Mr. Bill Mavridis reports

THERMOPYLAE CAPITAL INC. ANNOUNCES CLOSING OF INITIAL PUBLIC OFFERING

Thermopylae Capital Inc. has completed its initial public offering, raising gross proceeds of $333,000, pursuant to its final prospectus dated Sept. 19, 2025, as amended on March 5, 2026. A total of 3.33 million common shares in the capital of the corporation were subscribed for at a price of 10 cents per share. Leede Financial Inc. acted as the agent for the offering.

The agent received a cash commission equal to 10 per cent of the gross proceeds of the offering, a corporate finance fee and non-transferable agents' warrants to purchase up to 330,000 shares, at a price of 10 cents per share for a period of five years from the date the shares are listed on the TSX Venture Exchange.

Following completion of the offering, the corporation now has 6.13 million shares issued and outstanding, with the directors, officers and seed shareholders of the corporation, in aggregate, holding shares that are subject to escrow restrictions.

The net proceeds of the offering, together with the corporation's existing working capital, will be used by the corporation to identify and evaluate assets or businesses for acquisition with a view to completing a qualifying transaction under the TSX Venture Exchange's capital pool company program.

The current directors of the corporation are Dr. Ken (Kyriakos) Matziorinis, Veronique Laberge, Vasilios (Bill) Mavridis and Edward Ierfino. Nicholas Aristotle (Nick) Demos will serve as president.

"Today marks an exciting new chapter for Thermopylae Capital," said Mr. Demos. "The TSX Venture Exchange's capital pool company program is a truly unique and proven pathway -- giving investors early access to high-potential opportunities while providing emerging businesses with the resources to thrive." Chief executive officer and director Ken (Kyriakos) Matziorinis added: "We are deeply grateful to everyone who believed in our vision and helped bring this offering to life. Our team is energized and focused on identifying a standout qualifying transaction and we are confident that the best is yet to come."

The shares have been conditionally approved for listing on the TSX Venture Exchange under the symbol THY. The shares are currently halted, and the halt is expected to be lifted and trading is expected to commence on March 23, 2026.

For further information, please see the prospectus, available under the corporation's profile on SEDAR+.

An electronic or paper copy of the prospectus may be obtained, without charge, from the agent by e-mail at syndication@leede.ca by providing the agent with an e-mail address or address, as applicable.

Early warning report

The corporation also announces the filing of an early warning report in connection with the initial public offering. Prior to the initial public offering, Mr. Demos, who is a significant shareholder of the corporation, owned directly 2.1 million common shares and 40,000 common shares that may be issued on conversion of stock options, representing 75.00 per cent of the issued and outstanding common shares of the corporation on a non-diluted basis, and 75.35 per cent on a partially diluted basis. As a result of the closing of the IPO, the corporation issued 3.33 million common shares. The common shares held by Mr. Demos now represent 34.26 per cent of the issued and outstanding common shares of the corporation on a non-diluted basis and 34.68 per cent on a partially diluted basis.

The early warning reports will be filed with the applicable securities commissions using SEDAR+ and will be available for viewing on the company's profile on SEDAR+.

About Thermopylae Capital Inc.

Thermopylae Capital is a capital pool company (CPC) within the meaning of TSX Venture Exchange Policy 2.4. The corporation has not commenced commercial operations and has no assets other than cash. Except as specifically contemplated in the TSX-V's CPC policy, until the completion of its qualifying transaction, the corporation 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.