Castlebar Capital Corp. announces the termination of the Qualifying Transaction Agreement

Vancouver, British Columbia–(Newsfile Corp. – November 1, 2022) – Castlebar Capital Corp. (TSXV: CBAR.P) (“Castlebar” or the “Company”), a Capital Pool Company under Policy 2.4 of the TSX Venture Exchange (the “TSXV”), announces that the Agreement of Sale, Assignment, Assumption and Amendment dated January 22, 2021, as amended, with respect to a proposed “qualifying transaction” for the Company has been terminated and the proposed transaction will not occur. The agreement was terminated because the Company will not be able to meet the closing conditions provided for in the agreement, including the requirement to raise at least $650,000 through a private placement financing.

The Qualifying Transaction was described in the Amended and Restated Filing Statement on the TSXV dated November 29, 2021 and filed on SEDAR. As part of the transaction, the Company paid a deposit of $20,000 to the seller of the mining property subject to the agreement and paid an additional $17,545 in mining property expenses. The deposit is non-refundable and will not be recovered by the Company, and the Company will not be reimbursed for additional expenses.

The directors of the Company after the termination of the contract remain as follows: Gerald Kelly, Lucas Birdsall, Robert Meister, Brian Morrison and Kosta Tsoutsis. The Company will continue to evaluate other acquisition opportunities with a view to completing a Qualifying Transaction in accordance with the policies of the TSXV.

About Castlebar

Castlebar is a Capital Pool Company pursuant to Exchange Policy 2.4 and its principal business is the identification and evaluation of assets or businesses with a view to completing a qualifying transaction.

For more information, please see the Company’s disclosure filing on SEDAR (www.sedar.com) or contact the Company as follows: Lucas Birdsall, CEO, at (778) 549-6714.

Cautions and note regarding forward-looking information

Certain statements contained in this press release constitute “forward-looking information” as that term is defined under applicable Canadian securities laws. The words “may”, “would”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, ” estimates”, “expects” and similar expressions with respect to the Company, including the Company’s objective of achieving a Qualifying Transaction, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. These statements reflect the Company’s current views and intentions regarding future events, and information currently available to the Company is subject to certain risks, uncertainties and assumptions. Important factors or assumptions were applied to provide forward-looking information. Many factors could cause the actual results. , the performance or achievements that may be expressed or implied by such forward-looking information will differ from those described herein if one or more of these risks or uncertainties materializes. These factors include, but are not limited to: applicable director, shareholder and regulatory approval of a Qualifying Transaction; legislative changes; the ability to implement business strategies and seize business opportunities; state of capital markets; the availability of funds and resources to continue operations; as well as general economic, market and business conditions and risk factors discussed or referred to in the disclosure documents filed by the Company with the securities authorities of certain provinces of Canada and available at www.sedar.com. If any factor affects the Company in an unexpected way, or if the assumptions underlying the forward-looking information prove incorrect, the actual results or events could differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Further, the Company assumes no responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise the forward-looking information, except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142671

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