SIMPLY SOLVENTLESS ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OF UNITS FOR PROCEEDS OF UP TO $500,000

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CALGARY, AB, March 28, 2024 /CNW/ - Simply Solventless Concentrates Ltd. (TSXV: HASH) ("SSC") is pleased to announce a non-brokered private placement of up to 3,333,333 units ("Units") at a price of $0.15 per Unit for aggregate gross proceeds of up to $500,000 (the "Financing").  Each Unit consists of one common share and one common share purchase warrant ("Warrant") of SSC. Each Warrant is exercisable for one common share of SSC at a price of $0.20 per share for a period of three years from the date of issue. All securities issued under the Financing will be subject to a hold period expiring four months and one day from the date of issue.

SSC intends to use the net proceeds of the Financing to facilitate accelerated production of its Astrolab, Frootyhooty and Lamplighter products for delivery into the Ontario and Alberta recreational cannabis markets, and for capital expenditures related to production efficiencies.

SSC anticipates closing of the Financing (in one or more tranches) as soon as practicable subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

It is anticipated that some of the subscribers in the Financing will be insiders of SSC. Subscriptions for Units by insiders of SSC will be considered "related party transactions" for the purposes of National Instrument 61-101 ? Protection of Minority Security Holders in Special Transactions ("MI 61-101"). It is anticipated that SSC will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101.

SSC is a public company incorporated under the Business Corporations Act (Alberta). SSC's mission is to provide pure, potent, terpene-rich ready to consume cannabis products to discerning cannabis consumers. For more information regarding SSC, please see www.simplysolventless.ca.

This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements ") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects", "projected" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements concerning closing the Financing, the use of gross proceeds of the Financing, accelerating production, obtaining production efficiencies and participation in the Financing by insiders of SSC. SSC cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of SSC, including expectations and assumptions concerning SSC, as well as other risks and uncertainties, including those described in SSC's filings available on SEDAR+ at www.sedarplus.ca. The reader is cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of SSC. The reader is cautioned not to place undue reliance on any forward-looking statements. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release are made as of the date of this press release, and SSC does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

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

SOURCE Simply Solventless Concentrates Ltd.