Ms. Chelsie Hodge reports

BLENDER BITES ANNOUNCES $5 MILLION BROKERED LIFE OFFERING

Blender Bites Ltd. has entered into an agreement with Canaccord Genuity Corp., dated May 30, 2023, to act as lead agent and sole bookrunner on behalf of a syndicate of agents to assist the company in selling on a commercially reasonable efforts private placement basis under the listed issuer financing exemption (as defined herein), of up to 1,428,572 units of the company at a price of $3.50 per unit for gross proceeds of up to $5-million.

Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share at a price of $4.55 per common share, subject to adjustment in certain events, for a period of 36 months following the closing date of the offering.

The company intends to use the net proceeds of the offering for the expansion of operations, raw material purchases, and product-related marketing and advertising and to provide general working capital to support operations.

Upon closing of the offering, the company shall pay to the agents: (i) a cash commission equal to up to 7.0 per cent of the aggregate gross proceeds of the offering payable in cash or units, or any combination of cash or units at the option of the lead agent; (ii) non-transferrable warrants of the company exercisable at any time prior to the date that is 24 months from the closing date to acquire that number of units equal to 7.0 per cent of the number of units issued under the offering, at an exercise price equal to the issue price, subject to adjustment in certain events. The company shall pay the lead agent a corporate finance fee equal to that number of common shares which is equal to 3.0 per cent of the aggregate number of units issued pursuant to the offering.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106, Prospectus Exemptions, the offering is being made to purchasers resident in Canada, except Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106. The securities offered under the listed issuer financing exemption will not be subject to a hold period in accordance with applicable Canadian securities laws. There is an offering document related to the offering that can be accessed under the company's profile on SEDAR and on the company's website. Prospective investors should read this offering document before making an investment decision.

As disclosed in the offering document, the company may pay finders' fees to eligible parties that have assisted in introducing subscribers to the offering as permitted by the policies of the Canadian Securities Exchange and applicable securities laws.

The agents will also be entitled to offer the units for sale in the United States pursuant to available exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended, and in those other jurisdictions outside of Canada and the United States provided it is understood that no prospectus filing or comparable obligation arises in such other jurisdiction. All securities not issued pursuant to the listed issuer financing exemption will be subject to a hold period in accordance with applicable Canadian securities law, expiring four months and one day following the closing date of the offering.

The company expects to close the offering on or about June 15, 2023, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals.

About Blender Bites Ltd.

Blender Bites is an award-winning Canadian company involved in the development and marketing of a line of premium frozen food products with a focus on functionality. Blender Bites was founded in 2016 and was first to market in Western Canada with a preportioned easy-smoothie product that is free of any unnecessary inner plastic packaging. Blender Bites products are certified organic, vegan, non-GMO (genetically modified organism), gluten-free, dairy-free and soy-free. They contain no added sugars and are made in Canada. Blender Bites products are distributed internationally across Canada and the United States and are currently sold in over 900 stores, including Sobeys, Loblaws, Safeway, Save on Foods, Real Canadian Superstore, Whole Foods Market, Buy-Low/Nesters, IGA, Thrifty and Fresh Street.

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