Mr. Justin Holland reports

EGUANA ANNOUNCES $2.25M PRIVATE PLACEMENT OFFERING OF CONVERTIBLE DEBENTURES

Eguana Technologies Inc. has arranged a non-brokered private placement of up to $2.5-million aggregate principal amount of 10 per cent subordinated secured convertible debentures for an aggregate purchase price of up to $2.25-million (representing an original issue discount equal to 10 per cent of the purchase price), inclusive of an oversubscription option of $500,000 principal amount of debentures for a purchase price of $450,000.

Each debenture will be priced at $900 and have a principal amount of $1,000. Each debenture will be convertible at the option of the holder into 8,333 common shares of the company, at a conversion price of 12 cents per common share, at any time prior to 12 months from the date of issuance of the debentures. The conversion price represents a 10-per-cent premium to yesterday's closing price of the common shares.

The debentures will bear simple interest at a rate of 10 per cent per annum payable by the company, in cash or common shares, on the maturity date. Upon maturity, the company may satisfy its obligation to pay the outstanding principal amount of the debentures in common shares. If the company elects to pay interest and/or principal in common shares, the conversion price shall be the greater of: (i) the volume weighted average trading price of the common shares on the TSX Venture Exchange for the 10 consecutive trading days immediately preceding the maturity date; and (ii) the discounted market price (as defined in the policies of the exchange).

The debentures will be secured against the company's assets and will rank pari passu with all current holders of secured debentures of the company. The debentures will rank second priority to all existing and any future secured obligations of the company to certain senior lenders, including Venture Lending & Leasing IX Inc., and WTI Fund X Inc.

The company intends to use the proceeds of the offering for working capital and general corporate purposes. The company may pay finders' fees in connection with the offering, as permitted by applicable securities laws and the exchange. Closing of the offering is expected to occur on or about April 15, 2025. The offering is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and exchange approvals.

The debentures and any common shares issuable upon conversion thereof will be subject to a statutory hold period lasting four months and one day following the closing date of the offering.

About Eguana Technologies Inc.

Eguana's vision is to build the grid of the future by delivering flexible, modular and cost-effective alternatives to traditional grid upgrades. Its technology provides value to all key stakeholders -- from the consumer, to the electricity retailer, the distribution utility and the system operator.

Since 1998, Eguana has connected utilities with consumers through its high performance commercial and residential energy storage solutions. The Eguana product suite has been designed from the ground up with both the end-user and the utility in mind to transition the power grid seamlessly.

Manufactured in local facilities in North America to ensure compliance and quality, Eguana's standardized platform allows the flexibility to ensure each product solution is optimized for use in major grid modernization markets.

We seek Safe Harbor.