North Shore Uranium Ltd. (Formerly Clover Leaf Capital Corp.) Announces Closing Of Qualifying Transaction

VANCOUVER, BC / ACCESSWIRE / October 31, 2023 / North Shore Uranium Ltd. (formerly Clover Leaf Capital Corp.) (TSXV:CLVR.P) (the "Company") is pleased to announce that, further to its news releases of December 23, 2022, June 30, 2023, August 18, 2023, and September 22, 2023, it has closed its "Qualifying Transaction" (the "Transaction") with North Shore Energy Metals Ltd. ("North Shore"). Concurrently with closing, the Company changed its name from "Clover Leaf Capital Corp." to "North Shore Uranium Ltd." (the "Name Change").

In connection with the completion of the Transaction, the Company's common shares are expected to recommence trading on the TSX Venture Exchange (the "Exchange") under the symbol "NSU" at the open of the market on or about November 2, 2023. Upon recommencement of trading, the Company will have 36,805,960 common shares outstanding. Following the Name Change, the new CUSIP and ISIN numbers for the Company's common shares are 66240L104 and CA66240L1040, respectively.

Following the Transaction, the near-term business objectives of the Company are to become a major force in the exploration for economic uranium deposits at the eastern margin of Saskatchewan's Athabasca Basin, a good jurisdiction for discovering new mineable high-grade uranium deposits. The Company will work to achieve those objectives by conducting exploration programs on its two properties, the Falcon Property and the West Bear Property, and evaluating opportunities to increase its portfolio of properties in the region.

Directors and Officers

In connection with the closing of the Transaction, the directors and officers of the Company are now:

• Brooke Clements - President, Chief Executive Officer, VP Exploration, and Director
• James Arthur - Director
• Doris Meyer - Director
• Jimmy Thom - Director
• Dan O'Brien - Chief Financial Officer
• Ben Meyer - Corporate Secretary

Concurrent Financing

On October 26, 2023, as a condition to the completion of the Transaction, North Shore closed a private placement financing (the "Concurrent Financing") pursuant to which it raised aggregate gross proceeds of $2,329,268.80 through the issuance of 7,530,660 non-flow-through subscription receipts (each, a "NFT Subscription Receipt") at a price of $0.30 per NFT Subscription Receipt, and 200,000 flow-through subscription receipts (each, a "FT Subscription Receipt", together with the NFT Subscription Receipts, the "Subscription Receipts") at a price of $0.35 per FT Subscription Receipt. The Subscription Receipts were issued pursuant to a subscription receipt agreement ("Subscription Receipt Agreement") entered into by North Shore and Odyssey Trust Company (the "Subscription Receipt Agent"), as both subscription receipt agent and escrow agent. All gross proceeds from the Concurrent Financing that were paid to North Shore as of the closing (the "Concurrent Financing Closing") of the Concurrent Financing (less any proceeds used by North Shore to pay cash finder's fees) (the "Escrowed Funds") were deposited into escrow with the Subscription Receipt Agent pursuant to the terms of the Subscription Receipt Agreement. Immediately prior to the closing of the Transaction, each Subscription Receipt was automatically converted into one common share of North Shore (each, a "North Shore Share"), and on closing of the Transaction, each North Shore Share was exchanged for one common share of the Company (a "Resulting Issuer Share") pursuant to the terms of the share exchange agreement dated December 19, 2022, as amended on March 31, 2023, June 30, 2023, and August 18, 2023, entered into among the Company, North Shore, and the shareholders of North Shore. North Shore also paid aggregate cash finder's fees of $64,704.90 and issued 210,014 finder's warrants (each a "North Shore Finder's Warrant") to certain arm's length finders in connection with the Concurrent Financing. Each North Shore Finder's Warrant was exchanged in connection with the Transaction for a finder's warrant of the Company (a "Resulting Issuer Finder's Warrant"), and each Resulting Issuer Finder's Warrant is exercisable to acquire one common share of the Company (each, a "Resulting Issuer Finder's Warrant Share") at a price of $0.30 per Resulting Issuer Finder's Warrant Share for a period of 24 months from the date of the Concurrent Financing Closing.