Thunder Bay, Ontario--(Newsfile Corp. - October 9, 2020) - Kesselrun Resources Ltd. (TSXV: KES) ("Kesselrun", the "Company" or, the "Issuer") is pleased to announce that it has arranged a non-brokered private placement (the "Private Placement") of non-flow-through units (the " NFT Units") and flow-through units (the "FT Units") to raise total gross proceeds of up to $8,000,000.

NFT Unit Financing

The Company proposes to raise up to $4,000,000 through the issuance of up to 10,000,000 NFT Units at $0.40 per NFT Unit. Each NFT Unit will consist of one non-flow-through common share in the capital of the Issuer and one-half of one non-transferrable common share purchase warrant (each whole warrant being a "NFT Warrant"). Each NFT Warrant will entitle the holder thereof to purchase one non-flow through common share in the capital of the Issuer (an "NFT Warrant Share") at a price of CDN $0.70 per NFT Warrant Share until the close of business on the day which is 24 months from the date the NFT Warrant is issued, subject to acceleration if the average 20-day closing price of the Issuer's common shares is equal to or greater than $1.00, the NFT Warrants will expire 30 calendar days after the date on which the Company provides notice of such accelerated expiry to the holders of the NFT Warrants.

FT Units Financing

The Company proposes to raise up to $4,000,000 through the issuance of up to 8,888,888 FT Units at $0.45 per FT Unit. Each FT Unit will consist of one flow-through common share in the capital of the Issuer and one-half of one non-transferable common share purchase warrant (each whole warrant being an "FT Warrant"). Each FT Warrant will entitle the holder thereof to purchase one non-flow through common share in the capital of the issuer (an "FT Warrant Share") at a price of CDN $0.70 per FT Warrant share until the close of business on the day which is 24 months from the date the FT Warrant is issued, subject to acceleration if the average 20-day closing price of the Issuer's common share is equal to or greater than $1.00, the FT Warrant will expire 30 calendar days after the date on which the Company provides notice of such accelerated expiry to the holders of the FT Warrant.

The proceeds of the FT Unit Financing will be used to incur "Canadian exploration expenses" (within the meaning of the Income Tax Act Canada) on Kesselrun's Canadian exploration projects and the proceeds of the NFT Unit Financing will be used for general corporate purposes

In connection with the private placement, the Company may pay finder's fees, as permitted by the policies of the TSX Venture Exchange. All securities issued above are subject to a hold period of 4 months and one day from the date of closing.

About Kesselrun Resources Ltd.

Kesselrun Resources is a Thunder Bay, Ontario-based mineral exploration company focused on growth through property acquisitions and discoveries. Kesselrun's management team possesses strong geological and exploration expertise in Northwest Ontario. For more information about Kesselrun Resources, please visit .

Neither the 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 news release.

For additional information please contact:

Kesselrun Resources Ltd.

Michael Thompson, P. Geo., President & CEO
807.285.3323

Corporate Communications
1.866.416.7941

Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Kesselrun, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, dependence upon regulatory approvals, the execution of definitive documentation, the availability of financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

To view the source version of this press release, please visit