RJK Explorations Announces Closing of Previously Announced Non-Brokered Private Placement

Kirkland Lake, July 7, 2020 - RJK Explorations Ltd. (TSXV: RJX.A) ("RJK" or the "Company"), further to its press releases dated June 5 and 17, 2020, it has closed the non-brokered private placement offering of units ("Units") and flow-through units ("FT Shares"). Pursuant to this closing, the Company raised a total of $600,000 for the issuance of 3,600,000 Units of the Company at a price of $0.15 per Unit and 300,000 FT Shares at a price of $0.20 per FT Share (the "Offering").

Each HD Unit consists of one common share of the Company (a "Common Share") and one Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one Common Share at a price of $0.25 for a period of one year from the closing date of the Offering. The FT Shares will qualify as "flow-through shares" (within the meaning of the Income Tax Act (Canada)). The gross proceeds from the sale of the FT Shares will be used to incur qualifying Canadian Exploration Expenses. Qualifying expenses are to be incurred by no later than December 31, 2021 for renunciation to investors of FT Shares in the Offering effective December 31, 2020. The balance of the proceeds of the Offering will be used for general corporate and working capital purposes.

In connection with the Offering, the Company paid a finder's fee to National Bank Financial, an arm's length finder, consisting of $4,000 in cash and an aggregate of 20,000 non-transferrable warrants ("Broker Warrants"). Each Broker Warrant issued under the Offering entitles the holder to purchase one Common Share at a price of $0.20 for a period of one year from the closing date of the Offering. All securities issued pursuant to the Offering are subject to a statutory hold period ending November 8, 2020. The Offering remains subject to final acceptance by the TSX Venture Exchange.

The securities offered pursuant to the Offering have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons 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.

Contact Information
Glenn Kasner, President
Telephone: (705) 568-7956
Mobile: (705) 568-7567
info@rjkexplorations.com

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 Information

Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Forward-looking statements or information appear in a number of places and can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information include statements regarding the Offering generally, the proposed use of proceeds, and the Company's exploration plans. With respect to forward-looking statements and information contained herein, we have made numerous assumptions, including assumptions about the receipt of final acceptance by the TSX Venture Exchange and the state of the equity markets. Such forward-looking statements and information are subject to risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Such risks include the ability of the Company to receive final acceptance of the Offering, the ability to conduct our exploration programs as planned, the ability to spend the proceeds of the flow-through financing by December 31, 2021, and that the expenditure of the proceeds of the FT Shares will not be considered Qualifying Expenses, changes in equity markets, share price volatility, volatility of global and local economic climate, diamond price volatility, increases in costs, exchange rate fluctuations, speculative nature of diamond exploration and other risks involved in the diamond exploration industry. See the Company's annual and quarterly financial statements and management's discussion and analysis for additional information on risks and uncertainties relating to the forward- looking statement and information. There can be no assurance that a forward-looking statement or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. We undertake no obligation to reissue or update any forward-looking statements or information except as required by law. All forward-looking statements and information herein are qualified by this cautionary statement.

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