Loyalist Updates Shareholders on Millbrook Transaction, Financing and Trading Halt

(TheNewswire)

Toronto, Ontario – November 7, 2024 – TheNewswire – Loyalist ExplorationLimited (“Loyalist” or the “Company”) PNGC announcesthat the Letter of Intent (see press release on June 5, 2024), theShare Exchange (see press release on August 19, 2024) or any otheraspects related to the acquisition of Millbrook Minerals Inc. (the“Transaction”) has been terminated by mutual consent.

The Company’s shareholders approved the Transactionat a meeting on September 11, 2024, however, the management anddirectors of both Loyalist and Millbrook that the Transaction couldnot be completed as contemplated and was not in the best interest oftheir respective shareholders.

It is expected that the Company’s shares willrecommence trading on the Canadian Securities Exchange shortly afterthis release is issued.

The Company will continue to offer on a non-brokeredprivate placement financing of up to 70,000,000 common shares (the“Shares”) of the Company at a price of $0.005 per Share forproceeds of up to $350,000. The proceeds of the Offering will be usedfor working capital and general and administrative purposes.

In connection with the Offering, the Company may payfinders’ fees equal to 7% of the gross proceeds in cash and issuenon-transferable warrants (the “Finder Warrants”) to variousregistered dealers or finders, equal to 7% of the Shares sold throughsuch registered dealers or finders in the Offering. Each FinderWarrant will entitle the holder thereof to purchase one (1) Loyalistcommon share at a price of $0.05 per share for a period of thirty-six(36) months from the closing date of the offering.

The Private Placement will be conducted in relianceupon certain exemptions from the prospectus requirements set out in NI45-106.

The Shares issued in connection with the PrivatePlacement are subject to a hold period expiring four months and oneday from the issuance of the securities comprising the Offering.

A first closing of the Offering is expected on orbefore November 14, 2024.

Loyalist will continue to look for and assess potentialtransactions that it feels will enhance shareholder value goingforward.

Neither the CSE nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.

About LoyalistExploration Limited

Loyalist Exploration Limited is amineral exploration company focused on acquiring, exploring,

and developing quality mineralproperties in Canada.

For further information please visitthe Company's website at loyalistexp.ca or contact:

Loyalist Exploration Limited

Loyalist Exploration Limited

Errol Farr,President and CEO

Email: efarr001@icloud.com

Tel: 647-296-1270

Neither the Canadian SecuritiesExchange nor its Market Regulator (as that term is defined in thepolicies of the Canadian Securities Exchange) have reviewed or acceptresponsibility for the adequacy or accuracy of this release.

Copyright (c) 2024 TheNewswire - All rights reserved.