Mr. Rana Vig reports

BLUE LAGOON COMPLETES PRIVATE PLACEMENT

Blue Lagoon Resources Inc.'s non-brokered private placement offering previously announced by the company on Oct. 17, 2024, was oversubscribed, and, as a result, the company has closed the offering by issuing 3,549,998 units at a price of 11 cents per unit for aggregate gross proceeds of $390,500.

Each unit consists of one common share in the capital of the company and one transferable common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the company at an exercise price of 14 cents per share until Oct. 30, 2026.

The proceeds raised from the offering are expected to be used for working capital and general corporate purposes. The securities issued under the offering are subject to a four-month hold period expiring on March 1, 2025, in accordance with applicable Canadian securities laws.