Shoal Point Energy Ltd. announced a non-brokered private placement of 10,000,000 units at an issue price o CAD 0.05 per unit for the gross proceeds of CAD 500,000 on March 22, 2023. Each Unit will consist of one post-Consolidation common share and one post-Consolidation common share warrant Each Warrant will entitle the holder to acquire a one post-Consolidation common share at a price of CAD 0.06 for two years following completion of the transaction. Finders' fees may be paid on a portion of the Private Placement and insiders of the Company will participate in up to 15% of the transaction.

All securities issued pursuant to the transaction will be subject to a statutory hold period of four months and one day from closing. Completion of the Consolidation and the transaction remains subject to the approval of the Canadian Securities Exchange.