Mr. Kal Malhi reports

COLOURED TIES TO AMEND SUBSTANTIAL ISSUER BID

Further to Coloured Ties Capital Inc.'s news releases of June 12 and July 11, 2023, the company has amended its previously announced substantial issuer bid to: (i) decrease the aggregate purchase amount payable for its common shares from $9-million to $3.75-million; and (ii) increase the price range at which shares will be purchased in the offer to a price of not less than $1.00 and not more than $1.20 (the new range).

The offer remains otherwise subject to the terms and conditions set forth in the offer to purchase and issuer bid circular dated July 18, 2023, as amended by a notice of variation dated as of today's date together with an amended letter of transmittal and amended notice of guaranteed delivery. CTI will be mailing the notice of variation, the amended letter of transmittal and the amended notice of guaranteed delivery to all registered holders of the shares. The notice of variation, the amended letter of transmittal and the amended notice of guaranteed delivery will also be available on the company's profile on SEDAR+. Shareholders are urged to review these documents carefully as they contain important details with respect to the amended offer and the procedures that shareholders must follow in order to properly tender their shares.

As a result of the amendment to the offer, if a shareholder has previously tendered shares, such tender is no longer valid, and the shareholder will be required to properly retender their shares to accept the offer. For greater certainty, any and all shares previously tendered will be deemed to be withdrawn and the shareholder must take additional steps if they wish to participate in the amended offer. The offer expires on Aug. 28, 2023.

Registered shareholders who had previously submitted a letter of transmittal (in its previous form) with their share certificate who wish to tender their shares are required to submit an amended letter of transmittal to the depositary, which for the purpose of the amended offer, will be deemed to be submitted with the share certificate currently held by the depositary. If a registered shareholder who had previously tendered shares, does not submit an amended letter of transmittal, the previously tendered shares, in the absence of an amended letter of transmittal, are no longer validly tendered and will not be accepted for take-up and payment, in which case the depositary will return such previously tendered shares promptly following the expiration of the offer. Previously submitted share certificates will not be returned to shareholders prior to the expiration of the offer, unless requested in writing by such registered shareholder.

Shareholders who before the date of the notice of variation and extension submitted a notice of guaranteed delivery (in its previous form) are required to submit an amended notice of guaranteed delivery to the depositary.