Environmental Waste International Inc. announced that certain board members (the "Related Creditors") have agreed to loan the Company an aggregate amount of USD 400,000, with USD 150,000 advanced July 27, 2022 and an additional USD 125,000 on August 15, 2022 and September 15, 2022 (the "Loans"). The Company will issue a promissory note to each of the Related Creditors in respect of the amounts advanced (the "Promissory Notes"). The Promissory Notes bear interest at a rate of 6% per annum, which shall accrue and become payable along with the principal amounts on the maturity date of September 30, 2024. The Promissory Notes are unsecured obligations of the Company. The participation in the Loans by the Related Creditors constitute "related party transactions" as such term is defined by Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") under applicable securities laws (the "Related Party Transactions"). The Company is relying on exemptions from the MI 61-101 formal valuation and minority approval
requirements applicable to related party transactions available as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, each of the Related Party Transactions, exceeds 25% of the Corporation's market capitalization at the time at which such transactions were agreed to. The Related Party Transactions were approved by directors of the Company who are independent of the related parties.