GoldON Arranges Private Placement Financing

VICTORIA, May 31, 2019 - GoldON Resources Ltd. (TSX-V: GLD) ("GoldON" or the "Company") is pleased to announce that it has arranged a non-brokered private placement of 700,000 common shares at a price of $0.45 per share and 400,000 flow-through common shares at a price of $0.50 per share with qualified investors to raise $515,000 in gross proceeds.

Completion of this financing is subject to TSX Venture Exchange acceptance. The Company may pay a finder's fee of up to 10% on the first $300,000 of subscription proceeds and up to 7.5% on the remainder, half of which is payable in cash and half by the issuance of non-flow-through shares. All of the securities issued pursuant to this offering will have a hold period expiring four months after the closing date.

The net proceeds of this financing will be used to fund the Company's exploration and development work in Ontario, Canada and for general working capital purposes.

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 and our flagship Slate Falls project in the Patricia Mining Corp. Division where 18 Au-Ag mineralized zones have been identified over the 7-kilometre breadth of the property. GoldON has 12,383,220 shares issued and is fully funded to complete its spring/summer work programs.

For additional information please visit our website and view our latest presentation by clicking here or contact Michael Romanik.

ON BEHALF OF THE BOARD

Signed "Michael Romanik"

Michael Romanik, President
Direct line: (204) 724-0613
Email: info@goldonresources.com

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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.