Mr. Joel Shacker reports

CORE ONE LABS CLOSES NON-BROKERED PRIVATE PLACEMENT

Core One Labs Inc. has closed its non-brokered private placement through the issuance of 625,000 units at a price of 32 cents per unit for gross proceeds of $200,000. Each unit consists of one share and one transferable share purchase warrant. Each warrant entitles the holder thereof to purchase one additional share of the company for a period of five years at a price of 43 cents per share.

The company intends to use the net proceeds of the private placement for working capital and general corporate purposes.

In connection with closing, the company issued 12,500 shares (administrative shares) of the company to Amalfi Corporate Services Ltd., in consideration for administrative services rendered in connection with the private placement. Amalfi is a private company controlled by Geoff Balderson. Mr. Balderson serves as chief financial officer and as a director of Core One. The issuance of the administrative shares to Amalfi is considered to be a related-party transaction as defined under Multilateral Instrument 61-101. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the issuance of the administrative shares issued to Amalfi do not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101.

Pursuant to applicable securities laws, all securities issued under the private placement are subject to a statutory hold period of four months and a day expiring on Jan. 19, 2024.

About Core One Labs Inc.

Core One is a life science biotechnology research and development company focused on bringing psychedelic medicines to market through the development and production of psychedelic compounds, the advancement of psychedelic-assisted treatments, and the integration of novel delivery systems technology.

The company has a multifaceted business approach and incorporates several complementary lines of businesses and units in establishing itself as an industry leader in the rapidly growing and emerging psychedelic market space.

Core One, through its wholly owned subsidiary Vocan Biotechnologies Inc., has developed and filed for patent protection a proprietary psilocybin production system using engineered bacteria. It is also the holder of four provisional patents for the development of psychedelic-based pharmaceutical formulations targeting neurological and mental health disorders, under its 100-per-cent-owned subsidiary Akome Biotech Ltd., and three provisional patents under its other 100-per-cent-owned subsidiary, Awakened Biosciences Inc., for additional synthetic technologies for psilocybin and psilocin production methods.

In addition to the development of psychedelics and psychedelic compounds, Core One holds an interest in four medical clinics which maintain a combined database of more than 275,000 patients. Through its clinics, the company intends to integrate a rollout of its intellectual property related to psychedelic technologies and participate in the advancement of psychedelic-based treatments for mental health disorders.

We seek Safe Harbor.