Leucrotta Exploration Inc. Announces Grant of Incentive Stock Options

Calgary, Alberta--(Newsfile Corp. - August 28, 2020) - Leucrotta Exploration Inc. (TSXV: LXE) (the "Corporation") announces that its board of directors approved the granting of incentive stock options ("Options") under its stock option plan to certain of its directors and officers to acquire up to an aggregate of 5,465,000 common shares ("Common Shares") of the Corporation and the granting of Options to certain of its employees and consultants to acquire up to an aggregate of 1,535,000 Common Shares.

All of the Options are exercisable for a period of five years at a price of $0.60 per Common Share and 33⅓% of the Options will vest on the date that is one year after the date of the grant of such Options and the remainder will vest 33⅓% per year thereafter.

Leucrotta will now have 18,002,350 stock options outstanding. Leucrotta's share based incentive plans limit the total number of Common Shares underlying the outstanding stock options to no more than 10% of the outstanding Common Shares. As of the date of this press release, the total number of Common Shares underlying the outstanding stock options represents about 9.0% of the issued and outstanding Common Shares.

Further Information

For additional information, please contact:
Mr. Robert J. Zakresky
President and Chief Executive Officer
(403) 705-4525

Mr. Nolan Chicoine
Vice President, Finance and Chief Financial Officer
(403) 705-4525

Leucrotta Exploration Inc.
Suite 700, 639 - 5th Avenue SW
Calgary, Alberta T2P 0M9
Phone: (403) 705-4545
Fax: (403) 705-4526

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

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES OF AMERICA.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/62772

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