GESPEG RESOURCES LTD. (TSX-V:GCR) (the “ Company” or “Gespeg”), is pleased to announce the closing of a non-brokered private placement (the " Offering") for total gross proceeds of $548,549.92. The closing consists of 900,000 Non-Flow through Units (the “ Units”) at a price of $0.08 per Unit and 4,332,272 flow-through common share in the capital of the Company (a “ FT Share”) at a price of 0.11 per FT Share. Each Unit consists of one common share in the capital of the Company (a “ Share”) and one half of a common share purchase warrant for the purchase of one additional Share at a price of $0.12 for a period of two years from the closing of the Offering.