Use of proceeds will include Phase II drilling in progress at the West Madsen Gold Project right beside Canada's next gold mine in Red Lake, Ontario

Victoria, British Columbia--(Newsfile Corp. - December 7, 2020) - GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to announce that it has arranged a non-brokered private placement of 1,111,111 common share units at a price of $0.90 per unit with Mr. Eric Sprott to raise approximately $1,000,000 in gross proceeds. Each unit will consist of one common share and one non-transferable share purchase warrant entitling the holder to purchase one additional common share of the Company at a price of $1.35 per share for a period of two years from the closing date.

Completion of this financing is subject to TSX Venture Exchange acceptance. All securities issued pursuant to this offering will have a hold period expiring four months after the closing date.

The Company will use the net proceeds of this financing to fund the Phase II drilling program in progress at its West Madsen Project in the heart of the Red Lake Gold Camp and for general working capital purposes.

The West Madsen Project covers over 4,700 hectares and is comprised of the West Madsen (Block A and B) claims, where GoldON has the right to earn a 100% interest through an option agreement with Great Bear Resources (see news release of May 28, 2019); and the Flat Lake and Madsen-Medicine Stone claim groups that adjoin Block A, where GoldON can acquire a 100% interest through an option agreement with Bounty Gold (see news release of July 29, 2020, and the Red Lake regional map).

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