Mr. David Hodge reports

ZIMTU CAPITAL CORP. CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT OFFERING OF UNITS

Zimtu Capital Corp. has completed a first tranche of its previously announced non-brokered private placement offering of units, as described in its news release dated March 14, 2023. Pursuant to the private placement, the company issued an aggregate of 13,759,042 units at a price of eight cents per unit for gross proceeds of $1,100,723.36. Each unit consists of one common share in the capital of the company and one non-transferable share purchase warrant. Each warrant is exercisable into one additional share at a price of 10 cents per warrant share for a period of three years from the closing date. The company intends on completing an additional tranche of the private placement.

The securities issued under the private placement and the warrant shares that may be issuable on exercise of the warrants are subject to a statutory hold period expiring on Sept. 2, 2023.

The company intends to use the net proceeds from the private placement for proposed investments, including, without limitation, investments in businesses engaged in oil and gas and mineral exploration and specific property acquisitions. The company may also use certain of the net proceeds for working capital purposes.

Certain insiders of the company subscribed for a total of 4,812,500 units under the private placement, which is a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The issuances to the insiders are exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(b) as the company's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(a) of MI 61-101 in that the fair market value of the consideration of the securities issued to the related parties did not exceed 25 per cent of the company's market capitalization.

About Zimtu Capital Corp.

Zimtu is a public investment issuer that aspires to achieve long-term capital appreciation for its shareholders. Zimtu companies may operate in the fields of mineral exploration, mining, technology, life sciences or investment. The company trades on the TSX Venture Exchange under the symbol ZC and in Frankfurt under the symbol ZCT1.

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