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Letter of Intent to Acquire Labtronix Terminated

Newsfile Corp.

Vancouver, British Columbia--(Newsfile Corp. - October 21, 2019) - Philippine Metals Inc. (TSXV: PHI) ("PMI" or the "Company") announces that the letter of intent ("LOI") to acquire Labtronix Inc. (see Company News Release dated June 25, 2019) has been terminated and the transactions contemplated therein will not proceed. Labtronix, doing business as Venom Extracts, breached a number of material conditions and covenants with respect to the LOI and PMI is reviewing its options with respect to these matters. It is anticipated that the common shares of PMI will resume trading in the coming days. The Company will continue to evaluate other opportunities to complement its existing asset base in the Philippines.

ON BEHALF OF THE BOARD

"Marshall Farris"
President

For additional information, please contact:
Marshall Farris
Tel: (604) 837-4774

Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This News Release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act") or any State securities laws, and may not be offered or sold within the United States or to US Persons unless registered under the US Securities Act and applicable State securities laws, or an exemption from such registration is available.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/48971