Mr. Akshay Sood reports

CRYPTOBLOX PROVIDES REDWATER BUSINESS UPDATE

Further to the news release dated May 31, 2024, Cryptoblox Technologies Inc. has provided an update on the business of its wholly owned subsidiary, Redwater Acquisition Corp.

As announced in the May news release, on May 15, 2024, the parties to the original agreement pursuant to which the company acquired Redwater executed an addendum agreement that revised the process by which the postclosing milestones provided for under the acquisition agreement, which included the company's acquisition of True North miners, an air-cooled one-megawatt True North data centre, a 1.25-megawatt natural gas power plant, a fuel gas supply agreement and a surface access agreement, were to be completed. The addendum provided an outside date for completion of the milestones of June 30, 2024.

On June 28, 2024, the company further revised the acquisition agreement pursuant to a second addendum that extended the outside date by which the milestones must be complete to Sept. 30, 2024.

After it acquires the True North miners and the True North data centre, the company intends to put into operation the 233 miners owned by Redwater. After the company acquires the Comgen assets, it plans to further optimize Redwater's operations by powering them with energy produced at the power plant, which will be fuelled by flared gas supplied pursuant to the gas supply agreement. The company hopes all milestones will be achieved in third quarter 2024 or sooner, and will provide an update to shareholders as and when each milestone is satisfied.

About Cryptoblox Technologies Inc.

Cryptoblox is a blockchain technology infrastructure company focusing on building out its diversified blockchain ecosystem strategy that consists of digital asset mining and infrastructure, mining products and technology, and structured digital asset products and blockchain payments. The company's infrastructure will be based on the value chain that stems from off-grid/alternative-energy-powered digital asset mining, along with a diversified portfolio of sustainable mining and blockchain fintech products and services enabled by both the sustainable mining product and technology and structured blockchain product and service divisions. The company will be focused on providing alternative energy solutions to power digital asset mining operations throughout North America -- with the first site being in Redwater, Alta. By using alternative energy sources and state-of-the-art operations techniques, the company will be positioned to achieve a high degree of financial optionality and long-term operational certainty, which can result in some of the cleanest and lowest-cost digital asset mining operations in the world.

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