Red Metal Resources Announces Financing

Red Metal Resources Ltd. (CSE: RMES,OTC:RMESF) (OTC Pink: RMESF) (FSE: I660) ("Red Metal" or the "Company") is pleased to announce a financing.

Private placement offering

Red Metal announces a non-brokered private placement offering for gross proceeds of up to C$750,000 for an aggregate of up to 12,500,000 units (the "Offering").

The Company intends to raise up to $750,000 by issuing an aggregate of up to 12,500,000 units at a price of $0.06 per unit (the "Units"). Each Unit shall be comprised of one common share in the capital of the Company (each a "Share") and one Common Share purchase warrant (each a "Warrant"). Each Warrant entitles the subscriber to purchase one additional Share of the Company ( a "Warrant Share") for a period of three years at a price of CDN$0.09 per Warrant Share in the first year following the close of the financing, CDN$0.12 per Warrant Share in the second year following the close of the financing, CDN$0.15 per Warrant Share in the third year following the close of the financing.

The Company intends to use the proceeds from the sale of the Units to finance general working capital requirements and exploration on Carrizal, its flagship Chilean copper property.

States CEO Caitlin Jeffs, "With a pro-business and mining government in Chile, and with copper reaching record prices, we believe now is the time to focus on our Chile copper project. We intend to use the funds to advance exploration on Carrizal and for general working capital."

All securities to be issued under the Offering will be subject to a four-month-and-one-day hold period in accordance with applicable Canadian securities laws.

About Red Metal Resources Ltd.

Red Metal Resources is a mineral exploration company focused on growth through acquiring, exploring and developing clean energy and strategic minerals projects. The Company's current portfolio include the 100% owned Ville Marie claims in Quebec, Canada as well as Company's Chilean projects which are located in the prolific Candelaria iron oxide copper-gold (IOCG) belt of Chile's coastal Cordillera. Red Metal is quoted on the Canadian Securities Exchange under the symbol RMES, on OTC Link alternative trading system on the OTC Pink marketplace under the symbol RMESF and on the Frankfurt Stock Exchange under the symbol I660.

For more information, visit www.redmetalresources.com

Forward-Looking Statements - All statements in this press release, other than statements of historical fact, are "forward-looking information" within the meaning of applicable securities laws including, without limitation statements related to the Offering and expected use of proceeds. Red Metal provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to the ability to raise adequate financing, receipt of required approvals, as well as those risks and uncertainties identified and reported in Red Metal's public filings under its SEDAR+ profile at www.sedarplus.ca. Although Red Metal has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Red Metal disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

THIS NEWS RELEASE IS NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/279761