Gold Line Announces Closing of Private Placement Financing Which Includes Sprott Strategic Investor

Gold Line Announces Closing of Private Placement Financing Which Includes Sprott Strategic Investor

Vancouver, BC, Canada – March 8, 2022 – Gold Line Resources Ltd. (TSX-V: GLDL, Frankfurt: 4UZ, WKN: A2QGWC, OTCQB: TLLZF) (“Gold Line” or the “Company”) announces that, further to its news release dated January 31, 2022 which detailed the closing of the first tranche of its non-brokered private placement (the “Private Placement”), the Company will not be proceeding with a second tranche and has now closed the Private Placement with a total of $4,100,000 of the previously announced $4,500,000 upsized maximum amount. Certain members of the Sprott group of companies acted as finders in the Private Placement with respect to the sale of 18,750,000 Units, or $3,000,000, representing 67% of the gross proceeds.

The net proceeds from the Private Placement are intended to be used to complete Phase 2 of the Company’s reconnaissance drilling program at its Paubäcken property, situated in the Gold Line Mineral Belt in Sweden, and for general working capital purposes.

Under the Private Placement, the Company issued an aggregate of 25,625,000 units (the “Units”) at a price of $0.16 per Unit to raise gross proceeds of $4,100,000. Each Unit consisted of one (1) common share and one (1) common share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder thereof to purchase one additional common share (each, a “Warrant Share”) at a price of $0.25 for a period of thirty-six (36) months from the date of issuance.

In connection with closing of the Private Placement, the Company confirms that it has paid $200,952 and issued 1,255,953 finder’s warrants (“Finder’s Warrants”) to the previously-mentioned finders under the Private Placement in consideration for introducing subscribers to the Private Placement. Each Finder’s Warrant is exercisable at a price of $0.16 for a period of two (2) years from the date of issuance for one common share in the capital of the Company.

Two insiders of the Company participated in the Private Placement and acquired an aggregate of 1,250,000 Units. The purchase constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The issuances are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as they are distributions of securities for cash and the fair market value of the Units issued to, and the consideration paid by, the insiders did not exceed 25% of the Company’s market capitalization. No new insiders were created, nor any change of control occurred, as a result of the Private Placement.

Readers should no longer rely on the previously announced closing figures of the Private Placement and the figures listed above should be taken as final. All securities issued and issuable under the Private Placement will be subject to a four (4) month hold period expiring June 1, 2022.

On behalf of the Board of Directors of Gold Line Resources,
Taj Singh

President & CEO

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About Gold Line Resources Ltd.

Gold Line Resources is focused on acquiring mineral properties with exceptional exploration potential in the most prolific gold-producing regions of Sweden and Finland. Gold Line is working in two of the world’s top mining jurisdictions and emerging exploration frontiers due to their strong mineral endowment, stable tenure, straightforward permitting, favourable tax regime and supportive geopolitical landscape. Gold Line currently holds a prospective portfolio of gold exploration projects in Sweden and Finland. In Sweden projects are located in the Gold Line Mineral Belt and Skellefteå Belt of north-central Sweden, and the Mjøsa-Vänern Belt in southwest Sweden. In Finland Gold Line holds the entire underexplored Oijärvi Greenstone Belt located in northern Finland.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Gold Line’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Forward-looking statements in this news release include statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: that exploration and development activities will not be completed as planned; that the results of exploration and development activities will not be as anticipated. Gold Line may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect Gold Line’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of Gold Line’s securities, regardless of its operating performance; and the impact of COVID-19. The forward-looking statements contained in this news release represent the expectations of Gold Line as of the date of this news release and, accordingly, are subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Gold Line undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

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About Gold Line Resources Ltd.

Gold Line Resources is focused on acquiring mineral properties with exceptional exploration potential in the most prolific gold-producing regions of Sweden and Finland. Gold Line is working in two of the world’s top mining jurisdictions and emerging exploration frontiers due to their strong mineral endowment, stable tenure, straightforward permitting, favourable tax regime and supportive geopolitical landscape. Gold Line currently holds a prospective portfolio of gold exploration projects in Sweden and Finland. In Sweden projects are located in the Gold Line Mineral Belt and Skellefteå Belt of north-central Sweden, and the Mjøsa-Vänern Belt in southwest Sweden. In Finland Gold Line holds the entire underexplored Oijärvi Greenstone Belt located in northern Finland.