Mr. Ellerton Castor reports

CANADA CARBON INC. COMPLETES SHARES FOR DEBT TRANSACTION

Further to its news release dated Jan. 9, 2023, Canada Carbon Inc. has received TSX Venture Exchange approval for an agreement to extinguish an aggregate of $145,417 in debt owing to former chief financial officer and chief executive officer Olga Nikitovic. The debt was extinguished 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.

The common shares issued pursuant to the debt settlement will be subject to a statutory four-month-and-one-day hold period expiring on May 25, 2024.

We seek Safe Harbor.