Mr. Joseph Arrage reports

CLIP MONEY INC. ANNOUNCES CLOSING OF PREVIOUSLY ANNOUNCED AMENDMENT OF UNSECURED CONVERTIBLE NOTES

Clip Money Inc. has completed its amendment of the unsecured convertible notes of the company issued on May 4, 2023 (the first tranche convertible notes), and June 14, 2023 (the second tranche convertible notes). As previously announced by the company on May 4, 2026, the company offered all holders of the original notes the opportunity to consent to the note amendment and enter into amended and restated notes.

The amended notes extend the original maturity date of the original notes by 12 months, from May 4, 2026, to May 4, 2027, in respect of the first tranche convertible notes, and from June 14, 2026, to June 14, 2027, in respect of the second tranche convertible notes. In addition, the amended notes reduce the conversion price from 50 cents per common share of Clip Money to 40 cents per common share.

The principal amount of the amended notes will continue to bear interest at a rate of 12 per cent per annum compounded monthly. Other than the extension of the original maturity date and the reduction of the conversion price, no other terms of the original notes have been amended. For details of the other terms of the original notes, please see the news release issued by the company on May 4, 2023.

There are 16 original notes, representing an aggregate principal amount of $2,055,586, for which the holders have consented to the note amendment and have entered into amended notes. There are 17 original notes, representing an aggregate principal amount of $506,228, for which the holders have not consented to the note amendment. No holders of original notes have objected to the note amendment.

The company will co-ordinate payment of the principal amount owing to all holders who did not consent to the note amendment. Accrued interest owing under the original notes of non-consenting holders will be satisfied through the issuance of common shares at a price per common share equal to the market price at the close of business on June 12, 2026, being 18.5 cents per common share. The aggregate interest converted to common shares for non-consenting holders was $233,110.38, which will be settled by the issuance of 1,260,059 common shares.

About Clip Money Inc.

Clip operates a multibank self-service deposit system for businesses through the Clip Money network that gives users the capability of making deposits outside of their bank branch at top retailers and shopping malls. Rather than having to go to their personal bank branch or using a cash pickup service, businesses can deposit their cash at any ClipDrop Box, ClipATM or ClipCenter located near them. After being deposited, the funds will automatically be credited to the business's bank account, usually within one business day. The company combines functional hardware, an intuitive mobile app and an innovative cloud-based transaction engine that maximizes business banking transactions. Combined with mobile user applications, Clip offers a cost-effective and convenient solution for business banking deposits in metropolitan statistical areas across Canada and the United States.