Samurai Capital Corp. announced a placement of up to 4,000,000 common shares at a price of CAD 0.05 per share for gross proceeds of CAD 200,000 and non-convertible debentures for gross proceeds not less than CAD 1,500,000, for an aggregate gross proceeds of CAD 1,700,000 on December 13, 2022. Each debenture will bear interest at 12% per annum and will be secured against all of Samurai's present and after-acquired personal property.

The debentures will be due in 24 months from the date of issuance and will be redeemable by Samurai after a period of 12 months. The debentures are non-convertible, however, each debenture holder will receive a bonus of 15% of the value in Samurai Shares, at a deemed price of CAD 0.10 per share and a pro-rata share of 2,625,000 Samurai Share purchase warrants entitling the holder to purchase an additional Samurai Share at a price of CAD 0.25 for a period of 2 years. Completion of the transaction is subject to the satisfaction of customary closing conditions and approval of TSXV.