Mr. James Sbrolla reports

TORONTO CLEANTECH CAPITAL INC. ANNOUNCES LOAN TO TURKEY HILL SUGARBUSH LTD.

On June 7, 2023, Toronto Cleantech Capital Inc. entered into a definitive loan agreement with Turkey Hill Sugarbush Ltd., its qualifying transaction target company (as such terms are defined in Policy 2.4 of the TSX Venture Exchange).

Pursuant to the terms of the loan agreement, Toronto Cleantech will lend a sum of $250,000 to THS, a leading producer of maple syrup products, on June 22, 2023. The loan will carry an interest rate of 10 per cent per annum and has an initial term of six months. The loan agreement also contemplates a possible three-month extension, if mutually agreed by both parties.

To secure the loan, THS has entered into a general security agreement (GSA) with Toronto Cleantech. The GSA provides a broad-based security interest in all current and future assets of THS to secure the repayment of the loan.

The loan is intended to assist THS with its continuing operational costs and expansion initiatives.

Toronto Cleantech and THS entered into a non-binding letter of intent on May 8, 2023, with respect to a proposed qualifying transaction pursuant to a reverse takeover.

Both the loan and the proposed transaction are subject to the approval of the exchange in accordance with its policies and procedures.

About Toronto Cleantech Capital Inc.

Toronto Cleantech is a capital pool company listed on the exchange. The company focuses on identifying and evaluating businesses and assets with a view to a potential acquisition by completing a qualifying transaction (like the proposed transaction).

Toronto Cleantech's share capital consists of 11.5 million common shares issued and outstanding, 1.15 million stock options exercisable for common shares at a price of 10 cents each, expiring July 2, 2026, and 200,000 warrants exercisable for common shares at a price of 10 cents each, expiring on June 30, 2023.

About Turkey Hill Sugarbush Ltd.

Turkey Hill has been a leader in the maple syrup industry, supplying high-quality pure maple syrup and maple-syrup-related products since 1976.

We seek Safe Harbor.