Mrs. Hamutal Yitzhak reports

ELSE ANNOUNCES CLOSING OF SUBSEQUENT INSTITUTIONAL INVESTMENT FOR GROSS PROCEEDS OF US$2.5M

Else Nutrition Holdings Inc. has elected to exercise its right to increase the face value of its convertible security by $3-million (U.S.) under its previously announced convertible security financing agreement with Lind Global Fund II LP, an entity managed by The Lind Partners LLC, a New York-based institutional fund manager, for additional net proceeds of $2,420,012 (U.S.) after deduction of the original issue discount and closing fees. As a result of the exercise of the increase right, the total face value of the convertible security was increased from $5.1-million (U.S.) to $8.1-million (U.S.).

In connection with the increase, the company issued 3,591,776 common share purchase warrants exercisable into common shares in the capital of the company for a period of 48 months from the date of issuance at an exercise price of 90.58 cents per common share.

See the company's news release dated Dec. 22, 2022, for additional information on the convertible security.

About Else Nutrition Holdings Inc.

Else Nutrition Holdings is a food and nutrition company in the international expansion stage focused on developing innovative, clean and plant-based food and nutrition products for infants, toddlers, children and adults. Its revolutionary, plant-based, non-soy formula is a clean-ingredient alternative to dairy-based formulas. Since launching its plant-based complete nutrition for toddlers, made of whole foods, almonds, buckwheat and tapioca, the brand has received thousands of powerful testimonials and reviews from parents, gained national retailer support, and achieved rapid sales growth.

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