Legion Metals Corp. Announces Consolidation

Vancouver, British Columbia--(Newsfile Corp. - March 5, 2019) - Legion Metals Corp. (CSE: LEGN) ("Legion" or the "Company") is pleased to announce that further to its press release dated November 29, 2018 regarding the reverse takeover transaction under which Legion will acquire all of the issued and outstanding shares of Nextleaf Solutions Ltd. ("Nextleaf") by way of plan of arrangement (the "Transaction") and related consolidation of the Company's common shares on a 3.5 old shares for 1 new share basis (the "Consolidation"), the Consolidation will become effective on Monday, March 11, 2019.

The post-Consolidation shares will have a new CUSIP number of 52490L200 and a new ISIN of CA52490L2003. Registered shareholders of the Company will receive a letter of transmittal from the Company's transfer agent, with instructions for exchanging their pre-Consolidation shares. Shareholders who hold their common shares through a broker or other intermediary and do not have common shares registered in their name will not need to complete a letter of transmittal.

The Company currently has 12,764,600 issued and outstanding common shares and on completion of the Consolidation there will be 3,647,029 issued and outstanding common shares. The Company will not issue any fractional common shares as a result of the Consolidation. Where the exchange results in a fractional share: if less than one-half, the number of common shares will be rounded down to the nearest whole common share; or, if equal to or greater than one-half, the number of common shares will be rounded up to the nearest whole common share. Outstanding stock options will also be adjusted by the Consolidation ratio and their respective exercise prices adjusted accordingly.

The Consolidation is being completed in conjunction with Transaction. Trading of the Company's common shares are expected to remain halted until completion of the Trans(action or until satisfactory documentation is filed with the Canadian Securities Exchange. Additional information about the Transaction will be provided by way of a subsequent news release(s).

About the Company

Legion is a Vancouver-based mineral exploration company currently focused on the exploration and development of its Millen Mountain Property, which is comprised of 80 mineral claims covering approximately 1,280 hectares in Nova Scotia, Canada. For further information, please refer to Legion's disclosure record on SEDAR (www.sedar.com) or contact the Company by telephone at 778.999.7030.

ON BEHALF OF THE BOARD OF LEGION METALS CORP.

"Peter Smith"
Peter Smith, President and CEO

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This press release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, the Company's business, plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect," "anticipate," "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: changes in economic conditions or financial markets; increases in costs; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; and technological or operational difficulties. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.

The CSE has not reviewed, approved or disapproved the contents of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43260

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