, to receive one unit of Bocana, upon the satisfaction of certain escrow release conditions. Each unit shall consist of one Bocana share and one Bocana share purchase warrant. Each Bocana warrant shall be exercisable at the option of the holder to purchase one Bocana share at an exercise price equal to 25 cents for a period of 36 months following the closing date of the reverse takeover transaction with the corporation.

Following the completion of the transaction and the release of the proceeds from the subscription receipt private placement, Bocana will pay a cash commission of $95,040 from the sale of subscription receipts to eligible finders and will issue 950,400 Bocana finder's compensation warrants in connection with the subscription receipt private placement. Each Bocana finder's compensation warrant will entitle the holder to acquire one unit for a period of 36 months following the closing date of the transaction at the offering price, subject to the requirements of the TSX Venture Exchange.

Additionally, Bocana completed a non-brokered private placement of 4,202,500 units at a price of 10 cents per unit. The units issued pursuant to the Bocana unit private placement have the same terms as the subscription receipt private placement.

In connection with the Bocana unit private placement, Bocana paid a cash commission of $13,280 from the sale of units and issued 132,800 finder's compensation warrants. Each Bocana finder's compensation warrant will entitle the holder to exercisable to acquire one unit for a period of 36 months following the closing date of the transaction at the offering price, subject to the requirements of the TSX-V.

Further to the announcement on Feb. 22, 2021, the corporation closed a non-brokered private placement of 12,289,001 units of the corporation at a price of six cents per UHO unit. Each UHO unit consists of one UHO share and one UHO share purchase warrant. Each UHO warrant shall be exercisable at the option of the holder to purchase one UHO common share at an exercise price equal to 15 cents for a period of 36 months following the closing date. In connection with the transaction, the UHO units shall be subject to an exchange ratio of 1.6877 UHO units to one comparable unit of the resulting issuer. Following the completion of the transaction, the UHO units will have substantially similar terms to those units issued in connection with the Bocana unit private placement.

In connection with the UHO offering, UHO paid finder's fees in the amount of $40,584.00 and issued 676,400 finder's warrants. Each UHO finder's compensation warrant shall be exercisable to acquire one UHO unit for a period of 36 months following the closing date at the UHO offering price.

We seek Safe Harbor.