Mr. Sean Charland reports

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

Zimtu Capital Corp. has completed the second tranche of its previously announced non-brokered private placement offering of units, as described in its news releases dated March 14, 2023, May 2, 2023, May 16, 2023, and June 16, 2023. In the second tranche, the company issued 2,312,500 units at a price of eight cents per unit for gross proceeds of $185,000. 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 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 Nov. 15, 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.

The company further announces that the TSX Venture Exchange has granted a four-week extension to the company for completion of a further tranche of its private placement.

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.

We seek Safe Harbor.