Mr. Zachary Kotowych reports

BOLT METALS ANNOUNCES PRIVATE PLACEMENT

Bolt Metals Corp. has arranged a non-brokered private placement of up to 12,903,225 special warrants of the company at a price of 31 cents per special warrant, for aggregate gross proceeds of up to $4-million.

Each special warrant will automatically convert, for no additional consideration, into one unit of the company on the date that is the earlier of: (i) the date that is three business days following the date on which the company files a prospectus supplement to a short form base shelf prospectus with the securities commissions qualifying distribution of the units underlying the special warrants; and (ii) the date that is four months and one day after the closing of the offering.

Each unit will comprise one common share of the company and one share purchase warrant of the company, with each warrant exercisable into one additional share at an exercise price of 41 cents for two years from the date of closing.

The warrants will be subject to 10-per-cent blocker provision that restrict the exercise of any warrants, in the event that such exercise would result in the applicable securityholder holding 10 per cent or more of the issued and outstanding shares at such time.

The company will use the net proceeds from the offering for operations and administrative costs. The company intends to use the proceeds raised from the offering for continuing exploration activities and general working capital. The offering is subject to certain conditions including, but not limited to, receipt of all necessary approvals, including the approval of the Canadian Securities Exchange.

The special warrants are expected to be issued pursuant to exemptions from the prospectus requirements under Canadian securities laws, such as the accredited investor, $150,000 minimum investment or other relevant exemptions under National Instrument 45-106, Prospectus Exemptions. Prior to the filing of the prospectus supplement and the automatic conversion of the special warrants, the securities issued under the offering will be subject to a four-month hold period from the date of closing of the offering in addition to any other restrictions under applicable law.

The company may pay finders' fees on the offering within the amount permitted by the policies of the CSE.

About Bolt Metals Corp.

Bolt Metals is a North American mineral acquisition and exploration company focused on the development of quality precious and base metal properties that are drill ready with high upside and expansion potential. Bolt trades on the CSE under the symbol BOLT, the OTC under the symbol PCRFC and in Germany under the WKN A3D8AK.

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