RJK Announces Option Grant and Proposed Debt Settlement

Kirkland Lake, Ontario--(Newsfile Corp. - December 1, 2020) - RJK Explorations Ltd. (TSXV: RJX.A) (OTC: RJKAF) ("RJK" or "the Company")announces that it has granted today a total of 450,000 stock options to purchase Class A Subordinate Voting Shares in the capital of the Company ("Class A Shares") to directors, officers and consultants of the Company at an exercise price of $0.18 per Class A share, expiring on December 1, 2025. The closing price of the Company's Class A Shares on November 30, 2020 was $0.24. These options vest immediately and are granted under the Company's stock option plan.

Shares for Debt Settlement

The Company further announces that Glenn Kasner, President of RJK, has entered into an agreement with the Company pursuant to which he has agreed, subject to TSX Venture Exchange approval, to settle $156,940.86 owing to him for a loan made to the Company by issuing to him 871,894 Class A Shares at a price of $0.18 per Class A Share.

Contact Information
Glenn Kasner, President
Mobile: (705) 568-7567
Email: info@rjkexplorations.com

Web Site: https://www.rjkexplorations.com

Company Information:Tel: (705) 568-7445

Neither the 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.

Forward Looking Information

This news release includes certain forward-looking statements, which may include, but are not limited to, statements concerning the settlement of outstanding debt. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "will", "anticipate", "believe", "plan", "estimate", "expect", "intend", "propose" and similar expressions. Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed or implied in this news release. Factors that could cause actual results to differ materially from those anticipated in this news release include, but are not limited to, the Company not receiving TSX Venture Exchange acceptance of the proposed debt settlement. RJK assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements except as required by applicable law.

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