MBYMF - Mountain Boy Minerals Closes Flow Through Private Placement of $1675800

(TheNewswire)

Vancouver, BC - TheNewswire - November 17 ,2020 - Mountain Boy MineralsLtd. ("Mountain Boy" or the "Company")(TSXV:MTB ) ( Frankfurt:M9UA) announces a non-brokeredprivate placement offering of $1,675,800, announced on November13 th , 2020, consisting of flow-through units (the"Units") at a price of $0.532 per Unit (the"Offering") is now closed.

Each Unit is comprised of one flow through Common Shareand one-half of one Common Share Purchase Warrant("Warrant"). Each Warrant shall be exercisable to acquireone Common Share ("Warrant Share") at a price of $0.60 perWarrant Share for a period of 36 months from the closing of theOffering. The securities issued by the Company in this financing aresubject to a statutory 4-month hold period which expires on March 17,2021.

Flow Through Common Shares issued under the Offeringqualify as "flow through shares" ("Flow ThroughShares"). The gross proceeds from the Offering will be used forexploration expenditures, including work on the Company's AmericanCreek property located in the Golden Triangle of British Columbia. These expenditures will qualify as "Canadian exploration expenses" as defined inthe Income Tax Act which will be renounced to the initial purchasersof the Flow Through Shares. .

A cash finder's fee of $72,000 is paid to the finder.

This news release does not constitute an offer to sellor a solicitation of an offer to buy any of the securities in theUnited States of America. The securities have not been and will not beregistered under the United States Securities Act of 1933, as amended,(the "U.S. Securities Act") or any state securities laws andmay not be offered or sold within the United States or to U.S. Persons(as defined in the U.S. Securities Act) unless registered under theU.S. Securities Act and applicable state securities laws, or anexemption from such registration requirement is available.

On behalf of the Board ofDirectors:

Lawrence Roulston

President & CEO

For further information, contact:

Nancy Curry

VP Corporate Development
(604) 220-2971

NEITHER TSX VENTURE EXCHANGE NOR ITSREGULATION SERVICES PROVIDER(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THISRELEASE.

This news release may containcertain "forward looking statements". Forward-lookingstatements involve known and unknown risks, uncertainties, assumptionsand other factors that may cause the actual results, performance orachievements of the Company to be materially different from any futureresults, performance or achievements expressed or implied by theforward-looking statements. Any forward-looking statement speaks onlyas of the date of this news release and, except as may be required byapplicable securities laws, the Company disclaims any intent orobligation to update any forward-looking statement, whether as aresult of new information, future events or results orotherwise.

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