Mr. David Hodge reports

ZIMTU CAPITAL CORP. ANNOUNCES EXTENSION TO PRIVATE PLACEMENT

The TSX Venture Exchange has granted a 3.5-week extension to Zimtu Capital Corp. for the completion of its non-brokered private placement, previously announced in its news releases of March 14, 2023, and May 2, 2023.

The terms of the financing provide for the issuance of up to 18.75 million units at a price of eight cents per unit for gross proceeds of up to $1.5-million. 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.

Finders' fees or broker commissions comprised cash and/or securities of the company may be paid in connection with the financing, in accordance with exchange policies.

The company intends to use the net proceeds from the financing 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.

All securities issued in connection with the financing will be subject to a statutory hold period expiring four months and one day after closing. Completion of the financing is subject to the approval of the exchange. Any participation by insiders will constitute a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

About Zimtu Capital Corp.

Zimtu Capital is a public investment issuer that aspires to achieve long-term capital appreciation for its shareholders. Zimtu Capital 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 on the Frankfurt Stock Exchange under symbol ZCT1.

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