Mr. Kyle Appleby reports

UPSNAP ANNOUNCES EXTENSION OF DEBENTURE MATURITY

UpSnap Inc. has amended the terms of its outstanding secured debenture, held by User Friendly Media (or an affiliate thereof) in the aggregate principal amount of $800,000, to extend the maturity date of the debenture from June 30, 2023, to Sept. 30, 2023. The debenture will continue to bear interest at an annual rate of 13.5 per cent to be paid to UFM quarterly. The issuance of the debenture was originally announced by the company on Oct. 2, 2018.

The extension of the maturity date of the debenture will be considered a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company is relying on exemptions from the formal valuation and minority approval requirements in sections 5.5(b) and 5.7(1)(b) of MI 61-101 in respect of this amendment to the debenture based on a determination that the company satisfies the criteria set out in those sections.

About UpSnap Inc.

UpSnap provides highly targeted, data-driven mobile advertising to attract the ideal audience for brands big and small. Utilizing real-time analytics, UpSnap goes beyond location to deliver app-agnostic and results-driven campaigns that produce qualified, engaged customers. UpSnap tailors each campaign to align with unique business goals, delivering the right customers for more meaningful exposure and better business results.