Mr. Scott Meyers reports

REACT GAMING PROVIDES CORPORATE UPDATE AND ANNOUNCES PRIVATE PLACEMENT

Further to the Dec. 12, 2022, press release, Gaming Group Inc. has completed its obligation pursuant to its debt settlement with Livestream Gaming Ltd., eliminating all remaining obligations in regard to the Loot.Bet acquisition.

Private placement

The corporation also announces a non-brokered private placement of units of the corporation at a price of six cents per unit for gross proceeds of up to $4-million.

The private placement consists of a maximum of 66,666,667 units at a price of six cents per unit, with each unit made up of one common share of the corporation and one common share purchase warrant, each warrant entitling its holder to acquire one share at a price of 10 cents for a period of 48 months following the closing of the private placement.

The proceeds of the private placement will be used primarily for working capital purposes. All securities issued under the private placement will be subject to a hold period that will expire four months and one day from the date of the applicable closing of the private placement. The private placement is subject to the approval of the TSX Venture Exchange.

Change of auditor

The corporation also announces that Macias Gini & O'Connell LLP has resigned as auditor of the corporation. No reason was provided by the auditor in its notice to the corporation for its resignation. The auditor's resignation has been accepted by the board of directors, and the corporation is finalizing the process of appointing a successor auditor.

Board change

The board of directors has also accepted the resignation of Art Manteris and Jessica Di Rito as directors of the corporation. The corporation wishes to thank them for their contribution over the years. The corporation is in the process of searching for new board members.

Delay in filing annual financial statements

Due to the timing of the change of auditor, the corporation is not in a position to file its consolidated audited financial statements by May 1, 2023. As a result, the corporation applied for a temporary management cease trade order under National Policy 12-203 (Cease Trade Orders for Continuous Disclosure Defaults), which, if granted, will prohibit trading in securities of the corporation by the chief executive officer, the chief financial officer and each director of the corporation until such time as the required filings and all continuous disclosure requirements have been filed by the corporation and the MCTO has been lifted. During the period in which the MCTO is effective, the general public will continue to be able to trade in the corporation's listed securities. There is no guarantee or assurance that the MCTO will be granted.

Previous private placement

Further to the news releases dated Oct. 24, 2022, and Nov. 29, 2022, the corporation advises that the previously mentioned second tranche to its non-brokered private placement of units (as defined in the previous news releases) at 10 cents was not completed and therefore terminated. Under the 2022 private placement, the corporation sold 6.35 million units for gross proceeds of $635,000 and paid to three eligible arm's-length finders an aggregate of: (i) a $12,600 cash fee; and (ii) 16,800 finder warrants (as defined in the previous news releases).

About React Gaming Group Inc.

React Gaming (TSX Venture Exchange: RGG) (OTCQB: ITMZF) is a publicly traded holding company that stands at the forefront of the e-sports and iGaming industry. By investing in innovative technologies that enhance tournaments, teams and wagering, it provides its users with gaming platforms that produce non-stop action, exciting outcomes and unparalleled enjoyment. Through the use of intelligent data, it also connects its sponsors with robust communities within the rapidly evolving industry, ensuring maximum engagement and substantial reward.

We seek Safe Harbor.