Mr. Sean Mager reports

DURO METALS INC. ANNOUNCES CLOSING OF IPO

Duro Metals Inc. has raised $300,000 by an initial public offering of three million common shares in the provinces of Alberta, British Columbia and Ontario, which closed on Dec. 9, 2019. The corporation has submitted all required documentation to the TSX Venture Exchange for final listing approval and anticipates that trading will commence on, or about, Dec. 12, 2019, under the symbol DURO.P.

Pursuant to the agency agreement dated Sept. 11, 2019, Mackie Research Capital Corp. acted as agent for the offering. As part of the compensation to the agent for its services in connection with the offering, the corporation has paid a cash fee of $27,000, which represents the agent's commission of 9 per cent of the aggregate gross proceeds of the offering. The agent also received 270,000 agent's options entitling the agent to acquire an aggregate of 270,000 common shares of the corporation at an exercise price of 10 cents per common share until Dec. 12, 2021.

Following completion of the offering, the corporation has 6.3 million common shares outstanding, of which 3.3 million are subject to escrow in accordance with TSX-V policies.

The net proceeds of the offering, together with the proceeds from prior sales of common shares of the corporation, will be used by the corporation to identify and evaluate assets or businesses for acquisition with a view to completing a qualifying transaction under the capital pool company program pursuant to Policy 2.4 of the TSX-V. Under TSX-V policies, the corporation has 24 months to identify and close a qualifying transaction. Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative.

For further information, please see the prospectus of the corporation dated Sept. 11, 2019, filed on SEDAR.