Mr. Joel Shacker reports

CORE ONE ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Core One Labs Inc. will conduct a non-brokered private placement of units at a price of 15 cents per unit for gross proceeds of up to $1.5-million. Each unit consists of one common share and one-half of one transferable share purchase warrant. Each whole warrant entitles the holder thereof to purchase one additional share of the company for a period of five years from issuance, at a price of 20 cents per share. Closing of the first tranche of the private placement is anticipated to occur on or about April 17, 2024.

The net proceeds from the financing will be used for working capital and general corporate purposes of the company.

Pursuant to applicable securities laws, all securities issued under the private placement will be subject to restrictions on resale for a period of four months and one day.

The company will issue shares equal to 2.0 per cent of the number of units issued in the private placement to Amalfi Corporate Services Ltd. as an administrative fee for Amalfi's assistance with the private placement. The company does not anticipate paying any finders' fees related to the private placement.

Amalfi is a private company controlled by Geoff Balderson, chief financial officer, corporate secretary and a director of the company, and an issuance of admin fee shares to Amalfi is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. 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 admin fee shares issued to Amalfi will not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101.

About Core One Labs Inc.

Core One Labs is a life sciences 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 psychedelics market space. Core One, through its wholly owned subsidiary Vocan Biotechnologies Inc., has developed and filed for patent protection of 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.