Sulliden Subsidiary Announces Closing of C$23 Million Bought Deal Private Placement Offering of Subscription Receipts in Connection With Troilus Acquisition

TORONTO, ONTARIO--(Marketwired - Nov. 21, 2017) -

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Sulliden Mining Capital Inc. (TSX:SMC) ("Sulliden") and Pitchblack Resources Ltd. (NEX:PIT.H) ("Pitchblack") are pleased to announce the closing of the previously announced "bought deal" private placement offering (the "Offering") of subscription receipts (the "Subscription Receipts") of 2507868 Ontario Inc. ("Sulliden Sub"), a wholly-owned subsidiary of Sulliden, at a price of $1.64 per Subscription Receipt. An aggregate of 14,030,000 Subscription Receipts were sold pursuant to the Offering, including the full exercise of the over-allotment option granted to the Underwriters (as defined below), for aggregate gross proceeds of $23,009,200. National Bank Financial Inc. ("NBF") acted as sole bookrunner together with Haywood Securities Inc. and PI Financial Corp., as co-lead underwriters, on behalf of a syndicate of underwriters that included Desjardins Securities Inc., GMP Securities L.P., Jett Capital Advisors, LLC, Mackie Research Capital Corporation and Paradigm Capital Inc. (collectively, the "Underwriters").

Each Subscription Receipt entitles the holder thereof to receive one common share in the capital of Sulliden Sub (each, an "SR Share") and one common share purchase warrant of Sulliden Sub (each, an "SR Warrant") upon satisfaction of the Escrow Release Conditions (as defined below). Each SR Warrant shall entitle the holder thereof to acquire one common share in the capital of Sulliden Sub (each, an "SR Warrant Share"), subject to standard adjustment provisions, at a price of $2.50 per SR Warrant Share for a period of 36 months from the closing date of the Offering.

As consideration for the services rendered by the Underwriters in connection with the Offering, Sulliden Sub has agreed to pay the Underwriters a cash commission equal to 6.0% of the gross proceeds raised from the sale of Subscription Receipts (the "Commission") to those purchasers under the Offering who are not on the President's List (as defined below) and 3.0% of the gross proceeds raised from the sale of Subscription Receipts to certain purchasers under the Offering who were identified to the Underwriters by Sulliden Sub (the "President's List"). Pursuant to the underwriting agreement entered into among Sulliden Sub, Pitchblack and the Underwriters, 50% of the Commission was payable on closing of the Offering and the remaining 50% of the Commission (plus accrued interest thereon) shall become payable out of the funds being held in escrow by TSX Trust Company (the "Escrow Agent") upon satisfaction of the Escrow Release Conditions.