Mr. Alan Simpson reports

PROTON CAPITAL PROVIDES UPDATE TO PHARMACHOICE CANADA QUALIFYING TRANSACTION AND FINANCING

Further to Proton Capital Corp.'s news release dated April 20, 2023, in relation to the signing of a letter of intent dated April 20, 2023, with PharmaChoice Canada Inc. and the potential qualifying transaction of Proton, all as further described in such news release, Proton has provided an update to the qualifying transaction and it is considering an equity financing.

Proton is pleased to report that the negotiation of the definitive agreements in relation to the strategic alliance with PharmaChoice, as further described in the April 20, 2023 news release, is well under way and Proton will provide a further update in respect of such definitive agreements if and when such definitive agreements are executed.

In addition, Proton is considering an equity financing (either brokered, non-brokered or both) in the context of the market in connection with the Qualifying Transaction, to be completed in conjunction with, or after, the Qualifying Transaction (the "Potential Financing"). Proton advises that it has not yet entered into any agreement, letter of intent, term sheet or other arrangement in relation to the Potential Financing. Proton will provide a further update in respect of the Potential Financing if and when the terms of any such Potential Financing are determined, or if Proton enters into a definitive agreement, if any, in relation to such Potential Financing.

Other Information

Completion of the Qualifying Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and, if applicable pursuant to TSXV Requirements, majority of the minority shareholder approval. Where applicable, the Qualifying Transaction cannot close until the required shareholder approval is obtained.

There can be no assurance that the Qualifying Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Qualifying Transaction, any information released or received with respect to the Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

If and when definitive agreements are executed, Proton will issue a subsequent news release in accordance with the policies of the TSXV including containing details of the definitive agreements and additional terms and conditions of the Qualifying Transaction, including information relating to the acquisition of a pharmacy or pharmacies, summary financial information and other information in respect of such acquisition, proposed terms of any concurrent private placement, and the proposed directors, officers, and insiders of the resulting issuer upon completion of the Qualifying Transaction.

In accordance with the policies of the TSXV, the common shares of Proton are currently halted from trading and will remain halted until further notice.

About PharmaChoice Canada Inc.

PharmaChoice Canada Inc. is a corporation operating as a shareholder owned buying group comprised of approximately 1,050 independent pharmacies in Canada. Headquartered in Saskatoon, Saskatchewan and Halifax, Nova Scotia, PharmaChoice is the 8th largest pharmacy banner in North America by store count, the 3rd largest in Canada, and the fastest growing pharmacy banner in Canada over the last six years.

PharmaChoice licenses pharmacy brands to independent pharmacy owners in Canada.

About Proton Capital Corp.

Proton was incorporated on September 1, 2021 by certificate of incorporation issued pursuant to the provisions of the Business Corporations Act (Alberta). Proton is classified as a Capital Pool Company ("CPC") as defined in Policy 2.4 of the TSXV. The principal business of Proton is to identify and evaluate assets or businesses with a view to potentially acquire them or an interest therein by completing a purchase transaction, by exercising of an option or by any concomitant transaction. The purpose of such an acquisition is to satisfy the related conditions of a "qualifying transaction" as defined under TSXV policies. Proton's shares trade on the TSXV under the trading symbol: PTN.P.

We seek Safe Harbor.