Mr. Graham Simmonds reports

CHAMPION GAMING ANNOUNCES PROPOSED PROMISSORY NOTES

Champion Gaming Group Inc., further to its news release of July 15, 2022, will not proceed with its previously announced non-brokered private placement of secured convertible promissory notes.

In addition, the company announced today that it proposes to enter into secured promissory notes with arm's-length creditors to the company, subject to the approval of the TSX Venture Exchange, up to an aggregate principal amount of $800,000. The promissory notes will be secured by a general security agreement over the assets of the company and will mature 24 months from the closing date. The loan amount will be used by the company for general working capital purposes. In connection with the promissory notes, the company will issue up to an aggregate of 1.6 million common shares of the company, representing 20 per cent of the loan amount divided by the market price (as defined and determined in accordance with the policies of the TSX Venture Exchange) at a deemed price of 10 cents per common share as a loan bonus.

Interest on the outstanding principal amount of the promissory notes will accrue from the original date of issue at a rate of 15 per cent per annum until the maturity date. Interest will be payable quarterly, in cash or common shares at the option of the company at the then current market price of the common shares, subject to the policies of the TSX-V. Furthermore, in the event that the company elects to repay any principal amount of the promissory notes prior to the maturity date, the company will pay an early repayment penalty in an amount equal to the amount of interest that would otherwise be payable up to the maturity date in cash or common shares at the option of the company at the then current market price of the common shares, subject to the policies of the TSX-V.

Closing of the promissory notes is subject to receipt of all necessary corporate and regulatory approvals, including the approval of TSX-V. All common shares issued in connection with the promissory notes will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.

About Champion Gaming Group Inc.

Champion Gaming is a sports content, data and analytics company that provides predictive and prescriptive analytical models and win probability applications and statistics in the sports industry for teams, media, fans and bettors. The sports analytical and data solutions currently offered by Champion to its customers include: a fully customized probability engine; interactive sports matchup models; spread and over/under distributions; and sports statistics and historical data statistics.

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