Mr. Bill Frain reports

LIBERTY ANNOUNCES LISTED ISSUER FINANCING EXEMPTION (LIFE) NON-BROKERED PRIVATE PLACEMENT OF UNITS

Liberty Defense Holdings Ltd. is undertaking a non-brokered private placement of up to 5.9 million units of the company at a price of 20 cents per unit for gross proceeds to the company of up to $1.18-million. The offering has been structured to take advantage of the listed issuer financing exemption whereby securities of the company issued pursuant to the offering will be freely tradeable equity securities not subject to any hold period (see herein).

Each unit will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share of the company for a period of 36 months following the closing date of the offering at an exercise price of 30 cents per warrant share.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 -- Prospectus Exemptions, the offering is being made to purchasers resident in each of the provinces of Canada, except Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106. The securities offered under the exemption will not be subject to a hold period in accordance with applicable Canadian securities laws. There is an offering document related to the offering that can be accessed under the company's profile at SEDAR+ and on the company's website. Prospective investors should read this offering document before making an investment decision.

Upon closing of the offering, the company may pay to certain eligible finders a cash finder's fee of up to 7.0 per cent of the aggregate gross proceeds of the offering. The company may also issue to such finders non-transferrable warrants of the company exercisable at any time prior to the date that is 36 months from the closing date to acquire that number of common shares equal to 7.0 per cent of the number of units issued under the offering, at an exercise price equal to the offering price, subject to adjustment in certain events.

"We are pleased to be able to do a follow-on raise from our initial LIFE offering given the growing investor interest and the positive momentum in our business," said Bill Frain, chief executive officer of Liberty Defense. "This financing will allow us to continue to build more Hexwave units going into 2024 to meet the growing demand."

The company plans to use the proceeds of this financing to further the production of Hexwave technology to support the increase in demand for the product and deliver units in backlog to customers.

The offering is scheduled to close on or about Dec. 31, 2023, and completion of the offering is subject to certain conditions including the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

About Liberty Defense Holdings Ltd.

Liberty Defense provides multitechnology security solutions for concealed weapons detection in high-volume foot-traffic areas and locations requiring enhanced security such as airports, stadiums, schools and more. Liberty's Hexwave product, for which the company has secured an exclusive licence from Massachusetts Institute of Technology (MIT), as well as a technology transfer agreement for patents related to active 3-D radar imaging technology, provides discrete, modular, and scalable protection to provide layered, stand-off detection capability of metallic and non-metallic weapons. Liberty has also recently licensed the millimetre-wave-based, high-definition advanced imaging technology (HD-AIT) body scanner and shoe scanner technologies as part of its technology portfolio. Liberty is committed to protecting communities and preserving peace of mind through superior security detection solutions.

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