Mr. Ken Ralfs reports

LIGHTSPEED DISCOVERIES INC. CONSOLIDATION AND FINANCING

Lightspeed Discoveries Inc. has revised the terms of its proposed financing previously announced on Aug. 15, 2022.

Subject to regulatory approval, the company intends to consolidate its capital on a one-new-share-for-five-old-share basis such that the existing 10,495,516 common shares shall comprise 2,099,103 postconsolidation common shares. The capital consolidation is subject to exchange approval. No name change is proposed at this time.

In addition, the company intends to complete a private placement of up to four million units at 7.5 cents per unit for gross proceeds of $300,000, with each unit consisting of one postconsolidation common share and one share purchase warrant, and each warrant will be exercisable at 10 cents into an additional postconsolidation common share for a term of one year. The private placement will be subject to NEX policies and TSX Venture Exchange approval. A finder's fee may be payable in connection with the private placement, subject to exchange policies. The net proceeds of the private placement will be utilized to retire outstanding liabilities and provide general working capital.

We seek Safe Harbor.