MONTREAL, QC / ACCESSWIRE / April 24, 2023 / World Outfitters Corporation Safari Nordik ("WOC") or the "Company") is pleased to announce that it has closed its previously announced private placement of 480,000,000 common shares for gross proceeds of $240,000 (the "Private Placement").

The Private Placement was completed pursuant to a partial revocation order (the "Partial Revocation Order") issued by the Autorité des marchés financiers ("AMF"), the principal regulator on March 16, 2023. The Ontario Securities Commission (the "OSC") issued a reciprocal cease trade order on March 16, 2023, and the British Columbia Securities Commission ("BCSC") and the Alberta Securities Commission (the "ASC") on April 21, 2021. The Partial Revocation Order partially revoked a cease trade order issued that was issued by the AMF against the Company on July 19, 2011, by the OSC on April 18, 2011, by the BCSC on April 7, 2011 and by the ASC on July 19, 2011 (the "CTOs"). The CTOs were issued against the Company for failure to file its audited annual financial statements, annual management's discussion & analysis and certification of annual filings for its fiscal year ended November 30, 2010.

The proceeds of the Private Placement will be applied towards, among other things, (i) legal fees, (ii) accounting and audit fees associated with the preparation and filing of the relevant continuous disclosure documents, (ii) late filing and participation fees associated with obtaining the Partial Revocation Order and the full revocation orders of the CTOs, (iii) transfer agent and registrar fees and (iv) general unallocated working capital.

Completion of the Private Placement should permit the Company to prepare and file all outstanding continuous disclosure documents with the applicable regulatory authorities. Once those filings have been completed, the Company expects to apply for a full revocation of the CTOs.

Each investor received a copy of the CTOs, and the Partial Revocation Orders and provided an acknowledgement to the Company that all of the Company's securities, including the common shares issued in connection with the Private Placement, will remain subject to the CTOs until the CTOs are fully revoked, and that the granting of the Partial Revocation Order does not guarantee the issuance of full revocation orders of the CTOs in the future.

In accordance with applicable securities legislation, all securities issued pursuant to the Private Placement are subject to a hold period of four months and a day from the closing date of the Private Placement. Further, the common shares issued pursuant to the Private Placement may not be transferred until full revocation of the CTOs, of which there is no guarantee.

Early Warning

This press release is issued pursuant to National Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. As a result of the Private Placement, 2 control persons as defined in securities laws, RWD Capital Inc. and MidAtlantic Capital Associates Ltd., were created. These control persons did not hold any securities prior to the closing of the Private Placement and they have subscribed for the 480,000,000 common shares offered.

Reports respecting this acquisition will be electronically filed with the Securities Commission in each jurisdiction where WOC is reporting and will be available for viewing on SEDAR at www.sedar.com.

For more information, please contact:

World Outfitters Corporation Safari Nordik
4300 - 800 rue du Square-Victoria
Montréal QC H4Z 1H1

Michel Lebeuf Jr., Corporate Secretary
mlebeuf@duntonrainville.com
514-347-8397

Forward-Looking Information

This press release may contain forward-looking statements including, but not limited to, comments regarding the timing, content, and use of proceeds of the Private Placement, and the Company's expectation to apply for a full revocation of the Cease Trade Order. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statement.

SOURCE: World Outfitters Corporation Safari Nordik