Brionor Provides Update on the Closing of the Atala Acquisition and Financing

TORONTO, ONTARIO--(Marketwired - May 3, 2017) - Brionor Resources Inc. ("Brionor" or the "Company") (TSX VENTURE:BNR) is pleased to provide an update regarding the closing of (i) its previously announced acquisition of Atala Resources Corp. ("Atala"), a private Ontario mining exploration company that holds a portfolio of exploration properties in Santa Cruz Province, Argentina, and (ii) its concurrent private placement for minimum proceeds of $680,000 and maximum proceeds of $1,000,000 (the "Offering") (See Press Release dated March 2, 2017). Brionor entered into a Definitive Share Purchase Agreement (the "Agreement") dated March 1st, 2017 with Atala and the shareholders of Atala (the "Atala Shareholders"); whereby Brionor proposed to acquire (the "Acquisition") all of the issued and outstanding shares of Atala. The value attributable to this Acquisition is approximately $750,000 as Brionor will issue $300,000 in Brionor common shares at a deemed price of $0.05 per Brionor Share and assume approximately $450,000 in loans made by Brionor to Atala since February 2013. This is when the parties first tried to complete a similar transaction that was subsequently terminated due notably to market conditions and the political climate at the time in Argentina (for more information on the loans, please refer to the Company's audited annual financial statements, quarterly financial statements and corresponding MD&A's since February 2013). Under the Agreement, each Atala Shareholder shall receive 0.4382 of a Brionor Share for each Atala Share held, for a total of 6,000,000 Brionor Shares.