Gungnir Resources, Inc. (ASWRF)

[ThSeeker]

Gungnir Announces Closing of Second and Final Tranche of Private Placement

SURREY, BC / ACCESSWIRE / October 5, 2020 / Gungnir Resources Inc. (TSXV:GUG)(OTC PINK:ASWRF) ("Gungnir" or the "Company") is pleased to announce that it has completed the second and final tranche of its previously announced non-brokered private placement of 3,333,333 units of the Company ("Units") for a total of 10,000,000 Units sold under the offering priced at $0.06 per Unit (the "Unit Price"), for total gross proceeds of $600,000 (the "Offering"). Each Unit consists of one common share in the capital of the Company (each, a "Common Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder to acquire one Common Share (each, a "Warrant Share") at a price per Warrant Share of $0.09 per share for a period of 36 months from the closing of the Offering.

The net proceeds of the Offering will be used to continue the exploration program, inclusive of drilling, at the Company's 100% owned projects in Sweden, concentrating on the Knaften Gold zone and our two nickel resources, Rormyrberget and Lappvattnet.

All securities issued under the Offering are subject to a hold period expiring four months and one day from the closing date of the Offering.

As consideration for the services of certain finders, the Company paid a cash commission of 8% of the gross proceeds of the Offering and that number of non-transferrable finder units (the "Finder Units") as is equal to 8% of the aggregate number of Units sold under the Offering. Each Finder Unit was priced at $0.06 and consisted of one Common Share and one common share purchase warrant (each, a "Finder Warrant"). Each Finder Warrant entitles the holder to acquire one Common Share (each, a "Finder Warrant Share") at a price per Finder Warrant Share of $0.09 per share for a period of 36 months from the closing of the Offering.

This press 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 state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the 1933 Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act, as amended, and application state securities laws.

About Gungnir Resources

Gungnir Resources Inc. is a Canadian-based TSX-V listed mineral exploration company (GUG: TSX-V) with gold and base metal permits in northern Sweden. The Company's key project, Knaften, hosts high-grade gold, VMS (zinc-copper) and copper-nickel targets, and all are open for expansion and further discovery. The Company also holds two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, located east of Knaften. Further information about the Company and its properties may be found at www.gungnirresources.com or at www.sedar.com.