Ms. Chelsie Hodge reports

BLENDER BITES CLOSES PREVIOUSLY ANNOUNCED FINANCING

Blender Bites Ltd. has closed its previously announced private placement financing, as described in its news releases of Oct. 23, 2023, Oct. 24, 2023, and Oct. 30, 2023, resulting in the issuance of 282,608 units of the company at a price of $2.30 per unit for aggregate gross proceeds of $649,998.40. Each unit consist of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the company at a price of $3.20 at any time on or before that date that is 24 months after the closing date of the offering.

Units in the offering were offered for sale to purchasers resident in Canada (except Quebec) pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106, Prospectus Exemptions, and will not be subject to any statutory hold period in accordance with applicable Canadian securities laws.

The company intends to use the net proceeds of the offering for the expansion of operations in the United States, with a focus on raw material purchases, product related marketing and advertising, and retailer listing fees, and to provide general working capital to support operations.

In connection with the closing of the offering, Canaccord Genuity Corp., as finder, received a cash commission of $45,499.89 as well as 19,783 broker warrants. Each agent warrant is exercisable to acquire one common shares of the company for $3.20 and is exercisable at any time prior to the date that is 24 months from the closing date of the offering. The company also issued 5,652 common shares to Amalfi Corporate Services Ltd. for its assistance with the offering. The agent warrants (and underlying securities thereof) and the administration fee shares are subject to a statutory hold period of four months and one day.

There is a second amended and restated offering document dated Oct. 30, 2023, 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. The offering document amends and restates the offering document filed by the company on Oct. 23, 2023, and Oct. 24, 2023.

Multilateral Instrument 61-101 disclosure

Amalfi, a private company controlled by Geoff Balderson, chief financial officer the company, will receive administrative fee shares in consideration for administrative services rendered in connection with the offering. The issuance of the administrative fee shares to Amalfi is considered to be a related party transaction as defined under MI 61-101. 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 administrative fee shares issued to Amalfi does 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-GMO (genetically modified organism), 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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