Telson Arranges US$25 Million to Complete Tahuehueto Gold Mine Construction

TSN_NR_239_Feb23_2021

Vancouver, British Columbia – TheNewswire – February 23, 2021 -Telson Mining Corporation (“Telson” or the “Company”) (TSXV:TSN) (OTC:SOHFF) (Frankfurt:TSGN) is very pleased to announce that it has executed a Letter of Intent with Accendo Banco S.A. de C.V., Empress Royalty Corp., & Endeavour Financial (the “Accendo Syndicate”) to provide up to US$25 million of financing (collectively the “Financing”) to complete the construction and ramp-up of Telson’s 100% owned Tahuehueto Gold Mine project (“Tahuehueto” and/or “Mine”), meet debt service obligations and for working capital purposes. Also, Telson, Accendo Syndicate and Trafigura Mexico S.A. de C.V. (“Trafigura”) have executed a MOU that provides a non-binding framework with terms to be used by the Parties to negotiate the potential entry into the Definitive Agreements of the proposed transactions including, the potential restructuring of Telson’s debt obligations to Trafigura and Nyrstar Canada (Holdings) Ltd (“Nyrstar”). The MOU includes an exclusivity period of 45 days after which if Definitive Agreements are not finalized it shall, unless mutually extended, be terminated and remain with no effect (the “Termination Date”).

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