CANADA CARBON CLOSES PRIVATE PLACEMENT OF UNITS

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

Toronto, ON, Canada, April 10, 2024 (GLOBE NEWSWIRE) -- Canada Carbon Inc. (the "Company") (TSX-V: CCB) is pleased to announce the closing of a non-brokered private placement of 2,466,818 units (each, a “Unit”) at a price of $0.055 per Unit for aggregate gross proceeds of $135,675 (the “Offering”). Each Unit is comprised of one (1) common share (each, a “Share”) in the capital of the Company and one (1) common share purchase warrant (each, a “Warrant”). Each Warrant shall entitle the holder thereof to acquire one common share in the capital of the Company at a price of $0.12 per share for a period of 60 months from the date of issuance.

All securities issued pursuant to the Offering are subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The proceeds of the Offering will be used by the Company for general corporate expenditures. In connection with the Offering, the Company paid a cash fee of $4,400 to AlphaNorth Asset Management.

Ellerton Castor, Chief Executive Officer of the Company, subscribed for 181,818 Units under the Offering. The insider private placement is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101“) by virtue of the exemptions contained in sections 5.5(a) and 5.7(1) (a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company which were issued to Mr. Castor does not exceed 25% of its market capitalization.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the 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 “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.