Mr. Fredreick Pels reports

BLACKHAWK COMPLETES ACQUISITION OF 51% INTEREST IN NUWAVE FOODS

Blackhawk Growth Corp. has completed the acquisition of 7,650 Class A common shares in the capital of NuWave Foods Inc., representing a 51-per-cent equity interest in NuWave. NuWave is a privately held, fully licensed commercial kitchen and baked goods manufacturer located in Edmonton, Alta.

"We are so excited to complete our investment in NuWave," said Fredreick Pels, chief executive officer of Blackhawk Growth. "They have a terrific product and a great expansion plan that we believe will position us as a true leader in the shelf-stable food industry. We look forward to keeping our shareholders updated with our progress over the coming quarters."

The acquisition was completed pursuant to the terms of a definitive share purchase agreement dated effective March 30, 2020, and entered into with the shareholders of NuWave. Under the terms of the purchase agreement, the corporation has issued 12 million common shares to the existing shareholders of NuWave at a deemed price of five cents per share to acquire the acquisition shares. The corporation has also agreed to provide financing of up to $60,000, which will be applied toward expenses associated with certain equipment leases that are necessary in the operations of NuWave.

The corporation is at arm's length from NuWave and each of the shareholders of NuWave. The acquisition does not constitute a fundamental change for the corporation, nor has it resulted in a change of control of the corporation within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange. No finders' fees or commissions were paid in connection with the acquisition. All common shares of the corporation issued in connection with the acquisition are subject to a four-month-and-one-day statutory hold period, in accordance with applicable securities laws.

For further information regarding NuWave and the acquisition, readers are encouraged to review the corporation's news release dated March 31, 2020.

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