GoldON Closes Private Placement Financing

Proceeds to be used for exploration programs at Slate Falls, West Madsen, and Bruce Lake Projects

VICTORIA, February 19, 2020 - GoldON Resources Ltd. (TSXV:GLD) ("GoldON" or the "Company") is pleased to report the closing of its previously announced non-brokered private placement of 1,150,000 flow-through shares at a price of $1.00 per share for gross proceeds of $1,150,000.

The Company will, subject to TSX Venture Exchange acceptance, pay finders' fee totalling $69,000 and 69,000 warrants exercisable at $1.00 per share until February 19, 2022 in respect of the offering. All securities issued pursuant to this offering are subject to a four-month hold period and may not be traded until at least June 20, 2020, except as permitted by applicable securities legislation and the TSX Venture Exchange.

The Company will use the proceeds of the financing to fund its initial 2020 exploration programs. Analytical results are forthcoming from the recent Slate Falls drilling program and the West Madsen soil-gas-hydrocarbon survey. Once those results are received and interpreted, details of the next phase of work at both projects will be provided.

About GoldON Resources Ltd.

GoldON is an exploration company focused on discovery-stage properties located in the prolific gold mining belts of northwestern Ontario, Canada. Active projects include: the West Madsen property in the Red Lake Gold Camp, an option/JV with Great Bear Resources; the Bruce Lake property that adjoins BTU Metals' Dixie Halo property and their TNT Target; and our flagship Slate Falls project in the Patricia Mining Division, where 18 Au-Ag mineralized zones have been identified over the 13-km breadth of the property. GoldON has 16,858,432 shares issued.

For additional information: visit our website at https://goldonresources.com, you can download our latest presentation by clicking here and you can follow us on Twitter at https://twitter.com/GoldONResources.

ON BEHALF OF THE BOARD

Signed "Michael Romanik"

Michael Romanik, President
Direct line: (204) 724-0613
Email: romanikm@mymts.net

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: GoldON Resources Ltd.