Ms. Chelsie Hodge reports

BLENDER BITES FILES AMENDED AND RESTATED OFFERING DOCUMENT FOR PRIVATE PLACEMENT

Blender Bites Ltd. has filed an amended and restated offering document (as defined below) related to its previously announced (Oct. 23, 2023) brokered private placement offering of units of the company to raise up to $650,000. The company has revised the offering price of the units from $2.55 per unit down to $2.30 per unit. The offering will continue to be conducted under the listed issuer financing exemption (as defined below), and the number of units being offered will increase from up to 254,902 to up to 282,608 units. Each unit will continue to consist of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share of the company at a price of $3.20 at any time on or before that date which is 24 months after the closing date of the offering.

The net proceeds of the offering will be utilized to advance the company's primary business objective of expanding sales in Canada and the United States, and are expected to be used to purchase raw materials to meet production demands, for continued product marketing campaigns and for the payment of retailer listing fees.

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 Listed Issuer Financing Exemption). 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 amended and restated offering document dated Oct. 24, 2023, related to the offering that can be viewed under the company's profile at SEDAR+ and on the company's website. Prospective investors should read this offering document before making an investment decision.

The offering is scheduled to close on or about Oct. 31, 2023, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals.

As disclosed in the offering document, the company may pay registrants and eligible finders who introduce investors who participate in the offering a finder's fee composed of: (i) a cash commission of 7 per cent of gross proceeds raised from investors introduced by such registrants or finders; and (ii) non-transferable finder warrants in such number as is equal to 7.0 per cent of the number of units sold under the offering to investors introduced by such registrants or finders. Each such finder's warrant will entitle the holder to acquire one common share of the company at a price of $3.20 per share for a period of 24 months following the date of closing.

Additionally, the company will issue common shares equal to 2.0 per cent of the number of units issued in the offering to Amalfi Corporate Services Ltd. as an administrative fee for Amalfi's assistance with the offering.

Amalfi is a private company controlled by Geoff Balderson, chief financial officer of the company, and an issuance of admin fee shares to Amalfi is considered to be a related-party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the issuance of the admin fee shares issued to Amalfi will not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101.

About Blender Bites Ltd.

Blender Bites is an award-winning Canadian company focused on the development and sale of premium frozen beverage products, with a focus on convenience and functionality. Blender Bites was founded in 2016 with the mission to simplify the time-consuming steps required to make a satisfying, functional, nutrition and organic smoothie. Today, Blender Bites is a leader in the easy smoothie category in North America, and has continued to innovate and add to its product lines. Blender Bites products are certified organic, non-genetically modified, gluten free, dairy free and soy free, and contain functional ingredients such as whole food vitamins, collagen and probiotics. Blender Bites one-step smoothies and one-step frappes are distributed across Canada and the United States, and are currently sold in over 5,000 stores, including Walmart Canada, Walmart USA and the Albertsons group of companies.

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