Early Warning News Release - A.C.N. 117 402 838 PTY LTD's Holdings of Cryptostar Corp.

TORONTO, Dec. 23, 2020 /CNW/ - This press release is being issued in connection with the filing of an early warning report (the "Early Warning Report") pursuant to the requirements of National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues regarding the acquisition (the "Acquisition") of securities of CryptoStar Corp. (the "Issuer") by A.C.N. 117 402 838 PTY LTD ("A.C.N.") and the Joint Actors (as defined below). The Issuer's head office is located at 181 Bay Street, Suite 4400, Toronto, Ontario M5J 2T3.

A.C.N. is a proprietary company under the Corporations Act 2001 (Cth) (Australia). David Jellins (President, Chief Executive Officer and Director of the Issuer) and Amelia Jones (Chief Commercial Officer and Director of the Issuer) each own a 50% interest in A.C.N. and may be considered joint actors (the "Joint Actors").

On December 23, 2020, A.C.N. acquired 20,000,000 units ("Units") of the Issuer. The Acquisition was made in connection with the private placement (the "Private Placement") of 20,000,000 Units of the Issuer to A.C.N. at a price of $0.05 per Unit for aggregate consideration of $1,000,000. Each Unit is comprised of one (1) common share (a "Common Share") of the Issuer and one (1) Common Share purchase warrant (each whole warrant, a "Unit Warrant"). Each Unit Warrant entitles the holder thereof to purchase one (1) Common Share at a price of $0.075 per share for a period of 18 months from the date of issue.

Prior to the completion of Private Placement, A.C.N. held 82,624,235 Common Shares and 11,061,735 common share purchase warrants of the Company, representing approximately 37.8% of the Common Shares on an undiluted basis and approximately 40.8% of the Common Shares on a partially-diluted basis. Following completion of the Private Placement, A.C.N. holds 102,624,235 Common Shares and 31,061,735 common share purchase warrants of the Company, representing approximately 43.0% of the Common Shares on an undiluted basis and approximately 49.5% of the Common Shares on a partially-diluted basis.

A.C.N. and the Joint Actors hold securities of the Issuer for investment purposes and do not have any current intentions to increase or decrease their beneficial ownership or control or direction over any additional securities of the Issuer. A.C.N. and the Joint Actors may, from time to time and depending on market and other conditions, acquire additional Common Shares and/or other equity, debt or other securities or instruments of the Issuer in the open market or otherwise, and reserve the right to dispose of any or all of the securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the securities, the whole depending on market conditions, the business and prospects of the Issuer and other relevant factors.

The Early Warning Report will be filed by A.C.N. and the Joint Actors in accordance with applicable securities laws.

SOURCE A.C.N. 117 402 838 PTY LTD

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View original content: http://www.newswire.ca/en/releases/archive/December2020/23/c1179.html

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