Regulus and Southern Legacy Announce Closing of Arrangement

CALGARY, ALBERTA--(Marketwired - Oct. 1, 2014) - Regulus Resources Inc. ("Regulus") (TSX VENTURE:REG) and Southern Legacy Minerals Inc. ("Southern Legacy") (TSX VENTURE:LCY) are pleased to announce the successful completion of the merger of the two companies pursuant to the previously announced plan of arrangement (the "Arrangement").

Shareholders of Regulus and Southern Legacy along with the Court of Queen's Bench of Alberta approved the Arrangement on September 30, 2014.

The amalgamated company (the "Company") has taken the name of "Regulus Resources Inc." and maintains the public listings of Southern Legacy on each of the TSX Venture Exchange ("TSXV") and the Bolsa de Valores de Lima (the Lima Stock Exchange). The Company has also assumed all of the liabilities and assets of each of Regulus and Southern Legacy in accordance with the Business Corporations Act (Alberta).

Pursuant to the Arrangement, shareholders of Southern Legacy received 0.1883 shares of the Company for each Southern Legacy share and shareholders of Regulus received 0.3333 shares of the Company for each Regulus share. As a result, the Company has approximately 45.3 million shares outstanding, approximately 74% of which are held by former Regulus shareholders and 26% of which are held by former Southern Legacy shareholders. All of the outstanding common share purchase options of Regulus and Southern Legacy were cancelled as part of the arrangement for no consideration.

The Company expects that its shares will begin trading on the TSXV on October 3, 2014 under the symbol "REG".

As set forth in the joint information circular (the "Circular") of Regulus and Southern Legacy dated August 28, 2014, from and after the closing time, certificates formerly representing Southern Legacy shares and Regulus shares shall represent only the right to receive shares of the Company (the "Company Shares") to which the holders thereof are entitled pursuant to the Arrangement. In order to receive Company Shares following completion of the Arrangement, registered holders of Southern Legacy shares and Regulus shares must deposit with the depositary under the Arrangement a duly completed Letter of Transmittal together with the certificates representing the holder's shares and such other documents and instruments as the depositary may reasonably require.