Gungnir Resources Inc: Closes First Tranche of Private Placement

Vancouver - Gungnir Resources Inc. (GUG: TSX-V) (“Gungnir” or the “Company”) has closed the first tranche of its previously announced non-brokered private placement (the “Offering”) by issuing 8,183,333 units for a total of CDN$245,500. The final tranche of the Offering is expected to close next week and is expected to be fully subscribed.

The previously announced non-brokered private placement offering (September 2, 2016) consists of up to 12,000,000 units (“Units”) at a price of $0.03 per Unit to raise up to $360,000. Each Unit will consist of one common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share for a period of five years, subject to an acceleration clause as set out below, at an exercise price of $0.05 per share.

In the event that the closing price of the Company's shares on the TSX Venture Exchange is $0.20 per share or more for 21 consecutive trading days at any time subsequent to the expiry of six months from the date of issuance of the warrants, then Gungnir will earn the right, by providing notice to the warrant holders, to accelerate the expiry date of the warrants to that date which is 30 days from the date of the acceleration notice.

The Company has received a conditional waiver from the minimum $0.05 price for private placements pursuant to the TSXV Bulletin dated April 7, 2014. Closing on the Offering is conditional upon final approval by TSXV.

The proceeds of the Offering will be used by Gungnir as future working capital and for exploration expenses in Sweden. The Offering is being allocated to subscribers on a “first come, first served” basis. Finders’ fees will be paid by Gungnir in relation to this Offering.

Additional details of the offering, including the Company’s Corporate Presentation, are available for viewing at: www.gungnirresources.com.


About Gungnir Resources

Gungnir Resources Inc. is a Canadian-based TSX-V listed mineral exploration company (GUG: TSX-V) with gold and base metal claim holdings in northern Sweden, both accessible year round with good transportation and industrial infrastructure. The Company holds a $5,000,000 royalty stream with five annual advance cash payments of $1,000,000 expected to commence on or before May 1, 2017. Further information about the Company and its properties may be found at www.gungnirresources.com or at www.sedar.com.


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.

Cautionary Note Regarding Forward-Looking Statements: Certain statements made herein may contain forward-looking statements or information within the meaning of Canadian securities laws. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", or the negative of these words or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual performance of the Company to be materially different from any anticipated performance expressed or implied by the forward-looking statements. Such forward-looking statements or information include, but are not limited to, statements or information with respect to Gungnir Resources’ plan for future funding, and exploration and development of its properties. Forward-looking statements or information are based on a number of estimates and assumptions and are subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking statements or information. Should one or more of these risks and uncertainties materialize, or should underlying estimates and assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. For example, there is no certainty, that any economically viable mineral deposit will be located on the properties, or that the Company will receive or be able to raise sufficient capital to complete all of its exploration programs. Accordingly, undue reliance should not be placed on forward-looking statements or information. Gungnir does not expect to update forward-looking statements or information continually as conditions change, except as may be required by securities law.


On behalf of the Board,

Jari Paakki
CEO and Director



For further information contact:

Gungnir Resources Inc.
Chris Robbins, CFO
Tel: 604-683-0484
robbinscr@shaw.ca

Jari Paakki, CEO
Tel: 705-507-4470
jpaakki@eastlink.ca