Mr. Alan MacDonald reports

VENERABLE VENTURES PROVIDES UPDATE ON ACQUISITION OF KAPOOSE CREEK BIO CORPORATION

Following discussions with Kapoose Creek Bio Corp. (formerly, Kapoose Creek Wellness Ltd.), Venerable Ventures Ltd. has agreed that it will not proceed with the proposed acquisition of Kapoose as previously announced on Nov. 1, 2021.

The company is pleased with the significant advancements made by Kapoose to expand and develop its research efforts but is not of the view that current market conditions will support completion of the transaction at this time.

The company and Kapoose have agreed to terminate the definitive amalgamation agreement previously entered into, effective immediately. No funds were advanced by the company to Kapoose in connection with the transaction, and the company has not assumed any contingent liabilities or guarantees arising from the definitive agreement.

Following termination of the definitive agreement, the company no longer has any active operations and will not meet the Tier 2 continued listing requirements of the TSX Venture Exchange. While the company intends to apply for the resumption of trading in its common shares on the exchange, it is anticipated that the company's listing will be transferred to the NEX board of the exchange. Transfer to the NEX board is subject to meeting applicable listing requirements of the exchange.

We seek Safe Harbor.