Newfoundland Goldbar Announces Closing of Private Placement

Toronto, Ontario--(Newsfile Corp. - May 9, 2024) - Newfoundland Goldbar Resources Inc. (the "Company") is pleased to announce that the Company has closed its non-brokered private placement raising aggregate gross proceeds of $1,646.42 (the "Private Placement") through the issuance of 3,292,843 common shares in the capital of the Company ("Common Shares") at a price of $0.0005 per Common Share.

The Company intends to use the aggregate proceeds raised from the Private Placement for (i) accounting, audit and legal fees associated with the preparation and filing of the relevant continuous disclosure documents; and (ii) working capital and general and administrative expenses.

ABOUT NEWFOUNDLAND GOLDBAR RESOURCES INC.

The Company is a junior mining company that acquires and explores mineral resource properties, principally in the province of Newfoundland and Labrador.

ON BEHALF OF THE BOARD OF DIRECTORS
Binyomin Posen
Director, Chief Executive Officer and Chief Financial Officer
T: 416-481-2222
E: bposen@plazacapital.ca

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking information or forward-looking statements under applicable Canadian securities laws (collectively, "forward-looking statements"). All information that addresses activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "likely" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions.

Forward looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, statements regarding the Company's performance, business objectives and milestones; and the use of funds from the Private Placement.

Forward-looking statements are based on assumptions that may prove to be incorrect, including but not limited to the ability of the Company to continue as a going concern; and the ability of the Company to use the funds from the Private Placement as intended.

The above list of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward-looking statements due to a number of factors and risks. These include: the inability of the Company to use the funds from the Private Placement for their intended purposes; the Company's ability to continue as a going concern; and the inability of the Company to receive full revocation orders for the Cease Trade Orders.

Any forward-looking statements included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company does not undertake any obligation to update forward-looking statements, except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Binyomin Posen
Newfoundland Goldbar Resources Inc.
+14168697604 ext.
bposen@plazacapital.ca

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208675