OLV Olivut Resources Ltd

Olivut Resources Ltd. ("Olivut" or the "Company") (TSX VENTURE:OLV) announces
that it has closed its previously announced private placement of a $300,000
callable, convertible security pursuant to the terms of the Securities Purchase
Agreement (the "Agreement") dated March 12, 2013 to raise up to $18 million over
approximately the next 36 months in a tranched placement of securities to the
Canadian Special Opportunity Fund, L.P., a fund managed by The Lind Partners, a
New York-based asset management firm (together "Lind") focused on junior natural
resource companies. 


As previously announced, the convertible security may be converted into 689,655
units (each a "Unit"). The first 500,000 Units issued shall be comprised of one
common share and one warrant (the warrant entitling the holder to purchase one
common share, as further described below) and the remaining Units issued shall
be exercisable for one common share. The convertible security is repayable March
31, 2016 carries a 0% interest rate and is unsecured and subordinated. The
holder has the right to call the security at any time commencing upon the
earlier of (i) September 12, 2013 or (ii) the date on which the Company
terminates the Agreement. The convertible security may be converted into Units
any time. The 500,000 warrants that may be issued on conversion entitle the
holder to purchase common shares at $0.5957 per share until March 31, 2016; half
vested on March 13, 2013 and half vest upon the earlier of March 13, 2014 or
immediately upon termination of the Agreement by the Company.


The convertible security, and any common shares or warrants of Olivut issuable
upon conversion of the convertible security or upon the exercise of any warrants
issued thereunder are subject to resale restrictions pursuant to applicable
securities laws requirements and will not be freely tradable until July 14,
2013.


Subject to the terms and conditions of the Agreement, Lind invested $500,000 on
March 13, 2013 and may invest $200,000 every month (approximately) over the
following 35 months. Tranches may be increased to a maximum of $500,000 upon
mutual agreement between Olivut and Lind and may be less than $200,000 after the
first tranche if any single tranche exceeds 0.55% of the Company's market
capitalization. The initial investment of $500,000 consisted of (i) the $300,000
callable, convertible security discussed above and (ii) $200,000 to purchase
common shares, expected to be issued on April 9, 2013. The number of common
shares to be issued in a tranche will be calculated based on a price per common
share equal to 92.5% of the Daily Volume Weighted Average Price ("VWAP") per
common share on the TSXV for the 5 days chosen by Lind out of the 20 trading
days preceding such issuance date and provided such price will not be less than
the higher of (i) the closing price per Common Share or (ii) the volume-weighted
average price per Common Share, on the TSXV on the trading day immediately
preceding the relevant cash advance date, in either case, less the maximum
permitted discount under TSXV regulations. 


As part of the financing, Lind received a commitment fee of $200,000 payable in
505,944 common shares calculated at $0.3953 per share. These commitment fee
shares are qualified by the short form base shelf prospectus of the Company
dated March 11, 2013, as supplemented by the prospectus supplement dated March
12, 2013, both of which are available on SEDAR. Copies of the base prospectus
and the prospectus supplement, as well as any documents incorporated therein by
reference may be obtained on request without charge from the President and Chief
Executive Officer of Olivut, at its offices located at 27010 Highway 16, 14
Mountain Park Properties, Jasper East, Alberta, or by faxing a written request
to (780) 866-3713, by mail to P.O. Box 6690 Hinton, Alberta T7V 1X8 or by
accessing the disclosure documents available through the internet on the
Canadian System for Electronic Document Analysis and Retrieval (SEDAR) website
at www.sedar.com.


Olivut intends to use the proceeds to supplement its current cash position of
approximately $1.5 million, to continue Olivut's exploration programs and for
working capital purposes. 


Geophysical analysis is ongoing for the HOAM project on the very large, regional
airborne magnetic survey database with the intent of prioritizing additional
anomalies for follow-up with detailed airborne geophysical surveys and drilling.
Planning is also underway to for a detailed sampling program in Paraguay to be
undertaken in the near term. The intent of the sampling is to pinpoint possible
source locations for the diamonds previously recovered in several stream
drainages.


Olivut is a diamond exploration company with a 100% mineral interest in over
142,000 acres in the HOAM Project in Canada's Northwest Territories and an
agreement with Latin American Minerals Inc. and certain of its Paraguayan
subsidiaries to explore the Itapoty Diamond Project located in central Paraguay,
South America. Please visit www.olivut.com for detailed corporate and project
information.


This press release contains forward-looking statements with respect to the
Company, and matters concerning the raising of additional capital, the business,
operations, strategy, and financial performance of the Company. Actual results
may differ materially from those indicated by such statements. These statements
generally, but not always, can be identified by use of forward-looking words
such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe"
or "continue" or the negative thereof or similar variations. All statements,
other than statements of historical fact, included herein, including, without
limitations statements regarding future production, are forward-looking
statements that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in such statements.
Such forward-looking statements are qualified in their entirety by the inherent
risks and uncertainties surrounding future expectations, including that the
estimates and projections regarding the Company's properties are realized.
Forward-looking statements are based on a number of assumptions which may prove
to be incorrect. Unless otherwise stated, all forward looking statements speak
only as of the date of this press release and the Company does not undertake any
obligation to update such statements except as required by law.


Paul Pitman, a Qualified Person as defined by National Instrument 43-101, has
reviewed the contents of this press release that relate to the proposed
exploration programs. 


Leni Keough, P.Geo., President and Chief Executive Officer 

FOR FURTHER INFORMATION PLEASE CONTACT: 
Olivut Resources Ltd.
Leni Keough
President and Chief Executive Officer
(780) 866-2226
www.olivut.com

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