Iconic Announces Equity Financing up to $2,550,000

 NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Iconic Minerals Ltd. (TSXV: ICM,OTC:ICMFF) (FSE: YQGB) (OTCQB: ICMFF) announces the negotiation of a private placement for gross proceeds of up to $2,550,000 (the "Financing"), subject to acceptance by the TSX Venture Exchange. These funds will be raised by the Company issuing up to 30,000,000 units (the "Units"), at a price of $0.085 per Unit, each Unit consisting of one common share and one-half share purchase warrant, each whole warrant (the "Warrants") entitling the holder thereof to purchase one additional common share, exercisable for a period of two (2) years from the date of issuance at a price of $0.17 per share; and if over a period of 10 non-consecutive trading dates commencing four months from the date of issuance exceeds $0.34 then the Company may give notice in writing within 30 days of such occurrence to the holders that the Warrants shall expire at the accelerated expiry time unless previously exercised by the holder.

Proceeds raised will be used toward expenditures required for drilling and advancement of its exploration program on its New Pass gold property in Nevada, and for general working capital purposes.

The Company may pay finders' fees in connection with the Financing in accordance with the rules and policies of the TSX-V.

The following is a brief summary on the New Pass Gold Property:

The New Pass Gold Project, located in Central Nevada, approximately 27 miles west of Austin with an NI 43-101 Technical Report dated December 2, 2020 (NI 43-101 Non-Compliant) contains an Inferred Mineral Resource of 15,515,488 short tons (14,075,414 metric tons) at 0.022 ounce per ton (0.75 grams/metric ton) gold equivalent or 341,750 ounces of gold equivalent comprised of 282,986 ounces of gold at an average grade of 0.018 ounces per ton (0.62 grams/metric ton) and 3,139,054 short tons (2,847,702 metric tons) of silver at an average grade of 0.202 ounces per ton (6.92 grams/metric ton).

Richard Kern, Certified Professional Geologist (#11494) and CEO of Iconic is the Qualified Person who has prepared and reviewed this press release in accordance with NI 43-101 reporting standards.

On behalf of the Board of Directors

For further information on ICM, please visit our website at www.iconicminerals.com
The Company's public documents may be accessed at www.sedarplus.ca

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.

This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/270836