Mr. Brian Wilneff reports

ALPHA ANNOUNCES INTENT TO COMPLETE UP TO $500,000 PRIVATE PLACEMENT, MAKES BOARD CHANGE, GRANTS RSUS AND OPTIONS AND UNDERTAKES MARKETING PROGRAM

Alphagen Intelligence Corp. intends to complete a non-brokered private placement for total gross proceeds of up to $500,000, has made a change to its board of directors, has granted 8.1 million restricted share units (RSUs) and 1.35 million stock options pursuant to the company's amended and restated equity incentive plan and has undertaken a marketing program.

Financing

The company is pleased to announce a non-brokered private placement for gross proceeds of up to $500,000. The offering is expected to consist of the offering of five million units of the company at a price of 10 cents per unit. Each unit will consist of one common share in the capital of the company and one transferrable common share purchase warrant, with each warrant entitling the holder thereof to purchase one common share at a price of 15 cents per warrant share for a period of 24 months after the closing date of the offering.

The company intends to use the net proceeds from the offering for general and administrative expenditures and general working capital purposes over the next 12 months to finance the company's continuing operations. The closing date is expected to be on or about July 7, 2023, and is subject to the satisfaction of certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 -- Prospectus Exemptions, the units will be offered for sale to purchasers in all the provinces of Canada (except Quebec) pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the listed issuer financing exemption).

There is an offering document related to the offering that can be accessed under the company's profile at SEDAR and on the company's website. This offering document contains additional detail regarding the offering, including additional detail regarding the expected use of proceeds from the offering. Prospective investors should read this offering document before making an investment decision.

Board of directors update

Alpha is pleased to announce that it has appointed long-time executive Eli Dusenbury to the board of directors, effective June 21, 2023, to fill the vacancy left by Matthew Schmidt, who is stepping down from the board. Mr. Dusenbury is currently the chief financial officer of Alpha. Mr. Dusenbury has extensive experience in public accounting, providing services to public and private sector entities reporting in Canada and in the United States, over a broad range of industries, including technology, agriculture, engineering, mining and exploration, manufacturing, and finance. Mr. Dusenbury holds a CPA, CA designation and a BBA in business and accounting. He has served a director for a number of private and public companies, including most recently Vortex Energy Corp. and Pan America Energy Corp.

The company thanks Mr. Schmidt for his valuable contributions to the company and wishes him well on his future endeavours.

Grant of RSUs and stock options

The company also announces that it has granted 8.1 million RSUs and 1.35 million options to certain directors, officers, employees and consultants of the company pursuant to the plan. Each of the options will have an exercise price equal to the closing price of the company's common shares on the Canadian Securities Exchange (the CSE) at the close of business on June 23, 2023. The options and 300,000 RSUs will vest in equal quarterly instalments on Sept. 21, 2023, Dec. 21, 2023, March 21, 2024, and June 21, 2024. The remainder of the RSUs will vest immediately upon grant. Each vested option, upon satisfaction of the exercise price, and each vested RSU, upon settlement, will entitle the holder to receive one common share. The options and the RSUs are subject to the terms and conditions of the plan, and the options will expire, if unexercised on June 21, 2026. The options and RSUs (and any common shares issued upon the exercise of the options or the settlement of the RSUs within four months) will be subject to a hold period until Oct. 22, 2023, in accordance with the policies of the CSE.

Marketing program

The company also announces its engagement of Financial Star News Inc. for marketing services for an anticipated period of one month, commencing July 1, 2023. Financial Star will, as appropriate, create campaigns, ad groups, text ads, display ads, perform detailed keyword research, set up and manage remarketing campaigns, optimize keyword options, co-ordinate on-line advertiser and marketers corresponding to on-line marketing targets, create landing pages for ad campaigns, and generally bring attention to the business of the company in consideration for the payment by the company of $105,000 (U.S.) to Financial Star. The promotional activity shall occur on the Financial Star website, and by e-mail, Facebook and Google. As of the date hereof, to the company's knowledge, Financial Star (including its directors and officers) does not own any securities of the company and has an arm's-length relationship with the company. The company will not issue any securities to Financial Star as compensation for its marketing services.

About Alphagen Intelligence Corp.

Alphagen Intelligence is a publicly traded company, holding a portfolio of assets in metaverse, gaming and generative AI. Operational units include: Shape Immersive, a full service metaverse studio building the future of Web3 gaming and virtual retail experiences for Fortune 500 companies and beyond through 3-D, NFT (non-fungible token), XR and game production; MANA, a custom-built gaming SaaS (software-as-a-service) solution and innovation lab that empowers partner companies to level up their community engagement by launching their own competitive gaming platforms; GamerzArena, a gaming platform that provides an e-sports ecosystem for all gamers. The platform provides video game contests for top titles where gamers can compete for cash and prizes. Alpha clients and partners include RTFKT, Olympics, Star Altas, Red Bull, Intel, TED and more.

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