Mr. Nikolaos Sofronis reports

EARTH ALIVE ANNOUNCES CLOSING OF $3.5 MILLION FINANCING

Earth Alive Clean Technologies Inc. closed on May 5, 2023, a non-brokered private placement of units. Under the terms of the offering, a total of 175 million units were issued at a price of two cents per unit for aggregate gross proceeds of $3.5-million. Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one additional common share upon payment of the exercise price of five cents per share until May 5, 2028.

"Earth Alive is now well financed and will be able to pursue its aggressive R&D strategy with a view to enhance its current products, add to its product portfolio and make its development plan a reality," said Nikolaos Sofronis, president and chief executive officer. "We strongly believe that our R&D efforts will allow us to lower the price of our products to the markets, translating into additional sales while maintaining healthy margins. With the closing of this offering, Earth Alive is well positioned to be amongst the leaders of the ecological transition," added Mr. Sofronis.

"I so strongly believe in this strategy that I invested an additional $400,000 in Earth Alive through the offering," said Mr. Sofronis.

"We appreciate the trust and support of long-standing investors such as William Vanderfelt, Robert Taub, Christian Dumolin (Koramic Finance) and Jurgen Hambrecht (JH Capital), and are also pleased to welcome new investors. I am proud that all directors of the company and acting members of management participated in the offering," said Robert Blain, chair of the board.

All the securities issued and issuable pursuant to the offering are subject to a four-month statutory hold period until Sept. 5, 2023.

Insiders of the company, including existing shareholder Mr. Vanderfelt as well as certain directors and officers of the company, participated in the offering and subscribed for an aggregate of 42,015,913 units with an aggregate value of $840,318.

Participation of insiders in the offering constitutes a related party transaction as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, but it is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of securities being issued to insiders nor the consideration being paid by insiders exceed 25 per cent of the company's market capitalization. The company did not file a material change report 21 days prior to the closing of the offering as the details of the participation of the insiders of the company had not been confirmed at that time.

Early warning disclosure

Pursuant to the offering, Mr. Vanderfelt subscribed for 7.5 million units, representing 7.5 million common shares and 7.5 million warrants, for an aggregate subscription price of $150,000.

Immediately prior to the offering, Mr. Vanderfelt beneficially owned, directly or indirectly, 42 million common shares and 21 million share purchase warrants exercisable at a price of nine cents per common share until April 6, 2024, representing approximately 12.23 per cent of the then issued and outstanding common shares on a non-diluted basis, and 17.29 per cent of the then issued and outstanding common shares on a partially diluted basis, assuming the exercise of the April, 2024, warrants held by Mr. Vanderfelt only.

Immediately following the closing of the offering, Mr. Vanderfelt beneficially owns, directly or indirectly, 49.5 million common shares, 7.5 million warrants and 21 million April, 2024, warrants, representing 9.55 per cent of the issued and outstanding common shares on a non-diluted basis, and 14.26 per cent of the issued and outstanding common shares on a partially diluted basis, assuming the exercise of the unit warrants and April, 2024, warrants held by Mr. Vanderfelt only.

The securities of the company beneficially owned, directly or indirectly, by Mr. Vanderfelt, are held for investment purposes. Mr. Vanderfelt has a long-term view of the investment and may acquire additional securities including either in the open market or through private acquisitions or sell the securities including either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Early warning reports relating to this transaction will be filed on SEDAR under the company's profile and can be obtained by contacting Eric Paul-Hus at epaul-hus@earthalivect.com or 438-333-1680.

About Earth Alive Clean Technologies Inc.

Earth Alive is a soil health company and an industry leader in microbial technologies. Earth Alive's innovative products contribute to regenerative agriculture, natural dust suppression with minimal water use and industrial cleaning that is ecological and human friendly.

We seek Safe Harbor.