LEADING EDGE MATERIALS ANNOUNCES CLOSING OF C$2,500,000 NON-BROKERED PRIVATE PLACEMENT

LEADING EDGE MATERIALS ANNOUNCES CLOSING OF C$2,500,000 NON-BROKERED PRIVATE PLACEMENT

Vancouver, August 23, 2023 – Leading Edge Materials Corp. (“Leading Edge Materials” or the “Company”) (TSXV: LEM) (Nasdaq First North: LEMSE) (OTCQB: LEMIF) announces the closing of the non-brokered private placement financing (the “Private Placement”) previously announced on August 11, 2023. Pursuant to the Private Placement, the Company has issued 21,739,130 units (the “Units”) at a price of C$0.115 per Unit for aggregate gross proceeds of C$2,500,000.

Each Unit will consist of one (1) common share (each, a “Common Share”) in the capital of the Company and one (1) Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one Common Share (a “Warrant Share”) at a price of C$0.225 per Warrant Share until the date which is four (4) years from the closing date of the Private Placement (the “Closing Date”).

Leading Edge Materials intends to use net proceeds for the Company’s projects, located in Sweden and Romania and for general working capital and corporate purposes. A finder’s fee of 7% was paid to arm’s length third parties on a portion of the Private Placement. The Private Placement is subject to final approval from the TSX Venture Exchange (the “Exchange”).

The securities issued pursuant to the Private Placement are subject to applicable statutory resale restrictions, including a hold period expiring on December 24, 2023, pursuant to applicable Canadian securities laws.

The Units sold in the Private Placement were offered by way of prospectus exemptions in Sweden. The minimum subscription and allotment amount for Sweden and the European Economic Area (“EEA”) investors in the Private Placement was an amount equivalent to at least EUR 100,000.

Insiders of the Company purchased a total of 12,052,173 Units under the Private Placement which constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 based on the fact that neither the fair market value of the Units subscribed for by the insiders, nor the consideration for the Units paid by such insiders, exceeded 25% of the Company’s market capitalization as determined in accordance with MI 61-101.