Mr. Carlo Shimoon reports

LITE ACCESS CLOSES FIRST TRANCHE FOR $2,050,000

Lite Access Technologies Inc. has closed the first tranche of its previously announced non-brokered private placement (see news release dated Feb. 14, 2020) by issuing 4.1 million units at a price of 50 cents per unit for gross proceeds of $2.05-million.

Each unit consists of one common share of the company and one share purchase warrant, with each warrant entitling the holder to purchase one additional common share for a period of three years from the date of the issue at an exercise price of 65 cents per share. The company has the right to accelerate the expiry date of the warrants if, at any time, the volume weighted average price of the company's common shares is equal to or greater than 85 cents for 20 consecutive trading days. In the event of acceleration, the expiry date will be accelerated to a date that is 15 business days after the company issues a news release announcing that it has elected to exercise this acceleration right.

All securities issued in connection with the financing will be subject to a four-month statutory hold period expiring on June 22, 2020. Under tranche 1, the company paid total finders' fees of $90,300 and 180,600 warrants.

The proceeds of the financing will be used for potential acquisitions and working capital purposes.

About Lite Access Technologies Inc.

Lite Access is a world leader in the use of innovative and proven micro/narrow trenching technologies, alternative methods of deployment and specialist products that transform the cost the network deployment for telecommunications operators.

We seek Safe Harbor.