Mr. Joseph Arrage reports

CLIP MONEY INC. ANNOUNCES CLOSING OF SECOND TRANCHE OF FINANCING FOR PROCEEDS OF APPROXIMATELY USD$628,000

Clip Money Inc. has closed the second tranche of a non-brokered private placement, pursuant to which it has issued 6,177,028 common shares in the capital of the company at a price of 14.4 cents per common share for gross proceeds of $628,438.33 (U.S.), or $889,491.61 (Canadian), based on a CAD/USD exchange rate of $1 (U.S.) equals $1.4154) to 18 investors, including six who are insiders of the company.

The financing represents a related-party transaction under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, but is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of the transactions nor the consideration paid exceeds 25 per cent of the company's market capitalization.

All common shares to be issued in connection with the financing are subject to a statutory hold period of four months plus a day from the date hereof in accordance with applicable securities legislation in Canada and the requirements of the TSX Venture Exchange.

The company intends to use the net proceeds from the financing for network expansion and customer acquisition, new unit capital expenditures, business operations and technology and for general corporate purposes.

There was no finder's fee paid in connection with the financing. Completion of the offering is subject to the approval of the TSX Venture Exchange.

Early warning disclosure regarding Abou-Arrage 2019 Family Trust

In connection with closing of the financing, Joseph Arrage, chief executive officer and a director of the company, acquired common shares at a price of 14.4 cents per common share pursuant to the terms of a subscription agreement.

At the time of the Abou-Arrage 2019 Family Trust's last report filed on May 25, 2022, the trust, together with its joint actors, beneficially owned, directly or indirectly, 15,783,081 common shares, representing approximately 23.83 per cent of the common shares issued and outstanding at that time. Following closing of the private placement, the trust, together with its joint actors, beneficially owns, directly or indirectly, (i) 16,218,839 common shares, (ii) a convertible note in the principal amount of $257,874 that is convertible into 644,685 common shares, in whole or in part, at the option of Mr. Arrage, based on the principal amount of the Arrage convertible note divided by the conversion price of 40 cents, (iii) 340,419 common share purchase warrants exercisable for 340,419 common shares, and (iv) 413,333 restricted share units (RSUs) exercisable for 413,333 common shares, representing approximately 12.56 per cent of the issued and outstanding common shares of Clip Money on a non-diluted basis and approximately 13.50 per cent of the issued and outstanding common shares of Clip Money on a partially diluted basis assuming the full conversion of the Arrage convertible note and the full exercise of the warrants and RSUs.

The securities of Clip Money are being held by the trust and its joint actors for investment purposes and the trust and its joint actors will evaluate their investment in the company from time to time and may, based on such evaluation, market conditions and other circumstances, increase or decrease their shareholdings through market transactions, private agreements, or otherwise.

This news release is being issued under the early warning provisions of Canadian securities legislation. A copy of the early warning report to be filed by the trust in connection with the transactions described above will be available on the company's SEDAR+ profile. A copy of such reports may also be obtained by contacting Mr. Arrage by telephone at 844-593-2547, or by e-mail at jarrage@clipmoney.com. The company's registered office is located at 3400, 333 Bay St., Toronto, Ont., M5H 2S7.

About Clip Money Inc.

Clip operates a multibank self-service deposit system for businesses through the Clip Money network that gives users the capability of making deposits outside of their bank branch at top retailers and shopping malls.

We seek Safe Harbor.