Avarone Metals completes $52,500 private placement

News Release

AVARONE METALS INC. CLOSES PRIVATE PLACEMENT

Vancouver, B.C., July 31, 2017 – Avarone Metals Inc. (CSE:AVM; OTC:AVRTF; FWB:W2U1 – WKN:A14SVX) (the “Company” or “Avarone”) announces it has closed a non-brokered private placement issuing a total of 2,100,000 units for gross proceeds of $52,500 (the “Private Placement”). Each unit consisted of one (1) common share and one-half (1/2) common share purchase warrant, whereby each full warrant entitles the holder to purchase one additional common share of the Company for a period of 12 months from closing at an exercise price of $0.05 per share.

Proceeds from the Private Placement will be used for general working capital and corporate purposes.

The securities distributed pursuant to the Private Placement are subject to a statutory hold period of four months from the date of issuance.

A director and officer of the Company participated in the Private Placement by purchasing an aggregate of 300,000 units. Accordingly, the Private Placement constituted to that extent a related party transaction as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of any shares issued to, nor the consideration paid by such persons, exceeded 25% of the Company’s market capitalization.

Further, neither the Company nor the related party has knowledge of any material information concerning the Company or its securities that has not been generally disclosed.

On behalf of the Board of Directors,
AVARONE METALS INC.
Marc Levy
Chief Executive Officer
For more information contact the Company at:
Telephone: (604) 669-9788
Facsimile: (604) 669-9768

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

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. We seek Safe Harbor.