Mr. Cameron Day reports

GENCAN CAPITAL INC. ANNOUNCES PRIVATE PLACEMENT OF UNITS

Gencan Capital Inc. has arranged a non-brokered private placement of up to one million units of the corporation at a price of seven cents per unit for gross proceeds of up to $70,000.

Each unit will consist of one common share in the capital of the corporation and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at an exercise price of 10 cents for a period of 36 months following the issuance of the units.

Insiders may participate in the private placement and will be considered a related party transaction subject to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). The corporation intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under subsections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in the private placement by insiders will not exceed 25 per cent of the fair market value of the corporation's market capitalization. No finders' fees are payable in connection with the private placement.

Closing of the private placement is subject to Gencan obtaining all necessary corporate and regulatory approvals, including approval of the Canadian Securities Exchange. All securities issued to Canadian investors in connection with the private placement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation in Canada.

The corporation intends to use the net proceeds from the private placement for general working capital and corporate purposes. Closing of the private placement is expected to occur on or about the week of Jan. 22, 2024.

We seek Safe Harbor.