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Sego Resources Inc. Closes a Total of $869,385 to Fund Miner Mountain Drill Program

13.02.2020  |  Newsfile

Vancouver, February 13, 2020 - Sego Resources Inc. (TSXV: SGZ) ("Sego" or "the Company") is pleased to announce that the Company has closed, with receipt of the TSX-V Exchange Approval, the final tranche of a financing for total gross proceeds of $701,405 as part of the financing ($167,980 raised in tranche 1) previously announced on November 28, 2019, revised on December 11, 2019, and December 30, 2019.

The total amount closed in the financing was $869,385.

CEO J Paul Stevenson stated, "The company is now funded to drill the new high-grade copper-gold targets identified at Miner Mountain. We are excited to commence the program in February and look forward to a very active 2020 for the company."

Pursuant to the Private Placement, final tranche, Sego will issue in total 533,000 units at $0.06 per unit of Flow-Through Units ("FTU") for gross proceeds of $31,980.00, and 13,388,500 units at $0.05 per unit for Non Flow-Through units ("NFTU") for gross proceeds of $669,425.00. A Director of the Company purchased 2,000,000 NFTU in this tranche.

Each FTU unit consists of one common share and one share purchase warrant. Each FTU warrant entitles the holder to purchase an additional common share at $0.15 for two years from closing of the private placement. Each NFTU consists of one common share and one share purchase warrant. Each NFTU warrant entitles the holder to purchase an additional common share at $0.10 for two years from the closing of the private placement. The securities issued under this second closing are subject to the applicable statutory 4 month + one day hold period from the date of issuance which will be June 6, 2020. Any warrants or Agent Options that are exercised prior to June 6, 2020 will be subject to the hold period.

Insiders of the company subscribed for 2.4 million units, with J Paul Stevenson, CEO and a director of the company, subscribing for 2,000,000 non flow through units, and Dr. Elliot Strashin, a deemed insider of the company, subscribing for 400,000 non flow through units. As a result, the private placement is a related-party transaction (as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions)). The company relied upon Section 5.5(a) (Fair Market Value Not More Than $2.5-million), Section 5.5(c) (Distribution of Securities for Cash), and exemptions from the formal valuation and minority shareholder approval requirements, respectively, under MI 61-101."

Certain finder's fees are payable on a portion of the private placement and consist of 7% cash and 7% Broker's Warrant, each Broker Warrant entitling the holder to subscribe for additional NFTU for $0.05 for two years from the closing of this tranche of the private placement.

FTU Broker Warrants will be for Non Flow-through Units for $0.06 for two years from the closing of this tranche of the private placement.

PI Financial Corp received Non Flow Through -7% Cash ($9,800) -7% Broker Warrants (196,000)

Haywood Securities Inc. received Flow Through - 7% Cash ($1,398.60); 7% Broker Warrants (23,310) Non Flow Through- 7% Cash ($7,869.75); 7% Broker Warrants (157,395)

Any warrants exercised prior to June 6, 2020 will be subject to the hold period.

Pro Group involvement was 950,000 non flow-through shares.

The proceeds will be expended on the continued exploration of the Company's Miner Mountain Copper-Gold Alkalic Porphyry project located near Princeton, BC, and for general working capital.

The Company fully expects to spend the funds as stated; there may be circumstances, for sound business reasons, where a reallocation of funds may be necessary.

There is no material change about the issuer that has not been generally disclosed.

For further information please contact:

J. Paul Stevenson, CEO (604) 682-2933 or

For investor & shareholder information, please contact:

MarketSmart Communications Inc.
Ph: 1 877 261-4466
Email: info@marketsmart.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No regulatory authority has approved or disapproved the information contained in this news release.

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statement of historical facts that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects re forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, statements are not guarantees of future performance and actual results or developments may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements.

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