Mr. Justin Hanka reports

BLACKHAWK UPDATE

Blackhawk Growth Corp.'s outstanding loan of $2,207,500 to Riverfort Global Opportunities PCC Ltd. has been amended and novated.

The terms of the loan have been amended with an extension of three years with Riverfort receiving a one-time cash payment of $250,000 (or $350,000 in shares in Blackhawk) at the same price and time when the company completes a transaction or financing. Should the company opt to pay the fee in shares, Riverfort's shareholding should not exceed 9.99 per cent. If this threshold is breached, the balance of the fee is payable in cash. The company will also issue 30 million warrants with an exercise price of five cents with three-year expiry to Riverfort.

Riverfort has novated the $2,207,500 loan (excluding the amendment fee and warrants payable to Riverfort) to Shape Capital, a non-related party. The loan can be converted at the same price and time when the company completes a transaction or financing or prior to a transaction at the higher of five cents and the 20-day VWAP (volume weighted average price). Shape Capital is an investment and advisory firm based in Melbourne, Australia, and led by Anoosh Manzoori. Shape Capital has extensive experience in the capital markets in Australia and Canada. Shape Capital will also work closely with Blackhawk, on a no fee basis, to facilitate a turnaround strategy for the company.

Justin Hanka, chief executive officer, said: "We are pleased with the amended loan agreement and for its novation to Shape Capital. We now have a path forward to implement our growth strategy to provide value to our shareholders."

About Blackhawk Growth Corp.

Blackhawk is an investment holding company looking to create substantial value for its shareholders through the acquisition and development of high-growth companies.

We seek Safe Harbor.