Sassy Resources Closes First Tranche of Non-brokered Private Placement

/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN/

VANCOUVER, BC, Oct. 22, 2020 /CNW/ - Sassy Resources Corporation ("Sassy" or the "Company") (CSE: SASY) is pleased to announce that it has closed the first tranche of its non-brokered private placement (the "Private Placement", refer to October 8, 2020 news release), raising aggregate gross proceeds of $3,070,765.40. The second tranche is expected to close shortly.

In this first tranche, Sassy has issued 1,578,628 units (the "Units") at a price of $0.90 per Unit and 1,375,001 flow-through units (the "FT Units") at a price of $1.20 per FT Unit.

Each Unit consists of one common share (a "Share") and one-half of one transferable warrant with each whole warrant (a "Warrant") exercisable at a price of $1.25 for a period of two years, provided that in the event that the closing price of the Company's Shares on the Canadian Securities Exchange (the "Exchange") (or such other exchange on which the Company's Shares may become traded) is $1.75 or greater per Share during any ten (10) consecutive trading day period at any time subsequent to four months and one day after the closing date, the Warrants will expire at 4:00 p.m. (Vancouver time) on the 30th day after the date on which the Company provides notice of such accelerated expiry to the holders of the Warrants (the "Accelerated Expiry Provisions").

Each FT Unit consists of one flow-through common share and one-half of one transferable Warrant with each whole Warrant exercisable at a price of $1.50 for a period of two years, subject to the Accelerated Expiry Provisions.

All securities issued are subject to a four-month hold period pursuant to securities laws in Canada.

The Company paid total finder's fees of $156,247.56 and 142,983 finder's warrants ("Finder's Warrants") to Leede Jones Gable Inc., Haywood Securities Inc., PI Financial Corp., Mines Equities Ltd., Canaccord Genuity Corp., Aligned Capital Partners Inc. and Qwest Investment Fund Ltd. The Finder's Warrants are non-transferable and exercisable at prices of $0.90 and $1.20 per Finder's Warrant for a period of two years subject to the Accelerated Expiry Provisions.

The Company intends to use the proceeds from the Private Placement to further advance its Westmore gold-silver discovery and its broader Foremore Gold-Silver Project in the Eskay Camp.

About Sassy Resources Corporation

Sassy Resources is an exploration stage resource company currently engaged in the identification, acquisition and exploration of high-grade precious metal and base metal projects in North America. Its current focus is on the Foremore Gold-Silver Project located in the Eskay Camp, Liard Mining Division, in the heart of Northwest B.C.'s prolific Golden Triangle.

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.

This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

SOURCE Sassy Resources Corp.