MGM Resources Announces Closing of Private Placement

Toronto, Ontario--(Newsfile Corp. - July 10, 2019) - MGM Resources Corp. ("MGM" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement, raising aggregate gross proceeds of $145,000.00 through the issuance of 29,000,000 common shares in the capital of the Company (each, a "Common Share") at a price of $0.005 per Common Share (the "Offering"). All Common Shares issued pursuant to the Offering are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.

The Offering was completed pursuant to two partial revocation orders issued by the British Columbia Securities Commission ("BCSC") and the Alberta Securities Commission ("ASC"), on June 25, 2019, as previously announced in the Company's press release dated June 26, 2019. The proceeds of the Offering will be applied towards the payment of outstanding fees owed to the Company's auditors and consultants, filing fees, accounting and bookkeeping fees, professional fees and general working capital.

In connection with the Offering, Greg Wilson of Ottawa, Ontario has acquired 13,340,000 Common Shares, representing 39% of the issued and outstanding Common Shares on a non-diluted basis and partially diluted basis, being that the Company has no outstanding convertible securities. Prior to the Offering, Mr. Wilson did not beneficially own, or exercise control or direction over, any securities of the Company. Mr. Wilson has acquired these securities for investment purposes and may, from time to time, acquire additional securities of the Company or dispose of such securities as Mr. Wilson may deem appropriate. For the purpose of NI 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI 62-103"), the address of Mr. Wilson is 466 Kenwood Avenue, Ottawa, Ontario, K2A 0K9.

In connection with the Offering, Jason I. Goldman Professional Corporation ("JIG Corp"), an Ontario incorporated holding company of Toronto, Ontario, and Kevin Fickle, of Alamo, California, United States of America, have each acquired 6,670,000 Common Shares, representing, individually, approximately 19.5% of the issued and outstanding Common Shares on a non-diluted basis and partially diluted basis, being that the Company has no outstanding convertible securities. Prior to the Offering, JIG Corp and Mr. Fickle did not beneficially own, or exercise control or direction over, any securities of the Company. JIG Corp and Mr. Fickle acquired these securities for investment purposes and may, from time to time, acquire additional securities of the Company or dispose of such securities as JIG Corp or Mr. Fickle, as applicable, may deem appropriate. JIG Corp and Mr. Fickle are not joint actors within the meaning of NI 62-103. For the purpose of NI 62-103, the registered office address of JIG Corp is 2100 - 40 King Street West, Toronto, ON M5H 2C2, and the address of Mr. Fickle is 2621 Royal Oaks Drive, Alamo, CA 94507, USA.

Copies of the respective early warning reports that will be filed by Mr. Wilson, JIC Corp, and Mr. Fickle and may be obtained on the Company's SEDAR profile or by contacting the Company at (416) 710-4906.

About MGM

The Company is engaged in the business of mineral exploration in British Columbia. Its objective is to locate and develop economic precious and base metals properties of merit.

On behalf of the Board of Directors

Michael Lerner
Chief Executive Officer & Director
T: (416) 710-4906
E: mlerner10@gmail.com

Cautionary Statements

This press release may contain forward-looking statements including, but not limited to, comments regarding the timing and content of the Offering. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statement.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46194

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