Gainey Resources Ltd. V.GRY.H

Gainey Resources Ltd.

[tencarat]

GAINEY RESOURCES LTD.
Suite 102, 7020
Duncan Street
Powell River, BC
V8A 1V9

NEWS RELEASE

October 23, 2015

CLOSING OF PRIVATE PLACEMENT

Gainey Resources Ltd. (TSXV: GRD.H) (the “Company”) announces the non-brokered private placement announced on October 7, 2015 to raise gross proceeds of up to $25,715.69 through the issuance of units at a price of $0.10 per unit (a “Unit”), with each Unit comprised of one common share and one share purchase warrant (a “Warrant”), with each Warrant exercisable to acquire one common share at the price of $0.10 for 12 months, has closed.

No finder’s fee will be payable in connection with the private placement. The proceeds of the private placement will be used for general corporate purposes.

An insider of the Company' subscribed for Units offered under the private placement (the "Insiders' Participation").

The Insiders' Participation is exempt from the formal valuation and minority shareholder approval requirements provided under Regulation 61-101 respecting Protection of Minority Holders in Special Transactions ("Regulation 61-101") in accordance with sections 5.5(a) and 5.7(1)(a) of said Regulation 61-101.

The exemption is based on the fact that the market value of the Insiders' Participation or the consideration paid by such insider does not exceed 25% of the market value of the Company.

The securities issued to the private placement are subject to hold period and may not be traded for four months following the date of the closing.

For more information please contact David Formosa

President & CEO of Gainey Resources Ltd., at 604-485-8601 or email at [e-mail]

ON BEHALF OF THE BOARD OF DIRECTORS

“David Formosa”

David Formosa, President & CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release