Press Releases

Golden Reign Resources Ltd. (TSX-V: GRR) (the “Company” or “Golden Reign”) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement (the “Offering”) consisting of 7,181,575 common shares at a price of $0.22 per share to raise gross proceeds of $1,579,946. In connection with the first tranche of the Offering, the Company has agreed to pay finder’s fees of $51,001 cash and 154,483 warrants priced at $0.22 per share exercisable for a period of eighteen (18) months. The common shares issued pursuant to this private placement are subject to a four month hold period. The first tranche of the Offering and payment of the finder’s fees have been accepted by the TSX Venture Exchange.

Golden Reign is also pleased to announce that due to demand from potential investors the Offering has been increased by $2,200,000 or 10,000,000 common shares. In aggregate, Golden Reign may issue up to 19,545,455 common shares at a price of $0.22 per share (“Issue Price”) under the Offering, for gross proceeds of up to $4,300,000. Finder’s fees of 6% cash and 7% finder’s warrants (“Finder’s Warrants”) may become payable in connection with the second tranche of the Offering. Each Finder’s Warrant will entitle the holder thereof to purchase one common share at an exercise price equal to the Issue Price for a period of eighteen (18) months from the date of closing.

The Company expects to close the second tranche of the Offering on or before January 15, 2017, subject to certain conditions, including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. All securities issued in connection with this tranche of the Offering will be subject to a four month hold period from the date of closing, in accordance with applicable Canadian securities laws.

The net proceeds from the Offering will be used for working capital, general corporate purposes and to accelerate exploration on targets outside of the San Albino area.

Insider Participation in Offering
John Conlon, Abraham Jonker and Leonard Dennis participated in the private placement by subscribing for an aggregate of 1,868,183 common shares for aggregate proceeds of $411,000. The participation by the directors is considered a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The transaction is exempt from the formal valuation and minority shareholder approval requirements under MI 61-101 as neither the fair market value of the units issued to, nor the consideration paid by, the related parties exceeded 25% of the Company’s market capitalization.

On behalf of the Board,

“Kim Evans”
Kim Evans, CPA, CGA
President

For additional information please visit our website at www.goldenreign.com and SEDAR www.sedar.com.

Forward-Looking Statements: Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Such forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to political risks involving the Company’s exploration and development of mineral properties interests, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, the inability or failure to obtain adequate financing on a timely basis and other risks and uncertainties. Such information contained herein represents management’s best judgment as of the date hereof, based on information currently available.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.