Cybeats Announces First Tranche Closing for Gross Proceeds of Over $1.1 Million

Each Unit consists of one common share in the capital of the Company (each, a "Common Share") and one-half of one whole Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.20 per Common Share until the date that is eighteen (18) months from the date of issuance.

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Gross proceeds raised from the Offering will be usedfor working capital and general corporate purposes. The securities issued uponclosing of the Offering will be subject to a hold period of four months plus aday from the date of closing, pursuant to applicable securities laws. Theclosing of the Offering is subject to certain conditions including, but notlimited to, the receipt of all necessary regulatory and other approvals,including the approval of the Canadian Securities Exchange.

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In connection with theOffering, the Company paid certain eligible persons (each, a “Finder”): (i) a cash commission in theaggregate of $1,500; and (ii) an aggregate of 190,170 finder warrants (each, a “Finder Warrant”) Each FinderWarrant is exercisable at a price of $0.20 per Common Share until September 8,2025. In addition, a Finder was issued 113,500 compensation shares representinga cash commission in the amount of $17,025.

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In addition, further to thepress release dated February 19, 2024, the Company announces that it hasincreased the total size of the Offering to aggregate gross proceeds of up to$2,000,000 through the issuance of up to 13,333,333 Units due to investordemand.

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The Offeringconstituted a “related party transaction” as defined in Multilateral Instrument61-101 – Protection of Minority Securityholders in Special Transactions (“MI 61-101”), as certain insiders of theCompany acquired 1,366,700 Units. The Company is relying on the exemptions fromthe valuation and minority shareholder approval requirements of MI 61-101contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair marketvalue of the participation in the Offering by insider does not exceed 25% ofthe market capitalization of the Company, as determined in accordance with MI61-101.  The Company did not file a materialchange report in respect of the related party transaction at least 21 daysbefore the closing of the Offering, which the Company deems reasonable in thecircumstances so as to be able to avail itself of the proceeds of the Offeringin an expeditious manner.

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This press release does notconstitute an offer to sell or a solicitation of an offer to buy the securitiesin the United States. The securities have not been and will not be registeredunder the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any statesecurities laws and may not be offered or sold within the United States or toU.S. Persons as defined under applicable United States securities laws unlessregistered under the U.S. Securities Act and applicable state securities lawsor an exemption from such registration is available.

About Cybeats

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Cybeats is a cybersecurity company providing SBOM management and software supply chain intelligence technology, helping organizations to manage risk, meet compliance requirements, and secure their software from procurement to development and operation. The platform gives customers comprehensive visibility and transparency into their software supply chain, enabling them to improve operational efficiency and increase revenue. Cybeats Software Made Certain. Website: https://cybeats.com

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SUBSCRIBE: For more information, or to subscribe to the Company’s mail list, visit:
https://www.cybeats.com/investors

Forward-looking Information Cautionary Statement

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Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law.   Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur.

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Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE.  There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the commercialization plans for the products described in this news release will come into effect on the terms or time frame described herein.

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The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required bylaw.  The reader is cautioned not to place undue reliance on forward-looking statements. Company filings are available at www.sedarplus.ca.