Vancouver, British Columbia--(Newsfile Corp. - March 15, 2024) - Sego Resources Inc., (TSXV: SGZ) ("Sego" or "the Company") is pleased to announce that it has received conditional approval from the TSX Venture Exchange for closing of the first tranche of the financing announced on March 14, 2024. On closing, Sego will issue 5,000,000 units at $0.02 per unit for gross proceeds of $100,000.

In addition to closing the first tranche of the financing, Sego is pleased to announce that it recently received a BC Mineral Exploration Tax Credit refund of $43,299.

Each unit of the financing will consist of one common share and one share purchase warrant. Each share purchase warrant will entitle the holder to purchase an additional common share at $0.05 for two years from the closing date. The securities issued on closing are subject to the applicable statutory four-month and one-day hold period ending July 16, 2024.

The proceeds will be used for general working capital. The Company fully expects to spend the funds as stated, however, there may be circumstances, for sound business reasons, where a reallocation of funds may be necessary.

Finder's fees will be payable on a portion of the private placement and will consist of 7% cash and 7% broker warrants. Each broker warrant will entitle the holder to purchase one common share at $0.05 for two years from the closing date.

PI Financial Corp. will receive $490 and 24,500 broker warrants and Leede Jones Gable Inc. will receive $420 and 21,000 broker warrants. Any warrants exercised prior to July 16, 2024, will be subject to the hold period.

Insiders of the Company subscribed for 1,720,000 of the 5,000,000 units, with CEO J Paul Stevenson subscribing for 750,000 units, Strashin Developments Limited, an insider of Sego by virtue of shareholdings, subscribing for 520,000 units and MBP Management Ltd., a company owned by CFO Brent Petterson subscribing for 450,000 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.

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

For further information please contact:

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