10557510 Canada Corp. Completes $4.5 Million Unit Offering

Written by Newsfile

Toronto, Ontario--(Newsfile Corp. - March 19, 2021) - 10557510 Canada Corp. ("Canada510" or the "Company") is pleased to announce that it has completed a non-brokered private placement of 15,183,999 units ("Unit") of the Company at a price of $0.30 per Unit for aggregate gross proceeds of CAD $4,555,200 (the "Offering") which was closed in two tranches.

Each Unit consists of one common share ("Common Share") in the capital of the Company and one half (½) of one Common Share purchase warrant (each whole warrant a "Warrant"). Each Warrant is exercisable to acquire one additional Common Share at an exercise price of $0.40 for a period of 24 months following the closing dates of the Offering.

The first tranche closed on February 26, 2021 with the issuance of 2,212,332 Units for aggregate gross proceeds of CAD$663,700. The first tranche of the Offering was completed as an equity Offering.

The second tranche closed on March 5, 2021 with the issuance of 12,971,665 Units for aggregate gross proceeds of CAD$3,861,500. The second tranche of the Offering was completed as Subscription Receipts, the proceeds of which will be held in escrow pending completion of the acquisition of not less than 90% of the issued and outstanding ordinary shares of Royal Wins Pty Ltd. and receipt of approvals to list for trading on the Canadian Securities Exchange (the "CSE"), subject to an outside release date of the escrowed funds of May 31, 2021.

Finder's fees totalling $318,864 and 1,062,880 broker warrants have been, or will be, paid in relation to the Offering. Each broker warrant will allow the broker to purchase one (1) common share of the Company at $0.40 for a period of 24 months from the dates of the closing.

Canada510 will use the proceeds of this offering for corporate G&A and for product development, marketing and customer acquisition following a successful acquisition of Royal Wins Pty Ltd. of Sydney, Australia, a leader in the online gaming and eSports market.

For more information please contact:

10557510 Canada Corp.:Nicholas KonkinCommunications DirectorPhone: 1 416 642 1807, ext 312E-mail: investors@grovecorp.ca ^[1]

Forward Looking Statements

Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in the Company's filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward-looking statements.

Forward-looking statements may include, without limitation, statements regarding the Company's unaudited financial results and projected growth.

Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are subject to inconsistent legislation and regulation; change in laws; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and recreational-use marijuana industry and; regulatory or political change.

There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.

Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. 1055710 Canada Corp. disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.

No securities regulator or exchange has reviewed, approved, disapproved, or accepts responsibility for the content of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/77977 ^[2]

References

^{^} investors@grovecorp.ca (www.newsfilecorp.com)
^{^} https://www.newsfilecorp.com/release/77977 (www.newsfilecorp.com)