NiCAN Limited Receives Final Approval from the TSXV

Not for distribution to United States news wire services or for dissemination in the United States

TORONTO, Aug. 02, 2022 (GLOBE NEWSWIRE) -- NiCAN Limited (formerly, 1000268474 Ontario Ltd.) ("NiCAN" or the "Company") has received final approval from the TSX Venture Exchange ("TSXV") in respect of its previously announced business combination transaction and listing of its common shares (the "NiCAN Shares") on the TSXV (the "Transaction").

The Final Exchange Bulletin of the TSXV in respect of the Transaction was published on July 29, 2022. Trading of the NiCAN Shares will commence effective at the market open on August 3, 2022 under the symbol "NICN" and the Company will be listed as a Tier 2 "Mining Issuer" (as such term is defined in the policies of the TSXV).

NiCAN has filed a filing statement dated July 19, 2022 (the "Filing Statement") with the TSXV and under its profile on SEDAR. Additional information in respect of the Transaction, NiCAN, and its Wine Property can be found in the Filing Statement. Readers are encouraged to review the Filing Statement for full details on the Transaction.

About NiCAN

NiCAN Limited is a mineral exploration company, focused on high quality nickel-copper opportunities in stable jurisdictions on known mineral belts. NiCAN is actively exploring the Wine Property and holds an interest in the Pipy Project, both located in known mining jurisdictions in Manitoba Canada.

Investors are cautioned that, except as disclosed in the Filing Statement prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon.

THE TSX VENTURE EXCHANGE INC. HAS IN NO WAY PASSED UPON THE MERITS OF THE TRANSACTION AND HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS NEWS RELEASE.

Cautionary Note Regarding Forward-Looking Statements

The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the listing of the NiCAN Shares on the TSXV and the expected listing date; future development plans; and the business and operations of NiCAN. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with NiCAN's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to NiCAN's prospects, properties and business detailed elsewhere in NiCAN's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the NiCAN does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from NiCAN's expectations or projections.

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