Vancouver, British Columbia--(Newsfile Corp. - May 17, 2024) - Moonbound Mining Ltd. (CSE: MML) (the "Company") is pleased to announce that it has closed a fifth tranche of its previously announced private placement (the "Offering") and issued 2,410,006 common shares in the capital of the Company at a price of $0.30 per common share for gross proceeds of $723,001.80. To date, the Company has issued 24,554,674 common shares and received an aggregate of $7,366,402.20 from the Offering and intends to close a final tranche in the coming weeks.

In connection with the closing of the fifth tranche, the Company also paid a cash finder's fees totaling $2,355 to an eligible finder.

All securities issued pursuant to the Offering are subject to a four-month hold period from the date of issuance.

The company intends to use the net proceeds of the Offering for advancing its projects and general working capital.

For more information on the Offering and the closings of the three prior tranches, please see the Company's news releases dated December 19, 2023, January 18, 2024, March 17, 2024, April 18, 2024 and April 22, 2024.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of the 1933 Act.

Director Changes

The Company also announces that effective May 17, 2024, it has appointed James Lumley and Perry E. Toms as directors of the Company.  In connection with the appointments, Ann Fehr has resigned as a director of the Company, effective as of May 17, 2024. The Company thanks Ms. Fehr for her services as a director of the Company and wishes her all the best in her future endeavors. Messrs. Lumley and Toms have also been appointed to the audit committee of the Company, which is now comprised of David Eaton (Chair), Perry Toms and James Lumley.

James Lumley

James Lumley, the current CEO of the Company, is an experienced professional in the mining and resource sectors, as well as property investment. Mr. Lumley has held various executive positions, including CEO, Business Unit Head, and Project Director. Mr. Lumley was previously the Business Unit Head of Guinea at TerraCom Resources (now TerraCom Limited (ASX: TER), where he was responsible for managing and developing potential bauxite and iron ore projects. Previously, he served as CEO at Anglo-African Minerals plc., RAM Resources Pty., and NAMA Resources Limited, successfully securing millions of dollars in funding and managing government relations in multiple countries.

Mr. Lumley holds an MBA in finance and business studies and has completed graduate banking and financing exams. He also has a history of building strong working relationships with government bodies, investors, and financial institutions, and has successfully negotiated several major deals and memoranda of understanding throughout the African continent.

Perry E. Toms

Perry E. Toms has many decades of experience in commercializing clean-tech companies and leading the development of ultra-low carbon projects across utility-scale renewable energy, advanced liquid transport fuels, waste valorization, and projects in the built environment. He has founded a variety of sustainable energy companies and has worked closely with the finance community through successful private and public equity raises.

Mr. Toms incorporated 20GS - Low Carbon Consulting & Advisory and has held managerial and executive positions within conventional and renewable energy industries, as well as direct experience in waste and water infrastructure industries including: the AIM listed Novera Energy Ltd. (Executive Director, Business Development); former ASX listed ABG Biodiesel (EVP); and, HTL biofuel technology developer Licella Holdings Pty. Ltd. (President).

In 2005, Mr. Toms led the North American project development for the Australian based ABG Technology and in 2009 headed global commercial development for Licella, which led to the creation of Steeper Energy ApS in 2011 to exploit Hydrothermal Liquefaction (HTL) for the conversion of lignocellulosic biomass to advanced low-carbon transport fuels and fine chemicals.

Mr. Toms has led the development of many conventional and infrastructure projects including natural-gas combined heat and power, municipal solid and liquid waste valorization projects, wind energy projects, waste biomass-to-liquids, as well as carbon sequestration/offset projects across UK, Europe, India, China, Australasia, South America and throughout North America.

Grant of Options

The Company also announces that it has granted 7,850,000 options (each, an "Option") to purchase up to 7,850,000 common shares to certain directors, officers, and consultants of the Company under the Company's omnibus equity incentive plan (the "Plan"). The Options are exercisable at the price of $0.40 per common share until May 17, 2029, subject to any earlier termination in accordance with the Plan. All Options vested immediately on the date of grant.