• Braveheart Resources Inc.

Braveheart to Retire Debt Through Shares for Debt Transaction

March 18, 2021

Calgary, Alberta, (Thursday, March 18, 2021) – Braveheart Resources Inc. (TSXV: BHT) (OTCQB: RIINF) ("Braveheart" or the "Company") is pleased to announce that it has reached agreement with 2166687 Alberta Ltd. ("2166687"), holder of a $3.6 million convertible debenture (the "Debenture") of the Company, to retire the Debenture in exchange for the Company’s issuance of common shares and warrants. 2166687 is a holding entity for approximately 90 underlying note holders.

The Debenture being settled is convertible into common shares of the Company at a conversion price of $0.30 per share as described in the Company’s press release issued on August 14, 2020.  In exchange for settlement of the Debenture, the underlying holders will receive units of the Company equivalent to the $3.6 million principal amount of the Debenture less prepaid interest of $64,000 based on a price of $0.13 per unit, for a total of 27,200,000 units. Each unit shall be comprised of one common share and one warrant, with each warrant exercisable into a common share at an exercise price of $0.20 per share for a period of three years. The warrants will have an acceleration clause whereby should the volume weighted average trading price of the common shares of Braveheart exceed $0.30 per share for at least 10 consecutive trading days the warrant holders will receive written notice that the warrants, unless exercised, will expire on the 30th day following notice of the acceleration.

The issuance of common shares and warrants in connection with the settlement of the Debenture is subject to the approval of the TSX Venture Exchange.

Peter Lacey, a Director of 2166687, stated, “We are pleased with the progress that Braveheart is making towards the successful restart of the Bull River Mine project.  We are also encouraged by the recent acquisition of the past producing Thierry copper nickel project in Ontario and the negotiation of an offtake concentrate sales agreement with Ocean Partners.  This transaction provides debenture note holders with liquidity and represents fair value relative to the strength of the assets and the current share price.”

Ian Berzins, President and CEO, commented, “I am pleased that we were able to work closely with the debenture note holders to complete an early conversion of the remaining debenture and eliminate $3.6 million in debt from our balance sheet.  Once again, the debenture note holders have converted debt at a price that is higher than our current trading levels, demonstrating their strong support for our projects.”   

About Braveheart Resources Inc.

Braveheart is a Canadian based junior mining company focused on building shareholder value through exploration and development in favourable Canadian mining jurisdictions at or near past-producing properties. Braveheart's main asset is the 100% owned Bull River Mine project near Cranbrook, British Columbia which has a current Mineral Resource containing copper, gold and silver. Braveheart's newest acquisition is the 100% owned Thierry Mine project near Pickle Lake, Ontario containing copper, nickel, silver, palladium, platinum and gold. Braveheart also has an option to purchase the Alpine Gold project near Nelson, British Columbia.

Contact Information
Braveheart Resources Inc.
Ian Berzins
President & Chief Executive Officer
M: +1-403-512-8202
admin@braveheartresources.com
Website: www.braveheartresources.com
For more investor information, please contact Braveheart at:
Kevin Shum
O: +1-647-725-3888 Ext 702
M: +1-604-376-0323
E: kevin@jeminicapital.com
E: info@jeminicapital.com

Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.

Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company's continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.