Clover Leaf Capital Updates Qualifying Transaction with North Shore Energy Metals

VANCOUVER, BC / ACCESSWIRE / August 18, 2023 / Clover Leaf Capital Corp. (TSX-V:CLVR.P) ("Clover Leaf" or the "Company") announces the Company and North Shore Energy Metals Ltd. ("North Shore Energy") have agreed to reduce the amount of the equity offering (the "Concurrent Equity Financing") of subscription receipts to be completed concurrently with the closing of its previously announced Qualifying Transaction (the "Transaction") from $5,000,000 to $2,200,000 on the same terms as described in the Company's press release dated December 23, 2022.

Closing the Concurrent Equity Financing is a condition of completion of the Transaction with North Shore Energy (announced in the Company's press releases dated December 23, 2022, March 31, 2023 and June 30, 2023).

North Shore Energy is a private mineral exploration company focused on uranium exploration at the eastern margin of the Athabasca Basin through its 55,700 hectare Falcon property and its 4,500 hectare West Bear property located 90 kilometers to the northeast.

The Transaction remains subject to conditions, including but not limited to, TSX Venture Exchange ("TSXV") acceptance and, if applicable pursuant to TSXV requirements, majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative. The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

On behalf of the Board of Directors

Tsend Tseren
Chief Executive Officer

Contact Information - For more information, please contact:

Ben Meyer
Corporate Secretary
Tel: [phone]
Email: [e-mail]

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

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

Cautionary Statement Regarding Forward-Looking Information