Nebu Announces Termination of Its Proposed Change of Business and Business Combination Transaction and Provides Further Corporate, Board of Directors and Management Update

Toronto, Ontario--(Newsfile Corp. - March 29, 2017) - Nebu Resources Inc. (TSXV: NBU) ("Nebu" or the "Company") announces that it has terminated its proposed change of business and business combination transaction with LeMine Developments Corp. and intends to continue to pursue opportunities in the mining industry or other industries to attempt to maximize shareholder value. The Company has initiated the review process of re-instating the trading of its common shares in accordance with TSX Venture Exchange policies.

The Company also announces that it has changed auditors from KPMG LLP ("KPMG") to UHY McGovern Hurley LLP ("HUY") effective March 24, 2017. At the request of the Company, the former auditor KPMG has resigned and HUY has been appointed the successor auditor as of the effective date of March 24, 2017.

In accordance with National Instrument 51-102 ("NI-51-102"), the Company has filed a Change of Auditor Notice ("Notice") on SEDAR together with letters from both KPMG and HUY, with each letter confirming that it is in agreement with the statements contained in the Notice, as applicable. There were no reportable events as defined in NI 51-102 between KPMG and the Company.

The record date for the annual general meeting will be set in the near future.

The Company is sad to announce the passing of its President, CEO and Director Mr. John Eansor. The Company extends its condolences to Mr. Eansor's family.

Mr. Paul Crath, currently a Director of the Company, has been appointed interim Chief Executive Officer, with immediate effect until a permanent Chief Executive Officer is appointed.

Mr. Rocco Liscio has been appointed to the Board of Directors of the Company to replace the vacancy left by Mr. Eansor,

Mr. Liscio is the Vice-President of Davroc Engineering. Mr. Liscio has extensive industry experience in the fields of building science and materials engineering.  He has led capital planning, building assessment, materials testing and building rehabilitation projects for numerous public and private clients for over 30 years while working at large Canadian engineering firms and as co-founder and Vice-President of Davroc.  

About Nebu Resources Inc.

Nebu Resources Inc. is a junior exploration company focused on gold exploration in the Timmins Gold Camp and the West Kirkland Area of Ontario, Canada.

For further information, contact: Paul Crath, Interim CEO and Director, 416-504-4128.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.