Reem Capital Corp announced a brokered private placement to issue 5,000,000 subscription receipts at an issue price of CAD 0.60 per receipt for the gross proceeds of CAD 6,000,000 on September 22, 2023. Each Subscription Receipt will, following the completion of the Proposed Transaction and the satisfaction of certain escrow release conditions, entitle the holder to receive, without the payment of additional consideration or taking of further action, one unit of the Resulting Issuer consisting of one Resulting Issuer Share and one-half of one share purchase warrant with each whole Warrant entitling the holder thereof to acquire one Resulting Issuer Share at a price of CAD 0.90 until twenty-four months following the completion of the Proposed Transaction. In connection with the Financing, certain finders will be entitled to a cash commission of up to 8% of the aggregate gross proceeds raised and will be issued finders warrants of up to 8% of the number of Subscription Receipts issued under the Financing, with each warrant entitling the holder thereof to purchase one Resulting Issuer Share at an exercise price of CAD 0.60 per Finders Warrant until twenty-four months from the closing of the Proposed Transaction.

100% of the cash and warrant compensation payable to the finders shall be payable to such finders upon release of the Financing proceeds from escrow.