An anonymous director reports

SIRE BIOSCIENCE ANNOUNCES LOAN AGREEMENTS AND SHARE ISSUANCES

Sire Bioscience Inc. has entered into loan agreements with each of 1610896 Ontario Inc., a company owned and operated by Domenic Crudo, the chief financial officer of the company, Natural Lines Inc., a company owned and operated by Michael Lines, an adviser to the company, and Layton Hipfner, the master grower of the company, dated March 23, 2020, each for the principal sum of $350,000 with an interest rate of 2 per cent per annum. Pursuant to the loan agreements and subject to regulatory approval, the company has agreed to issue up to seven million common shares of the company at a deemed price of five cents per share to each debtor in accordance with Section 4, Lock-Up of the Loan Agreements, in addition to repaying each debtor the principal amount plus accrued interest of each loan in four, annual instalments, as set out in Section 3 of each loan agreement. The shares issued are subject to a statutory four-month hold period.

The issuance of the shares pursuant to the loan agreements are related-party transactions (as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions). The company relied upon the issuer not listed on specified markets and fair market value not more than $2.5-million exemptions from the formal valuation and minority shareholder approval requirements, respectively, under MI 61-101.

About Sire Bioscience Inc.

Sire's principal business activity is to engage in the investment, production of, and sale of hemp.