Gespeg Announces Closing of Flow through Shares and Non-Flow through unit Private Placement Financing

GESPEG RESOURCES LTD. (TSX-V:GCR)

(the “

Company”

 or 

“Gespeg”

), is pleased to announce the closing of a non-brokered private placement (the "

Offering

") for total gross proceeds of $548,549.92. The closing consists of 900,000 Non-Flow through Units (the “

Units

”) at a price of $0.08 per Unit and 4,332,272 flow-through common share in the capital of the Company (a “

FT Share

”) at a price of 0.11 per FT Share. Each Unit consists of one common share in the capital of the Company (a “

Share

”) and one half of a common share purchase warrant for the purchase of one additional Share at a price of $0.12 for a period of two years from the closing of the Offering.

In connection with the closing of the Offering, the Company paid an aggregate finders' fees of $30,336.00 in cash and issued 275,780 non-transferable share purchase warrants (the “Finder’s Warrants”) to certain arm’s length finders. Each Finder’s Warrant entitling the holder thereof to purchase one Share at a price of $0.15 until December 23, 2022. All the securities issued under the Offering are subject to a four month hold period ending April 24, 2021.

The Offering remains subject to the final approval of the TSX Venture Exchange. The proceeds of the Offering will be used by the Company to advance its Lac Arsenault and Native Copper exploration projects within Quebec and for general administrative purposes.

Sylvain Laberge President & CEO: “This financing will help us continue to advance our exploration on Lac Arsenault and will prepare our drilling campaign in early 2021.”

About Gespeg Resources Inc.: Gespeg is an exploration company with a focus in strategic and energetic metals and underexplored regions “Gaspé, Chibougamau Québec”. With a dedicated management team, the Company’s goal is to create shareholder value through the discovery of new deposits.

GESPEG RESOURCES LTD.

(signed) “Sylvain Laberge”

Sylvain Laberge President and CEO [e-mail]

Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

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