Mr. Ellerton Castor reports

CANADA CARBON INC. ANNOUNCES SHARES FOR DEBT TRANSACTION

Canada Carbon Inc. has entered into a debt settlement agreement with former chief financial officer and chief executive officer, Olga Nikitovic, to settle an aggregate of $145,417 of accrued management fees in consideration for the issuance of an aggregate of 4,406,575 common shares in the capital of the company at a deemed price of 3.3 cents per share. Ms. Nikitovic's tenure with the company concluded in December, 2021.

The board of directors and management of the company believe that the proposed debt settlement is in the best interests of the company because it allows the company to preserve its funds for operations. The debt settlement is subject to the acceptance of the TSX Venture Exchange. The common shares issued pursuant to the debt settlement will be subject to a statutory four-month-and-one-day hold period.

We seek Safe Harbor.