Paget Minerals Announces Share Consolidation and Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 16, 2015) - Paget Minerals Corp. ("Paget") (TSX VENTURE:PGS) announces that it will hold a special meeting (the "Meeting") of its shareholders on Tuesday January 19, 2016 to seek shareholder approval of a proposed consolidation (the "Consolidation") of the Company's fully paid and issued common shares on a ratio of one (1) post-Consolidation common share for every fifteen (15) pre-Consolidation common shares. The Company currently has 91,197,475 issued and outstanding common shares and there is expected to be 6,079,832 issued and outstanding common shares upon completion of the Consolidation.

The Consolidation is subject to the approval of the Company's shareholders and the TSX Venture Exchange. The record date for the Company's shareholders to be entitled to vote on the Consolidation is Thursday, December 17, 2015. Additional information about the Consolidation will be available in the Company's information circular that will be mailed to the shareholders in connection with the Meeting, and which will be available on SEDAR at www.sedar.com on or about December 22, 2015.

Financing

A financing will also be completed to raise a minimum of $100,000 on a post-Consolidation basis by way of a private placement of 2 million subscription receipts at a price of $0.05 each. The Subscription Receipts will be automatically convertible into one post-Consolidation common share and one post-Consolidation common share purchase warrant. Each warrant will allow the holder to buy one post-Consolidation common share at a price of $0.10 for a period of 3 years.

The private placement of subscription receipts will close before the Consolidation and the 4 month hold period will commence when the private placement closes. The funds from the private placement will then be held in escrow until the Consolidation is approved by the shareholders and the TSX Venture Exchange. The gross proceeds of the private placement will be used for the Company's working capital, general corporate expenses and to undertake generating new projects.

After the financing and the Consolidation, the Company will have approximately 8.1 million shares outstanding.

Management Team and Board

The Board has nominated and approved the addition of Mark T. Brown, B. Comm. CPA, CA, as a director. Mr. Brown, is the President of Pacific Opportunity Capital Ltd. ("POC"), a private company which provides financial solutions, equity and management services to small and medium size entrepreneurial enterprises. Mr. Brown is an officer and director of a number of public and private companies and his corporate activities include transactions, financings and strategic corporate financial planning. Mr. Brown and the team at POC have financed, originated, and advanced companies which are listed on the Toronto Stock Exchange and the NYSE AMEX to market capitalization in excess of $500 million. Between 1990 and 1994, Mr. Brown worked with PricewaterhouseCoopers. He is currently a director and/or officer of various other public companies.

The Board of Directors of the Company has also appointed Ms. Winnie Wong, CPA, CA, as the new Chief Financial Officer and Corporate Secretary, and has established a management contract with POC. Ms. Wong is the Vice President of Client Services at POC, a firm the Company has retained to provide financial management and accounting services. Following her graduation from Queen's University, Ms. Wong worked with Deloitte & Touche where she earned her Chartered Accountant designation. Ms. Wong also acts as the CFO and Corporate Secretary on a number of TSX Venture Exchange companies including Avrupa Minerals Ltd. and Alianza Minerals Ltd.

The Board of Directors wishes to express their sincere appreciation to Bernie Zacharias who diligently served as the Company's CFO, and to David Allman, the Company's corporate secretary, who both have helped Paget for several years. David Volkert, president of Paget commented: "We are grateful to our outgoing officers for their dedicated service. Paget will focus on gold, silver and copper opportunities in mining-friendly, stable jurisdictions of the Americas Cordillera and Canada. Ore grade will be a prime determinant in acquisitions ranging from early-stage exploration to initial resource stage. Utilizing POC's successful experience in other metal/mineral commodities, Paget will pursue acquisitions that present sound, long-term economics."

About Paget Minerals Corp.

Paget Minerals Corp. is a publicly traded company focused on mineral exploration and as a prospect generator continues to identify and acquire target properties in Canada and the Americas Cordillera.

On behalf of the Board

David Volkert, President and Chief Executive Officer, Paget Minerals Corp.

NEITHER 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. STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY'S FUTURE PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.