Mr. Walter Coles reports

VIRGINIA ENERGY RESOURCES ANNOUNCES CLOSING OF PRIVATE PLACEMENT IN CONNECTION WITH PLAN OF ARRANGEMENT WITH CONSOLIDATED URANIUM

Virginia Energy Resources Inc. has closed its concurrent private placement in connection with the proposed acquisition of Virginia Energy by Consolidated Uranium Inc. pursuant to a statutory plan of arrangement, which was previously announced on Nov. 15, 2022. Under the terms of the concurrent private placement, Virginia Energy issued, on a non-brokered private placement basis, two million common shares in the capital of Virginia Energy to Consolidated Uranium at a price of 50 cents per Virginia Energy share for gross proceeds of $1-million. The concurrent private placement remains subject to final approval of the TSX Venture Exchange. As a result of the completion of the concurrent private placement, Consolidated Uranium owns approximately 3.0 per cent of the issued and outstanding Virginia Energy shares. No finder's fee was payable in connection with the concurrent private placement.

Virginia Energy intends to use the proceeds of the concurrent private placement to finance lease extensions for the Coles Hill uranium project (refer to Nov. 15, 2022, press release), general and administrative expenses, and transaction expenses through to the closing of the acquisition.

All of the securities issued pursuant to the concurrent private placement are subject to a hold period expiring on April 7, 2023.

About Virginia Energy Resources Inc.

Virginia Energy (TSX-V: VUI) is a uranium development and exploration company. Virginia Energy holds a 100-per-cent controlling interest in the Coles Hill uranium project located in south-central Virginia, United States.

We seek Safe Harbor.