Ms. Tanya Todd reports

MODERN MEAT CLOSES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT FOR $1 MILLION

Further to the news release dated July 24, 2020, Modern Meat Inc. has closed its first tranche of its non-brokered private placement consisting of 222,223 units of the company at a price of $4.50 per unit for gross proceeds of $1-million.

Each unit consists of one common share and one-half of one transferable common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one additional common share of the company for a period of two years at $5.50 per common share.

Each warrant is subject to accelerated expiry provisions, such that if at any time after the expiry of any resale restriction governing the units, the company's common shares trade on the Canadian Securities Exchange at or above a volume-weighted average trading price of $6 per common share for 10 consecutive trading days, the company may give notice to the holders that each warrant will expire 30 days from the date of providing such notice. All securities issued pursuant to the private placement are subject to a statutory four-month hold period pursuant to applicable securities laws of Canada.

Based on demand for the private placement, the company will be oversubscribing the placement and will provide further details in a subsequent news release.

The proceeds raised from the offering will be used by the company for brand awareness of its product, investor relations activity, product development, purchasing inventory and for general working capital purposes.

About Modern Meat Inc.

Modern Meat is a Canadian food company based in Vancouver, B.C., that offers a portfolio of plant-based meat products.

We seek Safe Harbor.