Mr. Geoff Balderson reports

SPECTRE CAPITAL CORP. COMPLETES INITIAL PUBLIC OFFERING AS A CAPITAL POOL COMPANY AND PRIVATE PLACEMENT

Spectre Capital Corp. has completed its initial public offering (IPO), raising gross proceeds of $200,000, pursuant to an amended and restated final prospectus dated Feb. 12, 2020. A total of two million common shares in the capital of the company were subscribed for at a price of 10 cents per share. The company also completed the concurrent non-brokered private placement of 1.41 million shares for gross proceeds of $141,000 contemplated in the prospectus. After completion of the IPO and the private placement, the company now has 7,160,001 shares issued and outstanding, with the directors and officers of the company, in aggregate, holding 2,430,001 shares, which are subject to escrow restrictions pursuant to the policies of the TSX Venture Exchange.

Canaccord Genuity Corp. acted as agent for the IPO on a commercially reasonable efforts basis. The agent received a cash commission as well as agent's warrants, entitling the agent and members of its selling group to purchase an aggregate of 200,000 shares at a price of 10 cents per share for a period of 24 months from the listing date of the shares on the TSX-V. Concurrent with the closing of the IPO, the company also granted 716,000 incentive stock options to its directors and officers, which are exercisable for a period of five years from listing date of the shares on the TSX-V at an exercise price of 10 cents per share.

The shares were listed on the TSX-V at the market open on Feb. 21, 2020, and immediately halted, pending closing of the IPO. The halt is expected to be lifted and trading of the shares is expected to commence on or about Tuesday, Feb. 25, 2020, under the symbol SOO.P.

The net proceeds of the IPO, together with the proceeds from prior sales of common shares, will be used by Spectre to identify and evaluate assets or businesses for acquisition with a view to completing a qualifying transaction under the TSX-V's capital pool company (CPC) program.

The current directors of the company are Robert Shewchuk, Geoff Balderson and Stephen Ross Gatensbury. For further information please see the prospectus, available under Spectre's profile on SEDAR.

About Spectre Capital Corp.

Spectre is a newly formed CPC created to identify and evaluate potential acquisitions of commercially viable businesses and assets that have the potential to generate profits and add shareholder value. Except as permitted under the TSX-V's CPC policy, until the completion of the qualifying transaction, Spectre will not carry on business, other than the identification and evaluation of companies, businesses or assets with a view to completing a qualifying transaction within 24 months of listing.