Olivut Announces Closing of Private Placement of Common

NOT FOR DISTRIBUTION TO OR FOR UNITED STATES NEWS SERVICES
DISTRIBUTION IN THE UNITED STATES

TORONTO, Jan. 27, 2023 (GLOBE NEWSWIRE) — Olivut Resources Ltd. (“Olivut” or the “Company”) (TSXV:OLV) is pleased to announce that the Company has closed a non-brokered private placement (the “Private Placement”) of 6,000,000 common shares (the “Common Shares”) for proceeds of $300,000 at $0.05 per common share. The common shares are subject to resale restrictions as required by applicable securities laws and may not be freely traded until four months from the date of issue.

The private placement has been unanimously approved by the Company’s directors.

Olivut will use the proceeds from the private placement for exploration and general corporate purposes.

The TSX Venture Exchange has approved the listing of the common shares issued pursuant to the private placement on January 27, 2023, subject to conditions.

Olivut is a diamond exploration company with a 100% mineral interest in the HOAM project (the “HOAM Project”) and a 50% interest in the Seahorse project (the Seahorse Project), both projects located in the Northwest Territories of Canada .

The HOAM project has numerous drill-ready targets. The Company believes that the Seahorse Project has the potential to host significant size diamondiferous kimberlite bodies and possible other mineral occurrences based on a combination of: results from the 2019 drilling program; favorable diamond stability indicator minerals found regionally and locally, including 18 macrodiamonds found in West and Northwest regional samples; specific geophysical targets; regional and local faults that would favor kimberlite intercalation; Occurrences of diamondiferous kimberlites to the north and southeast and other geochemical data in the area.

The coronavirus pandemic has prevented any field work since the drilling program last fall in 2019. Completion of additional work programs is dependent on raising funds and potential supply chain disruptions and additional associated costs arising from the coronavirus pandemic, particularly for planning and work in the Northwest Territories.

Please visit www.olivut.com for detailed company and project information.

This press release is for distribution in Canada only and is not for distribution to US news organizations or distribution in the United States. The securities being offered have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities statute, and may not be offered or sold within the United States or to or for the account or benefit of any US person without US registration or an applicable exemption from US registration requirements. This press release does not constitute an offer for sale of securities in the United States.

This press release contains forward-looking statements regarding the Company and matters relating to the Company’s raising capital, business, operations, strategy and financial performance. Actual results could differ materially from those indicated in such statements. These statements are generally, but not always, identified by the use of forward-looking words such as “may,” “will,” “expect,” “estimate,” “anticipate,” “intend,” “believe,” or “continue.” or the negative thereof, or any similar variation. All statements contained herein, other than statements of historical fact, including but not limited to statements regarding future production, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties relating to future expectations, including the fact that that the estimates and forecasts relating to di e properties of the company are realized. Forward-looking statements are based on a number of assumptions, which may prove to be incorrect. Unless otherwise noted, all forward-looking statements speak only as of the date of this press release and the Company undertakes no obligation to update any such statements, except as required by law.

Martin St. Pierre, P.Geophys., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure in this news release.

Leni Keough, P.Geo.
President and Chief Executive Officer

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.