Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

MIRAMICHI, New Brunswick, Jan. 17, 2022 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (TSXV: SXL) (the “Company” or “SLAM”) announces that it has closed a private placement and it has issued 5,327,272 flow-through units (the “FT Units”) at a price of $0.055 per FT Unit for gross proceeds of $292,999.96 (the “Private Placement”). Each FT Unit is comprised of one common share in the capital of the Company issued on a “flow-through” basis and one-half of one common share purchase warrant issued on a non-flow-through basis (with two half common share purchase warrants being a “Warrant”). Each Warrant will entitle the holder thereof to acquire one non-flow-through common share at a price of $0.10 for a period of 24 months from the date of closing. The FT Units are subject to a four-month and one day hold period that expires on May 1, 2022.