Delrey Metals Announces Flow-Through and Non-Flow Through Private Placement

Delrey Metals Corp. (CSE:DLRY, FSE: 1OZ, OTC:DLRYF) (“Delrey” or the “Company“) is pleased to announce a non-brokered private placement consisting of the issuance of: (i) up to 11,000,000 flow-through units (each, an “FT Unit”) at a price of $0.1001 per FT Unit for gross proceeds of up to $1,100,000 (the “FT Offering”), and (ii) up to 5,000,000 non-flow-through units (each, an “NFT Unit” and, together with the FT Units, the “Units”) at a price of $0.08 per NFT Unit for gross proceeds of up to $400,000 (the “NFT Offering” and, together with the FT Offering, the “Offering”).

Each FT Unit will consist of one common share in the capital of the Company to be issued on a “flow-through” basis (each, a “FT Share”) pursuant to the Income Tax Act (Canada) (the “Tax Act”) at a price of $0.10 per FT Share and one-half of one common share purchase warrant (each, an “FT Warrant”), with each FT Warrant entitling the holder to purchase one additional non-flow-through common share (each, a “Warrant Share”) at a price of $0.25 per Warrant Share for a period of eighteen months following the closing of the Offering (the “Closing”).

Each NFT Unit will consist of one common share in the capital of the Company to be issued on a “non-flow-through” basis (each, an “NFT Share”) at a price of $0.08 per NFT Share and one-half of one common share purchase warrant (each, an “NFT Warrant”), with each FT, Warrant entitling the holder to purchase one additional Warrant Share at a price of $0.25 per Warrant Share for a period of eighteen months following the Closing.

All securities issued pursuant to the Offering will be eligible for sale in each of the provinces of Canada.

The aggregate proceeds of the FT Offering will be used by the Company to incur exploration expenditures on the Company’s properties. Such expenditures will constitute “Canadian Exploration Expenses” (as defined in the Tax Act) which will be renounced to purchasers for the taxation year ending December 31, 2019. The aggregate proceeds of the NFT Offering will be used by the Company for exploration expenditures on the Company’s properties as well as for general working capital purposes.

Finders’ fees may be payable in connection with the Offering in accordance with the policies of the Canadian Securities Exchange (the “Exchange”).

All securities issued in connection with the Offering will be subject to a statutory hold period expiring four months and one day after closing of the Offering, as set out in National Instrument 45-102 – Resale of Securities.

None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Delrey

Delrey Metals Corp. (CSE:DLRY, FSE: 1OZ, OTC:DLRYF) is a mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties, specifically in the strategic energy minerals space. The Company has an option to earn an 80% interest in the Four Corners Project located in Newfoundland and Labrador. The Four Corners Project is a Fe-Ti-V exploration project with positive historical drilling, metallurgy, and development economics. The Company also wholly owns the Star, Porcher, Peneece and Blackie Fe-Ti-V properties located along tidewater in western British Columbia. Delrey will continue to review and acquire projects showing potential for materials used in the energy storage and electric vehicle markets. The Company is based in Vancouver, British Columbia, and is listed on the CSE under the symbol “DLRY”.

Qualified person

Scott Dorion, P.Geo., is the designated Qualified Person of the Company as defined by NI 43-101 and has reviewed and approved the technical information contained in this release.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, constitute “forward-looking information” as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations, and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, but are not limited to, general business and economic uncertainties. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, which could result in delays, or cessation in planned work, that the Company’s financial condition and development plans change, delays in regulatory approval, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company’s Management’s Discussion and Analysis reports filed under the Company’s profile at www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.

Neither the CSE nor it’s Regulation Services Provider (as that term is defined in the policies of the CSE) accept responsibility for the adequacy or accuracy of this release).

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