Vancouver, British Columbia--(Newsfile Corp. - April 25, 2022) - Ivor Exploration Inc. (CSE: IVOR) (the "Company" or "Ivor") is pleased to announce that, further to its news release of April 1, 2022, it has closed its oversubscribed non-brokered private placement of 11,000,000 units (the "Units") for total gross proceeds of C$11,000,000 (the "Offering").

Each Unit consists of one common share (a "Share") of the Company and one-half of one transferable share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Share at an exercise price of C$1.85 until April 22, 2023.

The Company paid finder's fees of C$555,415 and issued 555,450 finder's warrants (the "Finder's Warrants") to certain arm's-length finders in connection with the Offering. The Finder's Warrants are exercisable on the same terms as the Warrants.

The net proceeds of the Offering will be used for drilling and geophysics on the Apex project, Nevada, and for general working capital purposes. The securities issued pursuant to the Offering are subject to a four-month hold period from the closing date of the Offering in accordance with applicable securities laws.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities of the Company have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person in the United Sates, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States, or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

About Ivor Exploration Inc.

Ivor Exploration is focused on identifying and developing new energy resources, including the Ultimate copper-molybdenum project in British Columbia. The Company recently acquired an option to purchase a 100-per-cent interest in the Apex project, Nevada, recognized as Nevada's largest past-producing uranium mine.

On Behalf of the Board of Ivor Exploration Inc.

David Forest,
CEO & Director

Corporate Office: #717 - 1030 West Georgia Street, Vancouver, BC, Canada V6E 2Y3

Investor Relations Contact:

Kristina Pillon, High Tide Consulting Corp.
604.908.1695 / info@ivorexploration.com

The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.

This press release includes "forward-looking information" that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Such statements are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available.

This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the Company and management, as well as financial statements.

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