Serengeti Announces Closing of $700,000 Loan Financing

Press Release

Vancouver, B.C., September 17, 2019. Serengeti Resources Inc. (SIR: TSX-V) (“Serengeti” or “the Company”) announces that it has now closed its convertible loan financing (“Loan”) for CAD $700,000.00 with various private investors (“Lenders”). (See Serengeti press release dated September 4th, 2019).

Proceeds from the Loan financing will be used to cover the Company’s share of current expenditures for the Kwanika PFS and for general corporate purposes. All common shares which may be issued pursuant to this Loan financing are subject to a statutory hold period which expires on January 17, 2020. No commissions or finder’s fees were paid in relation to the Loan financing.

Insiders of the Company participated for an aggregate of $150,000, which if converted, would equal 468,750 Common Shares if their loans were converted and, accordingly, the Loan financing is a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The participation of the insidera is exempt from the formal valuation and minority shareholder approval requirements provided under 61-101 in accordance with sections 5.5(a) and 5.7(1)(a) of MI 61-101. The Company is relying on an exemption from the formal valuation requirements of MI 61-101 available because the fair market value of the participation in the Loan insiders does not exceed 25% of the Company’s market capitalization, as determined in accordance with MI 61-101. The Company did not file a material change report related to this Financing more than 21 days before the expected closing of the Loan financing as required by MI 61-101 since the details of the participation by the insiders were not settled until shortly prior to the closing of the Loan financing and the Company wished to close on an expedited basis for sound business reasons.

ON BEHALF OF THE BOARD

David W. Moore, P. Geo.
President, CEO and Director

About Serengeti Resources Inc.

Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track record of exploration success. The Company is currently advancing its Kwanika copper-gold project in partnership with Posco International and exploring its extensive portfolio of properties in north-central British Columbia. A number of these other projects are available for option or joint venture and additional information can be found on the Company’s website at www.serengetiresources.com.

For further information, please contact:

Serengeti Resources Inc. Suite 520 – 800 West Pender St., Vancouver, BC, V6C 2V6
Tel: 604-605-1300 / Email: info@serengetiresources.com / Website: www.serengetiresources.com

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