Erin Ventures Closes Second Tranche of its Private Placement

VICTORIA, May 8, 2020 - Erin Ventures Inc. ("Erin" or the "Company") (TSXV:EV) announces today that pursuant to a previously announced private placement on February 24, 2020, March 23, 2020 and the first tranche closing announced on April 7, 2020, for Units priced at $0.035 per Unit (the "Offering") the Company has raised an additional $184,916.90 by closing the second tranche of the Offering.

Pursuant to the terms of the Offering, Erin issued 5,283,339 Units in this second tranche. Each Unit consists of one common share in the capital of the Company and one common share purchase warrant (a "Warrant"). Each Warrant will have a three year term (the "Exercise Period") and will be exercisable into one common share at a price of $0.075 in the first year and $0.10 thereafter per common share over the Exercise Period. During the Warrant Exercise Period, in the event the common shares of the Company close on the TSX Venture Exchange ("TSXV") at a price equal to or greater than the designated trigger price (as outlined below) for more than ten (10) consecutive trading days, the Company shall have the right to give written notice to the holder requiring the holder to exercise the Warrant, in whole or in part, within a period of thirty (30) days from the date of receipt of the notice from the Company. Any portion of the Warrant remaining unexercised after the expiration of the thirty (30) day period will be cancelled and will thereafter be void and of no force or effect. The designated trigger price is $0.15 per common share during the first year of the Warrant Exercise Period and $0.20 thereafter.

The Company intends to use 55% of the net proceeds from the Offering, whether fully subscribed or not, to fund further development of its wholly owned Piskanja boron project in Serbia and 45% of the net proceeds from the Offering for general working capital purposes (consisting of payroll 28%, suppliers 11% and contractors 61%).

The Offering was conducted on a private placement basis pursuant to prospectus exemptions of applicable securities laws and remains subject to final acceptance by the TSXV. The Units, and any Warrant Shares issued, will be subject to a four-month hold period. For the second tranche, Two arm's length finders are to be paid an aggregate of $3,665 in finders' fees in accordance with the rules of the TSXV Corporate Finance Manual.

Blake Fallis, an insider of the Company, was issued 290,000 Units pursuant to the private placement, which constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The private placement is exempt from the formal valuation approval requirements of MI 61-101and exempt from the minority shareholder approval requirements of MI 61-101 as at the time of the private placement was announced and closed, neither the fair market value of the private placement, nor the fair market value of the consideration for the private placement, in the aggregate or insofar as it involves interested parties, exceeded 25% of the Company's market capitalization. The Company did not file a material change report more than 21 days before the expected closing of the private placement because the closing date of the private placement had not yet been determined and the Company deems such timeline reasonable in the circumstances to as to be able to avail itself of the proceeds of the private placement in an expeditious manner.

On behalf of the Board of Directors,
Blake Fallis, General Manager

About Erin Ventures

Erin Ventures Inc. is an international mineral exploration and development company with boron assets in Serbia and gold assets in North America. Headquartered in Victoria, B.C., Canada, Erin's shares are traded on the TSX Venture Exchange under the symbol "EV" and the OTCQB under the symbol "ERVFF". For detailed information please see Erin's website at www.erinventures.com or the Company's filed documents at www.sedar.com.

For further information, please contact:

Erin Ventures Inc.
Blake Fallis, General Manager
Phone: 1-250- 384-1999 or 1-888-289-3746
www.erinventures.com
645 Fort Street, Suite 203
Victoria BC V8W1G2
Canada

Erin's Public Quotations:

Canada
TSX Venture: EV

USA
OTC PINK: ERVFF

Europe
Berlin Stock Exchange: EKV

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 release.

Forward Looking Statements:

This release contains forward looking statements. The words "believe," "expect," "feel," "plan," "anticipate," "project," "could," "should" and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties including, without limitation, variations in estimated costs, the failure to discover or recover economic grades of minerals, and the inability to raise the funds necessary, changes in external market factors including commodity prices, and other risks and uncertainties, including the novel coronavirus pandemic. Actual results could differ materially from the results referred to in the forward-looking statements.

SOURCE: Erin Ventures Inc.