Mr. Francis Rowe reports

METASPHERE LABS ANNOUNCES A NON-BROKERED PRIVATE PLACEMENT

Metasphere Labs Inc. has closed its previously announced non-brokered private placement.

The closing of the offering consisted of 12 million units in the capital of the company, issued at a price of five cents per unit, for aggregate proceed of $600,000. Each unit comprises one common share in the capital of the company and one transferable common share purchase warrant. Each warrant entitles the holder to acquire one additional common share of the company at a price of six cents for a period of four years from the closing date of the offering.

Net proceeds from the offering will be used for general working capital and allocation of funds toward general corporate purposes.

All securities issued in connection with the offering are subject to a statutory hold period of four months and one day from the applicable closing date of the offering, in accordance with applicable Canadian securities laws. No finders' fees were paid in connection with the offering.

As previously disclosed, the company relied on the exemption set out in Section 4.6(2)(b) of Canadian Securities Exchange Policy 4, Corporate Governance, Security Holder Approvals and Miscellaneous Provisions, from the requirement to obtain shareholder approval for the offering, as the offering resulted in the of more than 100 per cent of the company's issued and outstanding common shares on a fully diluted basis. The company applied for, and was granted, this exemption by the CSE on the basis that: (i) the company is in financial hardship; (ii) the company had reached an agreement to complete the offering; (iii) no related persons (as defined in CSE Policy 1) participated in the offering; and (iv) the offering has been approved by a majority of the company's independent directors.

About Metasphere Labs Inc.

Metasphere Labs specializes in integrating blockchain technology into real-world applications, with a focus on environmental sustainability and social impact.