Sphinx Resources Ltd. Closes a $1 Million Private Placement

MONTRÉAL, Dec 11, 2018 - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX- V: SFX) announces it has held a closing of a non-brokered private placement (the "Private Placement") for aggregate gross proceeds of $1,031,000. The Private Placement was comprised of:

- 8,100,000 units of the Corporation at a price of $0.05 per unit. Each unit consists of one common share in the capital of the Corporation and one half of one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire one common share of the Corporation at a price of $0.07 per common share until December 11, 2021; and

- 9,630,769 flow-through common shares at a price of $0.065 per flow-through share. The flow-through shares shall qualify as "flow-through shares" within the meaning of the Income Tax Act (Canada).

The Private Placement includes $360,000 from three Québec-based institutional funds:

- CDPQ Sodémex Inc. ($160,000);
- Fonds de solidarité FTQ ($100,000); and
- Société d'investissement dans la diversification de l'exploration ("SIDEX") ($ 100,000).

Management and directors of the Corporation subscribed for an amount of $45,000 of the Private Placement. In connection with the financing, the Corporation has agreed to pay finder's fees in the aggregate amount of $43,820.

The net proceeds of the financing will be used to fund the Corporation's zinc projects (Calumet-Sud, Tessouat, Tessouat-Sud and Obwondiag) in the Pontiac regional municipal county in southwestern Québec and for general working capital purposes.

The securities of the Corporation to be issued pursuant to the financing are subject to a four-month hold period expiring April 12, 2019. The Private Placement has been conditionally accepted by the TSX Venture Exchange.


About Québec and Sphinx

Quebec has established itself as one of the world's most attractive mining jurisdictions, ranking 6th globally (Fraser Institute press release, February 22 2018). The Quebec government has created market confidence by following a proactive approach to mining policy. Quebec's mining sector has also been encouraged by the clarity and certainty of the legal and regulatory framework adopted by its government. Sphinx is engaged in the generation and acquisition of exploration projects in Québec with a focus on zinc.



For further information, please consult Sphinx's website or contact:

Normand Champigny, President and Chief Executive Officer
514.979.4746
info@sphinxresources.ca
www.sphinxresources.ca



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.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results and activities to vary materially from targeted results and planning. Such risks and uncertainties include those described in Sphinx's periodic reports including the annual report or in the filings made by Sphinx from time to time with securities regulatory authorities.

All forward-looking statements in this press release are made as of the date of this press release. Sphinx does not undertake to update any such forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.