Loyalist Exploration Limited Announces Extension of its Proposed Private Placement

(TheNewswire)

Toronto, Ontario - TheNewswire –July 18, 2024 - Loyalist Exploration Limited

PPNGC ("Loyalist" orthe "Company") announces a 30-dayextension to August 17, 2024 of its non-brokered private placementfinancing of up to 70,000,000 common shares (the “Shares”) of theCompany at a price of $0.005 per Share for proceeds of up to $350,000.The proceeds of the Offering will be used for working capital andgeneral and administrative purposes and the costs of completing theAmalgamation (see below and press release dated June 5, 2024).

In connection with the Offering, the Company may payfinders’ fees equal to 7% of the gross proceeds in cash and issuenon-transferable warrants (the “Finder Warrants”) to variousregistered dealers or finders, equal to 7% of the Shares sold throughsuch registered dealers or finders in the Offering. Each FinderWarrant will entitle the holder thereof to purchase one (1) Loyalistcommon share at a price of $0.05 per share for a period of thirty-six(36) months from the closing date of the offering. No finders’ feesare payable in connection with the Amalgamation.

The Private Placement will be conducted in relianceupon certain exemptions from the prospectus requirements set out in NI45-106.

The Shares issued in connection with the PrivatePlacement are subject to a hold period expiring four months and oneday from the issuance of the securities comprising the Offering

The Company has received to date $75,000, being heldpending a closing of the private placement. The proceeds of theprivate placement are being used to complete the Company’s signedLetter of Intent (the “LOI”) to amalgamate (the“Amalgamation”) with Millbrook Minerals Inc. (“Millbrook”), aprivate company incorporated under the Canada Business CorporationsAct. Millbrook is the 100% owner of three mining properties known asSpringdale, Hungry Hill and Rolling Pond (the “Properties”)located in the Canadian Province of Newfoundland and Labrador(“NL”).

The LOI requires the Company to pay Millbrook $50,000cash upon closing of the Offering. The cash payment will be used forimmediate exploration activities on the Properties. The LOI providesthat the Millbrook shareholders will initially receive 200,000,000common shares in the resulting amalgamated company (“Amalco”) andthe Loyalist shareholders will receive 190,531,368 common shares ofAmalco. It is contemplated that there may be a consolidation of sharesof Amalco on a post financing basis of up to one post-consolidatedshare for every 15 pre-consolidated shares. It is a condition for thebenefit of the Millbrook and Loyalist that Loyalist shall completefinancings satisfactory to the parties prior to or contemporaneouslywith closing the Amalgamation which is scheduled for on or aboutSeptember 30, 2024.

About Loyalist ExplorationLimited

Loyalist Exploration Limited is a mineral explorationcompany focused on acquiring, exploring,

and developing quality mineral properties in Canada.

For further information please visitthe Company's website at loyalistexp.ca or contact:

Loyalist Exploration Limited

Loyalist Exploration Limited

Errol Farr, President and CEO

Email: efarr001@icloud.com

Tel: 647-296-1270

Neither theCanadian Securities Exchange nor its Market Regulator (as that term isdefined in the policies of the Canadian Securities Exchange) havereviewed or accept responsibility for the adequacy or accuracy of thisrelease.

This news release contains "forward-lookinginformation" (within the meaning of applicable Canadiansecurities laws) and "forward-looking statements" (withinthe meaning of the U.S. Private Securities Litigation Reform Act of1995). Such statements or information are identified with words suchas "anticipate", "believe", "expect","plan", "intend", "potential","estimate", "propose", "project","outlook", "foresee" or similar words suggestingfuture outcomes or statements regarding an outlook.

Although the Company believes that the expectationsreflected in the forward-looking information or statements arereasonable, prospective investors in the Company’s securities shouldnot place undue reliance on forward-looking statements because theCompany can provide no assurance that such expectations will prove tobe correct. Forward-looking information and statements contained inthis news release are as of the date of this news release and theCompany assumes no obligation to update or revise this forward-lookinginformation and statements except as required by law.

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