Mr. Rahim Bhaloo reports

PESORAMA ANNOUNCES PROPOSED DEBT SETTLEMENT

Pesorama Inc. has agreed to settle an aggregate of $546,191 of indebtedness owed to certain non-arm's-length creditors of the company through the issuance of an aggregate of 2,482,684 common shares of the company at a deemed price of 22 cents per common share. The debt settlement remains subject to receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange and disinterested shareholder approval, which it will be seeking at its coming annual and special shareholder meeting being held on Aug. 8, 2023. All securities issued in connection with the debt settlement will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable securities legislation.

The debt settlement will constitute a related party transaction as defined in Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, as insiders of the company will be issued an aggregate of 2,482,684 common shares. The company is relying on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the company is not listed on a specified market and the fair market value of the common shares being issued to insiders in connection with the debt settlement does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101. A material change report will be filed not less than 21 days before the closing date of the debt settlement. This shorter period was reasonable and necessary in the circumstances as it was necessary for the company to complete the debt settlement to immediately improve the financial position of the company.

About Pesorama Inc.

Pesorama, operating under the JOi Canadian Stores brand, is a Mexican value dollar store retailer. Pesorama launched operations in 2019 in Mexico City and the surrounding areas targeting high-density, high-traffic locations. Pesorama's 21 stores offer consistent merchandise offerings, which include items in the following categories: household goods, pet supplies, seasonal products, party supplies, health and beauty, snack food items, confectionery, and more.

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