Kirkland Lake, Ontario – May 20, 2022) – RJK Explorations Ltd. (TSXV: RJX.A) (OTC Pink: RJKAF) (“RJK” or the “Company”) announces that it has closed a non-brokered private placement offering of units (each, a “Unit”), raising $432,503.17 from the issuance of 3,931,847 Units at a price of $0.11 per Unit (the “Offering”).

Each Unit consists of one Class A Subordinate Voting Share in the capital of the Company (“Common Share”) and one Common Share purchase warrant (“Warrant”). Each Warrant entitles the holder to purchase one Common Share at a price of $0.25 until May 20, 2025. The proceeds will be used for general corporate and working capital purposes.

As part of the Offering, Great Lakes Nickel Limited (“GLN”) subscribed for and funded the purchase of an additional 4,125,516 Units (the “Additional Units”) for proceeds of $453,806.76 (the “Additional Funds”) which Additional Funds are being held in trust pending GLN’s satisfaction of certain requirements of the TSX Venture Exchange (“TSXV”). These requirements include the filing by the control person of GLN of a personal information form, and GLN’s provision of an undertaking to TSXV to not exercise warrants held by it if such exercise would cause GLN’s ownership of Common Shares to exceed 10% of the issued and outstanding Common Shares. Upon GLN satisfying the TSXV’s requirements, the Additional Funds will be released to the Company and the Additional Units will be issued.

All securities issued pursuant to the Offering, are subject to a statutory hold period ending four months and a day from the date of issuance thereof. The Offering remains subject to final acceptance by the TSXV.

The securities offered pursuant to the Offering have not been, nor will they be, registered under the United States Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news 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 jurisdiction in which such offer, solicitation or sale would be unlawful.

Contact Information

Glenn Kasner, CEO
Mobile: (705) 568-7567
info@rjkexplorations.com

Web Site: https://www.rjkexplorations.com/
Company Information: Tel: (705) 568-7445

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.

Forward Looking Information:’

This news release includes certain forward-looking statements, which may include, but are not limited to, statements concerning future mineral exploration and property option payments. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions “will”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “propose” and similar expressions. Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed or implied in this news release. Factors that could cause actual results to differ materially from those anticipated in this news release include, but are not limited to, the financial resources of the Corporation being inadequate to carry out its stated plans. RJK assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements except as required by applicable law.