Caribou King Resources fka CKR

[Sam Dan]

Management raising funds for further testing of graphite prospect

CARIBOU ANNOUNCES PRIVATE PLACEMENT

Caribou King Resources Ltd. has arranged a non-brokered private placement of up to 2.6 million non-flow-through (NFT) units at a price of 10 cents per NFT unit for total gross proceeds of $260,000. Each NFT unit will comprise one common share and one-half of one share purchase warrant of the company. Each NFT warrant entitles the holder to purchase an additional share at a price of 15 cents per share for a period of 12 months.

Proceeds from the NFT offering will be used for the company's short-term payables and for general working capital.

Concurrent with the NFT offering, the company has arranged a non-brokered private placement of up to two million flow-through (FT) units at a price of 12 cents per FT unit for total gross proceeds of $240,000. Each FT unit will comprise one share and one-half of one share purchase warrant of the company. Each FT warrant entitles the holder to purchase an additional share at a price of 20 cents per share for a period of 12 months. Proceeds from the FT offering will be used for qualifying expenditures on the company's properties.

The NFT offering and FT offering are subject to TSX Venture Exchange acceptance.

Finders' fees may be payable on the NFT offering and FT offering, subject to the policies of the TSX Venture Exchange.