Mr. Mark Forney reports

DELPHX ANNOUNCES WARRANT EXTENSION

Delphx Capital Markets Inc. intends to seek approval of the TSX Venture Exchange to extend the exercise period of share purchase warrants.

Delphx Capital Markets Inc. intends to seek approval of the TSX Venture Exchange to extend the exercise period of a total of 4,133,334 share purchase warrants, all of which are exercisable at 24 cents per common share. The warrants were issued on May 31, 2021, on the conversion of $620,000 principal amount of secured convertible debentures issued pursuant to a private placement announced Sept. 4, 2019. Delphx proposes to extend the expiry date for these warrants by one year to May 31, 2024.

All other terms and conditions of the warrants will remain unchanged. The warrant extension is subject to acceptance by the TSX Venture Exchange.

A total of 1,666,667 warrants are held by parties who are considered to be related parties of Delphx. Therefore, the amendment of warrants constitutes a related-party transaction as contemplated by Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, and TSX-V Policy 5.9 -- Protection of Minority Security Holders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for can be relied upon as the fair market value of the warrants does not exceed 25 per cent of the market capitalization of Delphx.

About Delphx Capital Markets Inc.

Delphx is a technology and financial services company focused on developing and distributing the next generation of structured products. Through its special purpose vehicle, Quantem LLC, the company enables fixed-income dealers to offer new private placement securities that optimally transfer and diffuse credit risk while allowing the enhancement of yield. The new Delphx securities will enable dealers and their qualified institutional investors (QIBs) accounts to competitively structure, sell and make markets in:

• Collateralized put options (CPOs) that provide secured default protection or rating downgrade protection for underlying corporate, municipal and sovereign securities;
• Collateralized reference notes (CRNs) that enable credit investors to take on the default or rating downgrade exposure of an underlying security in exchange for enhanced yield.

All CPOs and CRNs are fully collateralized and held in custody by BNY Mellon. CPOs and CRNs are proprietary products created and owned by Delphx Capital Markets.