Wildpack Closes US$25 million Convertible Loan with Sandton Capital Partners and Provides MCTO Update

VANCOUVER, BC / ACCESSWIRE / May 30, 2023 / Wildpack Beverage Inc. (TSXV:CANS)(OTC PINK:WLDPF) ("Wildpack" or the "Company") today announces the closing of its previously announced non-revolving term credit facility in the principal amount of USD$25,000,000 (the "Loan") pursuant to an amended and restated loan agreement (the "A&R Loan Agreement") among Sandton Credit Solutions Master Fund V, LP (the "Lender"), an affiliate of Sandton Capital Partners, L.P. ("Sandton") and the Company's wholly-owned subsidiaries, Thirsty Cat, LLC, Hungry Hippo Company, Wildpack Holdings U.S. Inc., K.T. Murray Corporation, CraftPac LLC, Wild Leaf Holdings U.S. LLC, Vertical Distilling LLC and Wild Leaf Ventures Group Nevada Inc., as borrowers (collectively, the "Borrower").

In connection with the Loan, the Borrower has granted to the Lender an option (the "Equity Purchase Option") to convert the Loan into approximately 49% of the equity of Thirsty Cat, LLC, an indirectly, wholly owned subsidiary of Wildpack which holds interests in all of the Company's U.S. operations, which represent substantially all of the principal business assets of the Company, as more particularly described in the Company's news release dated May 23, 2023 (the "Prior News Release").

Wildpack obtained all necessary approvals in connection with the Loan and the granting of the Equity Purchase Option in connection therewith, including the approval of the TSX Venture Exchange and the written consent of shareholders of the Company holding in the aggregate over 50% of the issued securities of the Company.

For additional detail regarding the terms of the Loan and the Equity Purchase Option, please refer to the Prior News Release.

Bi-Weekly MCTO Update

Wildpack is providing this status update in accordance with its obligations under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"), which require the Company to provide bi-weekly updates until such time as the Company is current with its filing obligations under Canadian securities laws.

As previously announced, the Company was granted a management cease trade order ("MCTO") upon application to the British Columbia Securities Commission on May 2, 2023. The MCTO restricts the Company's Chief Executive Officer and Chief Financial Officer from trading in the Company's securities, but does not affect the ability of other shareholders, including the public, to trade in securities of the Company. As previously announced, the Company appointed Davidson & Company LLP as its auditor and is working diligently to promptly facilitate the audit of its annual financial statements for the year ended December 31, 2022, and expects to file its annual financial statements for the year ended December 31, 2022, the related management discussion and analysis, and the related CEO and CFO certificates (the "Required Filings") as soon as possible, and in any event no later than June 30, 2023.