Mr. Mayco Quiroz reports

TENET CLOSES FIRST TRANCHE OF BROKERED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF APPROXIMATELY $1.6 MILLION

Tenet Fintech Group Inc., further to its press releases of Dec. 12, 2023, and Jan. 29, 2024, has completed the first tranche closing of its previously announced offering of the sale of securities, on a private placement basis, of the company for gross proceeds of up to $10-million. The company sold a total of 1,610 convertible debenture units of the company at a price of $1,000 per CD unit, for aggregate gross proceeds in the first tranche closing of $1.61-million.

The First Tranche Closing of the Offering was completed pursuant to the terms and conditions of an agency agreement (the "Agency Agreement"), dated February 2, 2024 between the Company and Research Capital Corporation, as lead agent and sole bookrunner.

In accordance with the Agency Agreement, the Company may complete additional closings on sales of CD Units pursuant to the Offering on or before March 15, 2024. The Company intends to close a second and third tranche of the Offering for additional gross proceeds of a minimum of $6,000,000. However, there can be no assurances that the Company will be able to close any further tranches of the Offering.

Each CD Unit is comprised of: (i) one 10.0% unsecured convertible debenture of the Company in the principal amount of $1,000 (a "Convertible Debenture"); and (ii) 6,666 Common Share purchase warrants (the "CD Warrants"). The Convertible Debentures sold in the First Tranche Closing will mature on February 2, 2027 (the "Maturity Date") and, subject to prior conversion in accordance with their terms, will be repaid in cash at the Maturity Date. Each CD Warrant sold in the First Tranche Closing is exercisable to acquire one Common Share at an exercise price of $0.25 until February 2, 2026.

From the date of issue until their Maturity Date, Convertible Debenture holders may elect to convert, in whole or in part, the face value of the Convertible Debentures into Common Shares at a conversion price of $0.15 per Common Share. At any time prior to the Maturity Date, if the volume weighted average price of the Common Shares on the Canadian Securities Exchange (or such other Canadian stock exchange on which the greatest volume of Common Shares is traded) meets or exceeds $2.50 for three consecutive trading days, any non-converted and remaining face value of the Convertible Debentures will be automatically converted into Common Shares at a conversion price of $0.15 per Common Share. Upon the conversion of the Convertible Debentures, the Company will pay to the Convertible Debenture holders, in cash, the interest accrued on the Convertible Debentures for the amount converted up to but excluding the date of conversion. The Convertible Debentures shall bear interest at a rate of 10.0% per annum from the date of issue, payable monthly in arrears in cash. Interest shall be computed on the basis of a 360-day year composed of twelve 30-day months.

Tenet intends to use the net proceeds from the Offering to continue the development of its Cubeler(TM) Business Hub, for working capital and general corporate purposes.

For its services in connection with the First Tranche Closing of the Offering, the Company has paid to the Agent: (i) a cash commission equal to $112,700, being an amount equal to 7.0% of the gross proceeds of the First Tranche Closing of the Offering; and (ii) 112.7 non-transferable broker warrants (the "CD Broker Warrants"), being such number of CD Broker Warrants as is equal to 7.0% of the number of CD Units sold pursuant to the Offering. Each CD Broker Warrant is exercisable to purchase one CD Unit at an exercise price of $1,000 until February 2, 2026.

The Convertible Debentures and CD Warrants are subject to a statutory hold period of four months and one day from their date of issuance. For further details concerning the Offering, see the Prior Press Releases.

About Tenet Fintech Group Inc.:

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, include Tenet and all its subsidiaries. Tenet's subsidiaries offer various analytics and AI-based products and services to businesses, capital markets professionals, government agencies and financial institutions either through or leveraging data gathered by the Cubeler(TM) Business Hub, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members.

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