Exchange Bulletin

TILL CAPITAL LTD. ("TIL")
BULLETIN TYPE: New Listing-Shares, Change of Business
BULLETIN DATE: April 23, 2014
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing, Till Capital Ltd.'s ("Till" or the "Company") Change of Business, which includes the acceptance of the following transactions:

Americas Bullion Royalty Corp. ("AMB") (TSX listed Symbol: AMB) has entered into an arrangement agreement (the "Arrangement Agreement") with Till (formerly Resource Holdings Ltd.), dated February 18, 2014, as amended by amending agreement dated March 25, 2014 in respect of a court-approved plan of arrangement (the "Arrangement") pursuant to which AMB underwent a change of business directed toward the reinsurance business with a unique investment strategy focused on royalties and equity securities in the resource sector. Under the terms of the Arrangement Agreement, Till acquired all of the issued and outstanding shares of AMB and shareholders of AMB (the "AMB Shareholders") received 0.01 of a share of Till in exchange for (the "Share Exchange") each AMB share held. The Share Exchange resulted in Till issuing 1,806,789 shares of Till to the current AMB Shareholders. Also pursuant to the Arrangement, Till purchased an investment portfolio (the "Kudu Portfolio") with a market value of approximately CAN$17.15 million from Kudu Partners, L.P. ("Kudu"), a private hedge fund operating in the U.S. Till issued 1,805,895 shares of Till to Kudu as consideration for the purchase of the Portfolio. Immediately following completion of the Arrangement, Kudu will distribute all of the shares of Till it receives to its limited partners and dissolve. The Arrangement results in Till operating as a reinsurance company while controlling, directly and indirectly, the same assets as AMB currently holds.

Insider / Pro Group Participation:

Insider=Y /
Name ProGroup=P # of Shares or Warrants
William SheriffY 79,816 Shares
William HarrisY 1,150 Shares
Wayne KauthY 132,922 Shares
Barry RaymentY 1,567 Shares
Thomas SkimmingY 2,700 Shares
Timothy P. LeyboldY 400 Shares
Joseph TaussigY 5,500 Warrants

As a result of the completion of the Arrangement, effective at the opening on
Thursday, April 24, 2014, the Restricted Voting Shares of the Company will commence trading on TSX Venture Exchange. The Company is classified as an 'Investment' company.

The common shares of AMB will be delisted from the Toronto Stock Exchange at the close of business on April 23, 2014.

Corporate Jurisdiction: Companies Act 1981 (Bermuda)

Capitalization: 12,000,000 Restricted Voting Shares with par value of US$0.001 per share of which
3,612,684 Restricted Voting Shares are issued and outstanding
Escrowed Shares or Warrants: 218,555 Restricted Voting Shares and 5,500
Warrants
Escrow Term: 215,270 Restricted Voting Shares for 18 months, 3,285
Restricted Voting Shares for 36 months, and 5,500 Warrants for 36 months.

Transfer Agent: Olympia Trust Company (Vancouver)
Trading Symbol: TIL (new)
CUSIP Number: G8875E 10 7 (new)
Sponsoring Member: Salman Partners Inc.

For further information, please refer to the Company's Listing Application
dated April 22, 2014.

Company Contact: Timothy Leybold (CFO)
Company Address: 11521 North Warren Street, Hayden, Idaho, USA, 83835
Company Phone Number: (208) 635-5415
Company Fax Number: (208) 635-5465
Company Email Address: tleybold@tillcap.com