Supernova Announces Closing of Non-Intermediary Private Placement and Settlement of Debt

Vancouver, British Columbia – TheNewswire – February 25, 2022 – Supernova Metals Corp. (“SUPERNOVA” or the “Company”) (TSXV:SUPR) (OTC:ABETF) (Frankfurt:A1S.F) pleased to announce that the Company has closed its non-brokered private placement (the “Private placement”) issuing 1,996,363 ordinary shares (the “Shares”) at a price of $0.11 per share, generating total gross proceeds of $219,600.

The Company will use the proceeds of the private placement for initial exploration on its 100% owned property Lac Saint Simon lithium property (“LSS”) located in Quebec, Canada and for general working capital. No finder’s fee was paid in connection with the Private Placement.

About Lake Saint-Simon

The LSS property is located in the James Bay/Eeyou Istchee region of Quebec. The LSS property consists of 9 mining claims totaling approximately 480 hectares and has a historical technical report *NI 43-101 completed in May 2017. The property is only 2 km from the boundary of Nemaska’s Whabouchi (“Whabouchi”) project ​​Lithium. According to Nemaska, Whabouchi is one of the world’s largest lithium spodumene hard rock deposits, both in volume and grade. In 2017, a 56.6 line km airborne magnetic drone-based survey identified two main dipole anomalies on the LSS property, and when combined with the general geology of the area and given the size of the anomalies, they probably represent geological features such as fault zones and a dyke system. Information from the survey will assist in a geological mapping and prospecting program to potentially identify potential lithium bearing pegmatite dykes on the property. The most promising geology appears to be potential pegmatite dykes in the pink granite in the southern part of the property. This area will be targeted for monitoring. Generally, lithium mineralization in the area has been concentrated in pegmatites, with nearby Whabouchi being the classic example. “Lithium demand and the global shift to renewable green power sources has accelerated in recent years,” said Sean McGrath, CEO. “Quebec offers mining-friendly jurisdiction as end users focus on establishing national supply chains.”

Debt settlement

The Company also announces that it has issued a total of 1,204,545 units (the “Units”) at a deemed price of $0.11 per unit, settle a debt of $132,500 (the “Debt settlement”) which consists of (i) $32,500 for prior consulting services provided to the Company by an officer of the Company, and (ii) $100,000 for a loan advanced to the Company by a third party.

Each unit consists of one share of the Company and one transferable common share purchase warrant (a “To guarantee”). Each mandate allows its holder to acquire one additional Share of the Company at the price of $0.145 per share until 4:00 p.m. (Vancouver time) for two years from the debt settlement closing date.

Sean McGrath, CEO and director of the Company, purchased 900,000 shares in the private placement; Roger March, director of the Company, purchased 100,000 shares under the private placement; Lindsay Hamelin, Corporate Secretary of the Company, purchased 50,000 shares in the private placement; and Ken Brophy, the company’s chief financial officer and director, received 295,454 units as part of the debt settlement through his advisory firm.

Accordingly, the Private Placement and the Debt Settlement Transaction are related party transactions (as defined in National Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied on section 5.5(b) of the “Issuer not listed on specified markets” section. Markets” and 5.7(a) “fair market value not to exceed $2,500,000” and exemptions from formal valuation and minority shareholder approval requirements, respectively, under NI 61-101.

All securities issued under the Private Placement and Debt Settlement are subject to a mandatory 4 month hold period.

Qualified person

The technical information contained in this press release has been reviewed and approved by Roger March, PGeo and director of Supernova. Mr. March is the qualified person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.

About SUPERNOVA

SUPERNOVA is a resource exploration company focused on acquiring and advancing natural resource opportunities in North America.

ON BEHALF OF COUNCIL

Sean McGrath

CEO and Director

[email protected]

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATORY SERVICE PROVIDER HAS REVIEWED NOR ACCEPTS RESPONSIBILITY FOR THE SUITABILITY OR ACCURACY OF THIS RELEASE.

Cautions Regarding Forward-Looking Information:

Certain of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of these words or expressions, or statements that certain actions, events or results “could”, “could”, “should”, “would”, “could” or “would” be taken, occur or be achieved. This forward-looking information is provided as of the date of this press release. Forward-looking information reflects our current expectations and assumptions and is subject to a number of known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from results, anticipated future performance or achievement. expectations expressed or implied by the forward-looking information. No assurance can be given that these assumptions will prove to be correct. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Investors are encouraged to review the risk factors under the heading “Risks and Uncertainties” in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2020 available at www.sedar.com for an analysis of the factors that could cause the Company’s actual results, performance and achievements are materially different from any anticipated future results, performance or achievements expressed or implied by the forward-looking information. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to publicly update or otherwise revise any forward-looking statements, except as required by law.

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