Clover Leaf Capital Announces TSXV Conditional Acceptance and Filing of Filing Statement for its Qualifying Transaction

VANCOUVER, BC / ACCESSWIRE / May 3, 2023 / Clover Leaf Capital Corp. (TSXV:CLVR.P) ("Clover Leaf" or the "Company") is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange (the "TSXV") to close its previously announced acquisition of North Shore Energy Metals Ltd. ("North Shore") by way of a share exchange agreement (the "Transaction") as is more particularly described in the Company's press release dated December 23, 2022. The Transaction will constitute the Company's qualifying transaction pursuant to the policies of the TSXV.

Clover Leaf and North Shore anticipate closing the Transaction on or about June 30, 2023 (the "Closing Date"). Upon closing the Transaction, the Company will change its name to North Shore Uranium Ltd. (the "Resulting Issuer").

In connection with the Transaction, the Company has filed on SEDAR its filing statement dated May 2, 2023 (the "Filing Statement") and National Instrument 43-101 Technical Reportson the Falcon and West Bear Properties, Saskatchewan, Canada published for Clover Leaf and North Shore with effective dates of January 13, 2023, and February 19, 2023, respectively. The Qualified Person and main author for both reports is Troy Marfleet, P. Geo., of Axiom Exploration Group Ltd. Investors are encouraged to review the Filing Statement at www.sedar.com, which provides detailed information about the Transaction, the Resulting Issuer, the Company, and North Shore, including the audited financial statements of North Shore for period from incorporation on November 23, 2021 to December 31, 2021 and the year ended December 31, 2022 which reflect that, as at December 31, 2022, North Shore had total assets of $408,511 and a net loss for the year of $557,749.

It is a condition to the completion of the Transaction that North Shore complete a concurrent equity offering (the "Concurrent Equity Offering") prior to the Closing Date for a minimum of gross proceeds of $5,000,000. North Shore anticipates issuing an aggregate of 16,666,667 Subscription Receipts to the Subscription Receipt Subscribers pursuant to the Concurrent Offering at an issue price of $0.30 per Subscription Receipt for aggregate gross proceeds of $5,000,000. Each Subscription Receipt will automatically be converted into a North Shore Share upon the satisfaction or waiver of the Escrow Release Conditions immediately prior to the Closing, and each such North Shore share will be exchanged for a Resulting Issuer share pursuant to the terms of the share exchange agreement.