Mr. Justin Rosenberg reports

BLOCKMATE VENTURES COMPLETES PRIVATE PLACEMENT

Blockmate Ventures Inc. has completed a non-brokered private placement for gross proceeds of $820,000, which will be used for general working capital purposes. In connection with completion of the offering, the company has issued 16.4 million units at a price of five cents per unit. Each unit consists of one common share, and one common share purchase warrant exercisable to acquire a further common share at a price of 7.5 cents until June 15, 2026.

All securities issued in connection with the offering are subject to restrictions on resale until Oct. 16, 2023, in accordance with applicable securities laws. No finder's fees or commissions were paid by the company in connection with completion of the offering.

The offering included participation by two directors of the company, Domenic Carosa, through Carosa Corp. BV, a holding company controlled by Mr. Carosa, and Georg Hochwimmer, through General Research GMBH, a company controlled by Mr. Hochwimmer, for an aggregate of 3.5 million units. The participation by insiders of the company constitutes a related-party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. For this transaction, the company has relied upon the exemption from the formal valuation requirements contained in Section 5.5(a) of MI 61-101 and has relied upon the exemption from the minority shareholder approval requirements contained in Section 5.7(1)(a) of MI 61-101.

About Blockmate Ventures Inc.

Blockmate Ventures is a Web3 incubator/venture creator focusing on businesses that utilize blockchain technology and decentralization to provide greater utility, accessibility and sustainability around everyday services. Working with prospective founders, projects in incubation can benefit from the Blockmate ecosystem that offers tech, services, integrations, digital assets and advisory to accelerate the incubation of projects toward monetization.

The leadership team at Blockmate Ventures has successfully founded successful tech companies from the dot-com era through to the social media era and views Web3 technology as the vehicle for a democratized future.