TUGA Innovations, Inc. announced a private placement to issue 53,500,000 units at an issue price of CAD 0.01 Unit for gross proceeds of CAD 535,000 on January 23, 2024. The transaction will include participation from new investor Cesar Barbosa. Each Unit is comprised of one common share and one transferrable purchase warrant.

Each Warrant will entitle the holder to purchase one additional common share at CAD 0.09 per share for a period of 24 months following the closing of the offering. On closing of the offering, Mr. Barbosa will hold approximately 59.95% of the total issued and outstanding shares of the Company on an undiluted basis, or approximately 74.98% on a partially-diluted basis, inclusive of the exercise of all of Barbosa's, warrants and management performance warrants. All securities to be issued under the offering will be subject to a four month and one day hold period in accordance with applicable Canadian securities laws.