GoldON Completes Non-Brokered Financing

Flow-Through proceeds will be used for winter exploration drilling at the 100%-owned McDonough Gold Property in Red Lake, Ontario

Victoria, British Columbia--(Newsfile Corp. - December 29, 2022) - GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to announce the completion of its previously announced non-brokered private placement financing that raised $529,000 in gross proceeds (the "Offering").

The Offering consisted of 3,041,668 flow-through units ("FT Units") and 1,640,000 non-flow-through units (the "NFT Units"). The FT Units were priced at $0.12 and consist of one flow-through share and one non-transferable share purchase warrant that entitle the holder to purchase one common share of the Company at $0.20 for twelve (12) months from the closing date of the Offering. The NFT Units were priced at $0.10 and consist of one common share and one non-transferable share purchase warrant that entitle the holder to purchase one additional common share of the Company at $0.20 per share for twenty-four (24) months from the closing date of the Offering.

The Company paid finders' fees on a portion of the Offering proceeds that included $6,570 in cash, 21,000 finders' warrants associated with the FT Units, and 40,500 finders' warrants associated with the NFT Units. Finders' warrants associated with the FT Units entitle the holder to purchase one common share of the Company at $0.20 for twelve months from the closing date. Finders' warrants associated with the NFT Units entitle the holder to purchase one common share of the Company at $0.20 for twenty-four months from the closing date. All securities issued pursuant to this Offering will have a hold period expiring April 30, 2023.

Proceeds of the Offering will be used to fund the Company's initial drilling program at its 100%-owned McDonough Gold Property and for general working capital purposes.

As part of the Offering, Anacott Capital Corp. subscribed for 200,000 NFT Units. This investment results in Anacott Capital Corp. and its sole shareholder, Michael Romanik, GoldON's president, holding approximately 7.4% of the Company's issued and outstanding shares. The Company relied on subsections 5.5(b) and 5.7(1)(b) of Multilateral Instrument 61-101 to exempt the Offering from the requirements for a formal valuation and minority shareholder approval. To the Company's knowledge, neither it nor the purchaser has knowledge of any material information concerning the Company or its securities that has not been generally disclosed.

About GoldON Resources Ltd.

GoldON is an exploration company focused on discovery-stage properties located in the prolific gold mining belts of northwestern Ontario, Canada. Our current project portfolio includes seven properties in the Red Lake Mining District (McDonough, Springpole East, Red Lake North, Pipestone Bay, Pakwash North, McInnes Lake, and West Madsen) and an eighth property in the Patricia Mining District (Slate Falls).

For additional information, please visit our website at goldonresources.com; you can download our latest investor presentation by clicking here and follow us on Twitter at https://twitter.com/GoldONResources.

ON BEHALF OF THE BOARD

Signed "Michael Romanik"

Michael Romanik, President
GoldON Resources Ltd.
Direct line: (204) 724-0613
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9

Forward-Looking Statements:

This news release may contain "forward-looking statements" that involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.