Mr. Donald McInnes reports

BLACKSTONE CLOSES DEBT SETTLEMENT AND PROVIDES UPDATE ON LATTICE ACQUISITION

Further to the company's news releases of Aug. 6, 2015, and Sept. 29, 2015, Blackstone Ventures Inc. has closed its previously disclosed debt settlement, pursuant to which it has issued a total of 5,600,783 common shares at a price of 10 cents per common share in settlement of a total of $560,078 in outstanding debt.

The shares were issued upon conversion of subscription receipts previously issued by the company on Sept. 29, 2015, following receipt of all requisite shareholder approvals at the company's annual and special meeting held on Nov. 6, 2015, as previously disclosed in the company's news release dated Nov. 6, 2015, and receipt of final TSX Venture Exchange approval for the debt settlement.

In connection with the debt settlement, Ocean Protein Canada Ltd., a company owned and controlled by Donald McInnes, chief executive officer, acquired ownership and control over a total of 3,077,468 shares in settlement of a total of $307,746.75 in outstanding debt. Immediately prior thereto, Mr. McInnes had ownership and control over 379,197 common shares of the company. Upon completion of the debt settlement, Mr. McInnes and Ocean Protein Canada Ltd. have direct and indirect ownership and control over 3,456,665 common shares of the company, representing approximately 29.61 per cent of the issued and outstanding common shares of the company.

In addition, David Douglas, chief financial officer, acquired ownership and control over a total of 1,844,961 shares in settlement of a total of $184,496.14 in outstanding debt. Immediately prior thereto, Mr. Douglas had ownership and control over 172,162 common shares of the company. Upon completion of the debt settlement, Mr. Douglas has ownership and control over 2,017,123 common shares of the company, representing approximately 17.28 per cent of the issued and outstanding common shares of the company.

Each of Ocean Protein Canada, Mr. McInnes and Mr. Douglas acquired the shares for investment purposes and has no present intention to acquire further securities of Blackstone, although any of Ocean Protein Canada, Mr. McInnes or Mr. Douglas may in the future participate in financings and acquire or dispose of securities of Blackstone in the market, privately or otherwise, as circumstances or market conditions warrant.

Copies of the early warning reports filed by each of Mr. McInnes and Mr. Douglas with the applicable securities regulators in respect of the above acquisitions are available on the company's SEDAR profile.

All of the shares issued under the debt settlement are subject to a hold period expiring Jan. 30, 2016.

In connection with the company's previously disclosed proposed acquisition of Lattice Biologics Inc., Lattice has reorganized and reduced its issued and outstanding share capital to include a total of 14,699 shares of common stock. In connection with Lattice's capital reorganization, the company and Lattice have agreed to amend the terms of the letter of intent in respect of the acquisition to provide that the total number of consideration securities of Blackstone (comprising a combination of post 3:1 common shares and restricted non-voting shares) to be issued in consideration of all outstanding Lattice shares was reduced from a total of 35,764,782 to a total of 35,730,750 consideration shares. All of the other terms of the acquisition remain as previously discussed in the company's news releases dated Aug. 6, 2015, Sept. 21, 2015, Sept. 29, 2015, Oct. 5, 2015, and Nov. 6, 2015.

It is anticipated that trading in the common shares of the company will remain halted until the completion of the company's change of business in connection with the completion of the acquisition.

We seek Safe Harbor.