Iconic Minerals Ltd.: Debt Settlement and Equity Financing

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES


ICONIC MINERALS LTD. (Iconic or the Company) (TSX VENTURE:ICM)(FRANKFURT:YQG)
announces that it has negotiated a settlement with certain arms' length
creditors for outstanding debts in the aggregate amount of $825,000 (the Debt),
subject to acceptance by the TSX Venture Exchange. The Debt will be settled by
the issuance of 7,500,000 units at a deemed price of $0.11 per unit, each unit
consisting of one share and one share purchase warrant, each warrant entitling
the creditor to acquire one additional common share for a period of one year
from the date of issuance at a price of $0.25 per share.


The Company also announces that it has negotiated, subject to acceptance by the
TSX Venture Exchange, a private placement of up to $1,650,000 with certain
investors. These funds will be raised by the Company issuing a total of up to
15,000,000 Units (the Units) at a price of $0.11 per Unit, each Unit consisting
of one common share and one share purchase warrant, each warrant entitling the
holder thereof to purchase one additional common share, exercisable for a period
of two years from the date of issuance at a price of $0.25 per share.


Proceeds of up to $1,650,000 will be used towards the Company's current mineral
exploration projects in Nevada, and for general working capital purposes.


The Company may pay finder's fees in accordance with TSX Venture Exchange
policies in connection with the private placement.


On behalf of the Board of Directors

Richard Barnett, Chief Financial Officer 

The securities referred to in this news release have not been, nor will they be,
registered under the United States Securities Act of 1933, as amended, and may
not be offered or sold within the United States or to, or for the account or
benefit of, U.S. persons absent U.S. registration or an applicable exemption
from the U.S. registration requirements.


This news release does not constitute an offer for sale of securities for sale,
nor a solicitation for offers to buy any securities. Any public offering of
securities in the United States must be made by means of a prospectus containing
detailed information about the company and management, as well as financial
statements.


For further information on ICM, please visit our website at
www.iconicmineralsltd.com. 


The Company's public documents may be accessed at www.sedar.com.

Iconic Minerals (TSXV:ICM)
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