GoldON Resources Ltd. announced a non-brokered private placement of 2,500,000 flow-through units at issue price of CAD 0.12 for proceeds of CAD 300,000 to qualified investors, and 1,000,000 non-flow-through units at issue price of CAD 0.10 for proceeds of CAD 100,00 for total gross proceeds of CAD 400,000 on December 14, 2022. Each flow-through unit will consist of one flow-through share and one non-transferable share purchase warrant that will entitle the holder to purchase one common share of the company at a price of CAD 0.20 for twelve months from the closing date of the offering. Each non-flow through unit will consist of one common share and one non-transferable share purchase warrant that will entitle the holder to purchase one additional common share of the company at a price of CAD 0.20 per share for twenty-four months from the closing date of the offering.

The company has agreed to pay a finder's fee of up to 6% cash and 6% finders' warrants on a portion of the subscription proceeds. Finders' warrants associated with the flow through units will entitle the holder to purchase one common share of the Company at a price of CAD 0.20 for twelve months from the closing date. Finders' warrants associated with the non flow through units will entitle the holder to purchase one common share of the company at a price of CAD 0.20 for twenty-four months from the closing date.

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