An anonymous representative of MV Capital reports

MV CAPITAL LP FILES EARLY WARNING REPORT PURSUANT TO NATIONAL INSTRUMENT 61-103

Effective June 19, 2026, MV Capital LP has acquired 5,000 convertible debenture units of Light AI Inc. at a price of $1,000 per unit on a private placement basis through the facilities of Cboe Canada. Each unit consists of: (i) a 12 per cent convertible debenture of the issuer in the principal amount of $1,000; and (ii) 8,000 common share purchase warrants exercisable for 36 months from the date of issuance to purchase one common share of the issuer at an exercise price of 25 cents per warrant share, subject to adjustments in certain events. Each convertible debenture is convertible into common shares of the issuer at a price of 12.5 cents per debenture share with interest on the principal amount accruing interest quarterly and payable on the earlier of 24 months from the date of issuance, prepayment or upon conversion. Pursuant to the investment agreement entered into between MV Capital and the issuer, MV Capital will not convert the convertible debentures or exercise the warrants if any such conversion or exercise will result in MV Capital owning greater than 19.9 per cent of the issued and outstanding common shares of the issuer unless the issuer first obtains approval of its shareholders and Cboe. Assuming that the applicable approvals have been obtained, the total principal amount of the convertible debentures will be convertible by MV Capital into 40 million debenture shares. MV Capital may also exercise the warrants to acquire 40 million warrant shares, which in the aggregate with the debenture shares represent approximately 39.49 per cent of the issued and outstanding common shares of the issuer.

MV Capital did not own any common shares of the issuer prior to the purchases.

MV Capital acquired the securities of the issuer for investment purposes. MV Capital may, in the future, participate in financings and/or acquire or dispose of securities of the issuer in the market, privately or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities, or may undertake any action similar to any of those enumerated in items (a) to (k) of Section 5 of its early warning report.

A copy of the early warning report filed by MV Capital under applicable securities laws shall be available under the issuer's profile on SEDAR+.

Pursuant to an investment agreement between the issuer and the acquiror, the issuer agreed not to convert any outstanding principal of the convertible debenture or exercise any warrants, individually or jointly with any associates, affiliates or any other person to hold an undiluted basis greater than 19.9 per cent of the issued and outstanding common shares of the issuer without the issuer first obtaining approval of its shareholders and Cboe.