Magnitude Mining Ltd. Closes Initial Public Offering

Vancouver, British Columbia--(Newsfile Corp. - June 7, 2018) - Magnitude Mining Ltd. (TSXV: MML.P) (the "Company"), a capital pool company, is pleased to announce that it has completed its initial public offering (the "Offering").

The Company issued an aggregate of 2,000,000 common shares (each, a "Share") of the Company to purchasers in British Columbia and Alberta at a purchase price of $0.10 per Share for gross proceeds to the Company of $200,000.

The Company's Chief Executive Officer, Katharine De Witt, purchased 16,000 Shares in the Offering. After giving effect to the Offering, Ms. De Witt beneficially owns 3,016,000 common shares and 25,000 incentive stock options (the "Options"), representing 48.65% of the Company's issued and outstanding common shares on a non-diluted basis or 48.85% of the Company's issued and outstanding common shares calculated on a partially-diluted basis (assuming the exercise of her Options only). Ms. De Witt has advised the Company that she acquired the securities for investment purposes and intends to increase or decrease her beneficial shareholdings from time to time as she may determine appropriate.

Canaccord Genuity Corp. ("Canaccord") acted as agent in respect of the Offering and received a cash commission of $20,000 and a corporate finance fee of $10,000. In addition, the Company issued to Canaccord a non-transferable warrant to acquire an aggregate of up to 200,000 common shares of the Company for a period of two years from the date the Company's common shares commence trading on the TSX Venture Exchange (the "Exchange"), at an exercise price of $0.10 per Share.

The Company is a capital pool company within the meaning of the policies of the Exchange. The Company has not commenced operations and has no assets other than cash. The Company will use the net proceeds of the Offering to identify and evaluate potential Qualifying Transactions pursuant to the policies of the Exchange.

The Company's Shares were listed on the Exchange today under the trading symbol "MML.P" and are subject to a halt pending receipt by the Exchange of acceptable documentation regarding completion of the Offering.

ON BEHALF OF THE BOARD

"Katharine De Witt"
____________________________

Katharine De Witt
Chief Executive Officer, Corporate Secretary and Director

For further information please contact:

Victoria McMillan
Chief Financial Officer
604-628-1033

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release includes "forward-looking information" that is subject to a few assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding listing of the Company's common shares on the TSX Venture Exchange are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available.

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