Vancouver, BC, Canada – October 1, 2021 – Gold Line Resources Ltd. (TSX-V: GLDL, Frankfurt: 4UZ, WKN: A2QGWC, OTCQB: TLLZF) (“Gold Line” or the “Company”) has closed its previously announced non-brokered private placement (the “Private Placement”), pursuant to which the Company issued an aggregate of 11,200,000 (upsized from the previously announced 10,833,334) units (the “Units”) at a price of $0.12 per Unit for aggregate gross proceeds of $1,344,000.

Each Unit consists of one (1) common share (each, a “Unit Share”) and one (1) common share purchase warrant (each, a “Warrant”), with each Warrant entitling the holder thereof to purchase one additional common share (each, a “Warrant Share”) at a price of $0.18 per Warrant Share at any time on or before October 1, 2023. The Warrants are subject to an acceleration right that allows the Company to give notice of an earlier expiry date if the Company’s closing share price on the TSX Venture Exchange is equal to or greater than $0.32 for a period of ten (10) consecutive trading days (the “Acceleration Right”).

The Company paid a cash finder’s fee of 6% on the gross proceeds of the Private Placement from subscribers introduced by certain finders, and issued an aggregate of 285,180 finder’s warrants (“Finder’s Warrants”).  Each Finder’s Warrant entitles the holder thereof to purchase one common share of the Company (a “Finder’s warrant Share”) at a price of $0.18 per Finder’s Warrant Share at any time on or before October 1, 2023, subject to the Acceleration Right. All securities issued under the Private Placement are subject to a four month and one day hold period, which will expire on February 2, 2022.

Gold Line intends to use the proceeds from the Private Placement to advance drilling and other exploration activities and for general working capital purposes.

Two insiders of the Company participated in the Private Placement and acquired an aggregate of 520,000 Units. The purchase constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The issuances are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as they are distributions of securities for cash and the fair market value of the Units issued to, and the consideration paid by, the insiders did not exceed 25% of the Company’s market capitalization.

The Company did not file a material change report more than 21 days before the expected closing of the Private Placement because the details of the participation therein by the insiders of the Company were not settled until shortly prior to the anticipated closing of the Private Placement and the Company wished to close on an expedited basis for business reasons.