General Assembly Holdings Limited announced that it entered into a strategic financing arrangement with 22K Capital Corp. (the Creditor) on March 17, 2022 (the Effective Date), whereby the Creditor will advance to the Company a principal sum of $1,750,000 (the Loan). GA Pizza will use the Loan for working capital, general corporate purposes, and to support the Company's aggressive expansion into Western Canada through retail and other channels.

Repayment of principal under the Loan (Principal) will be made to the Creditor in sixteen (16) installments commencing on September 6, 2022 and thereafter on a quarterly basis (each, a Repayment Date), with the final Repayment Date being June 6, 2026 (the “Final Repayment Date”). The amount repayable on each Repayment Date will be calculated based on the Company's quarterly pizza sales for the fiscal quarter immediately preceding the Repayment Date at a rate of $0.40 per pizza unit sold (each, a Repayment Amount). If Principal has been repaid in full prior to the Final Repayment Date, the Company will, as a loan fee, continue to make payments to the Creditor of each Repayment Amount (the Loan Fee).

If the full Principal, plus a Loan Fee in the amount of $1,800,000, (collectively, the Base Loan Obligations) has not been paid by the Company to the Creditor on or prior to the Final Repayment Date, the Company will make payment to the Creditor of an amount equal to Base Loan Obligations, less the aggregate Repayment Amounts and Loan Fee already paid to the Creditor up to and including the Final Repayment Date. The Loan may be subject to review and, if deemed applicable, acceptance by the TSX Venture Exchange.