Mr. Craig Steinberg reports

TRAIL BLAZING VENTURES LTD. ANNOUNCES UPDATES FOR DEFINITIVE AGREEMENT WITH HEMPALTA INC. IN RESPECT OF PROPOSED QUALIFYING TRANSACTION

Trail Blazing Ventures Ltd., further to its news release dated Nov. 15, 2023, has several updates to provide with respect to the qualifying transaction with Hempalta Inc.

Proposed management and board of directors of resulting issuer

In addition to the management and directors named in the November release, it is expected that the following persons will be named as an officer and as a director of the resulting issuer:

Candace Ryan -- chief financial officer

Ms. Ryan is the chief financial officer of Hempalta. Ms. Ryan has over 15 years of accounting and finance experience, primarily working in the retail and consumer package goods sectors. She previously held the role of financial controller for Spirit Leaf Inc., a national retail organization whose parent company was listed on the Canadian Securities Exchange (CSE). Ms. Ryan graduated from MacEwan University with a bachelor of applied business administration in accounting and holds her chartered professional accountant (CPA) designation.

Dan Balaban -- director

Mr. Balaban is the chief executive officer and executive chair of Greengate Power Corp., a renewable energy development company. Under Mr. Balaban's leadership, Greengate has developed nearly 1.5 gigawatts or over $2-billion of operating renewable energy projects. Prior to Greengate, Mr. Balaban was the co-founder, president and chief executive officer of a software solutions provider for the oil and gas industry. Prior thereto, Mr. Balaban worked as a management consultant for several international firms, including EY and PWC. Mr. Balaban holds a bachelor of science degree from the University of Toronto. Mr. Balaban is also a member of the board of Calgary Economic Development, and formerly a member of the board of the Pembina Institute.

Private placement of subscription receipts of Hempalta

As described in the November release, prior to the completion of the transaction, Hempalta is expected to complete a commercially reasonable efforts brokered private placement of subscription receipts of Hempalta, through Canaccord Genuity Corp. as lead agent with a syndicate of agents including Research Capital Corp. and Haywood Securities Inc. Hempalta and the agent expect to close the private placement in January, 2024.

Hempalta and the agent have amended the terms of the private placement. Pursuant to the revised terms, the minimum offering shall be amended to $800,000. The maximum offering (as described in the November release) and the other terms of the private placement shall remain unchanged.

Further details regarding the private placement can be found in the November release.

About Trail Blazing Ventures Ltd.

Trail Blazing is a capital pool company (CPC) that has not commenced commercial operations and has no assets other than cash. Except as specifically contemplated in the TSX Venture Exchange's CPC policy, until the completion of its qualifying transaction, Trail Blazing will not carry on business, other than the identification and evaluation of businesses or assets with a view to completing a proposed qualifying transaction.

We seek Safe Harbor.