Pacific Rim Cobalt Secures Government Approvals - Seite 2

 (metres from surface) Nickel (%) Cobalt (%) 7.0 2.15% 0.03% 4.0 1.96% 0.04% 2.0 2.00% 0.01% 2.0 1.91% 0.05%

The company is currently in discussions with several strategic partners and investors who have expressed interest in the Cyclops project, and will update the market accordingly on any formal developments.

The Company also announces that it closed a non-brokered private placement (the “Offering”) for aggregate gross proceeds of $742,165 through the issuance of 6,184,704 units in the capital of the Company (each a “Unit” and together, the “Units”) at a subscription price of $0.12 per Unit. Each Unit is comprised of one (1) common share in the capital of the Company (each a "Common Share") and one (1) transferable Common Share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder to purchase one (1) Common Share for one year at an exercise price of $0.16 per Common Share. In connection with the Offering, the Company paid a total of $17,543 in cash to eligible finders who introduced subscribers to the Offering. All securities issued under the Offering, including securities issuable on exercise thereof, are subject to a four month resale restriction expiring June 7, 2020. The Company intends to use the net proceeds from the Offering to fund development of its nickel-cobalt business in Indonesia as well as general working capital purposes.

The Company further announces that it has granted stock options to acquire up to 3,600,000 Common Shares of the Company to certain employees and consultants, 1,550,000 of which were granted to certain directors and officers of the Company. Each of the stock options is exercisable for a two-year term expiring on February 14, 2022 at a price of $0.26 per Common Share.  On February 14, 2020, the last day that the Common Shares traded prior to the granting of the stock options, the closing trading price of the Common Shares on the Canadian Securities Exchange was $0.26.  Any Common Shares issued pursuant to the exercise of the stock options will be subject to a four month hold period expiring on June 15, 2020.