ARCTIC HUNTER ENERGY INC.

Suite 1200 - 750 West Pender Street ∙ Vancouver ∙ British Columbia ∙ V6C 2T8
Telephone: (604) 681-3131

NEWS RELEASE

October 8th, 2020 TSX-V Trading Symbol: AHU

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ARCTIC HUNTER ANNOUNCES $750, 000 NON-BROKERED PRIVATE PLACEMENT

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VANCOUVER, B.C. – Arctic Hunter Energy Inc. (TSX-V: AHU) (“Arctic Hunter” or the “Company”)
announces a non-brokered private placement financing of 5, 000,000 units (the “Units”) at a price of
CDN $0.15 per Unit to raise gross proceeds of up to CDN $750, 000 (the “Offering”). A portion of the
Offering ($250,000 or 1,666,667 Units) will be comprised of flow-through units (“FT Units”) and the
balance ($500,000 or 3,333,333 Units) will be comprised of non-flow through units (“NFT Units”).

Each NFT Unit will consist of one (1) common share and one (1) common share purchase warrant (an
“NFT” Warrant”), each NFT warrant entitles the holder to purchase one common share in the capital of
the Company at an exercise price of $0.25 per share for a period of three (3) years from the date of
issuance.

Each FT unit will consist of one (1) common share of the capital of the Company issued on a flow-
through basis pursuant to the Income Tax Act (Canada), and half of one (1) common share purchase
warrant (each whole warrant an “FT Warrant”). Each FT warrant entitles the holder to purchase one
common share in the capital of the Company at an exercise price of $0.25 per share for a period of 18
months from the date of issuance. The Offering is subject to acceptance from the TSX Venture
Exchange and all of the securities issued pursuant to the Offering will be subject to a four month hold
period from the date of issue in accordance with applicable securities laws.

Gross proceeds from the FT units will be used by the Company for exploration work planned to take
place during the 2020-2021 field season, on its 14,800-hectare Trans Canada Gold Project (“Dinorwic
Gold Property”) situated near the Dryden gold district in Northwest, Ontario Canada. The Company
intends to use the balance of proceeds of the Offering for any new costs associated with the
acquisition and exploration of the Company’s new gold exploration assets, legal, accounting costs and
general working capital.

In connection with the financing the Company proposes to pay a finders’ fee to arm’s length parties for
services rendered in respect of the Offering. The finder’s fee will consist of a cash fee equal to 6% of
the gross proceeds of the Offering and finder’s warrants equal in number to 6% of the number of Units
sold under the Offering. Each finder’s warrant will entitle the holder to acquire one (1) common share
of the Company at a price of $0.15 per share for a period of three (3) years from the date of issuance.
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In addition to other prospectus exemptions commonly relied on in private placements, the Offering
will be available to existing shareholders of the Company who, as of the close of business on October
7th , 2020, held common shares of the Company (and who continue to hold such common shares as of
the closing date), pursuant to the prospectus exemption set out in BC Instrument 45-534 - Exemption
From Prospectus Requirement for Certain Trades to Existing Security Holders and in similar instruments
in other jurisdictions in Canada (the “Existing Shareholder Exemption”). The Existing Shareholder
Exemption limits a shareholder to a maximum investment of CAD$15,000 in a 12-month period unless
the shareholder has obtained advice regarding the suitability of the investment and, if the shareholder
is resident in a jurisdiction of Canada, that advice has been obtained from a person that is registered as
an investment dealer in the jurisdiction. If the Company receives subscriptions from investors relying
on the Existing Shareholder Exemption exceeding the maximum Offering, the Company may adjust the
subscriptions received on a pro-rata basis. Orders will be processed by the Company on a first come
first served basis such that it is possible that the subscription received from a shareholder may not be
accepted by the Company if the offering is oversubscribed.

The Company will also make the Offering available to certain subscribers pursuant to BC Instrument
45-536 - Exemption from Prospectus Requirement for Certain Distributions Through an Investment
Dealer (the “Investment Dealer Exemption”). In accordance with the requirements of the Investment
Dealer Exemption, the Company confirms that there is no material fact or material change about the
Company that has not been generally disclosed.

Trans Canada Gold Project- The Dinorwic Gold Property

The Dinorwic Gold Property area consists of 741 non-surveyed contiguous mineral cell claims totaling
14,880 hectares located within the Kenora Mining Division of Ontario. The property is located within
the Wabigoon Greenstone Belt, which also contains the Thunder Lake Gold deposit and the Goldlund
Gold Deposit. The Property contains a number of large shear zones containing quartz carbonate veins,
pyrite and arsenopyrite, underlain by mafic volcanics with felsic volcanics in the south. There is a large
regional scale iron carbonate alteration within the property, which is considered to be similar to that of
the Red Lake Mining Camp. The regional scale Carbonate alteration within the property associated with
shear zones within iron-tholeiite are prime targets for gold exploration.

A number of gold exploration targets have been identified within the property based on their
association with regional alteration, known gold showings, shear zones, complex patterns and offsets
in the regional magnetic map as well as spatial association with regional structures. The figure below
has highlighted the eight initial gold exploration targets identified within the Property.

ABOUT ARCTIC HUNTER – GOLD MINERAL EXPLORATION /OIL AND GAS PRODUCTION

The Company is a Canadian Gold and Mineral exploration and Oil & Gas Resource Development
Company, that is currently focused in developing its’ District Scale Gold exploration project in Ontario,
and increasing its production capabilities, obtaining potential future oil production revenues. The
Company identifies, acquires and finances the acquisition of gold exploration properties and the
ongoing development of mining and oil and gas assets primarily situated in Canada, a time-honored
safe mineral exploration jurisdiction. The Company is currently reviewing a number of District Scale
gold mineral exploration property opportunities, and identifying low risk exploration opportunities
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through selective acquisitions and development of mining exploration assets situated in these favorable
resource jurisdictions. The Company has qualified Senior exploration management and Geological
Mining teams of professionals, seasoned in exploration production, field exploration and drilling. The
Company has the necessary manpower in place to develop its natural resource properties and manage
its production properties. The Company is committed to minimizing risk through the selective property
acquisitions, and responsible exploration and development of mining, and petroleum and natural gas
resource assets.
FOR FURTHER INFORMATION, PLEASE CONTACT:

Tim Coupland, President and CEO

Arctic Hunter Energy Inc.
Tel: (604) 681-3131
astar@telus.com

Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the
Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.