Alset Capital Inc. Closes First Tranche of Previously Announced Non-Brokered Private Placement for Gross Proceeds of $1.41M

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VANCOUVER, BC / ACCESSWIRE / May 15, 2024 / Alset Capital Inc. (TSXV:KSUM)(OTC PINK:ALSCF)(FSE:1R60, WKN:A3ESVQ) ("Alset" or the "Company") is pleased to announce that it has completed the first tranche (the "First Tranche") of its non-brokered private placement of units of the Company (the "Units") at a price of $0.25 per Unit, for aggregate gross proceeds of $1,406,200.00 for the issuance of 5,624,800 Units (the "Offering"). The remainder of the Offering may close in one or more additional tranches.

Each Unit is comprised of one (1) Common Share and one-half of one Common Share purchase warrant (each, whole warrant, a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one (1) additional Common Share (each, a "Warrant Share") at a price of $0.40 per Warrant Share for a period of 36 months from the date of issuance.

In connection with closing of the First Tranche, the Company paid finders' fees of $1,000 and issued an aggregate of 20,000 Common Share purchase warrants (the "Finders' Warrants") to eligible arms' length finders. Each Finders' Warrant entitles the holder thereof to acquire one (1) Common Share (each, a "Finders' Warrant Share") at a price of $0.25 per Finders' Warrant Share for a period of 36 months from the date of issuance.

The Company intends on closing its second tranche of the Offering (the "Second Tranche") on Friday, May 17, 2024. As currently contemplated, the Company will issue an additional 800,000 Units for aggregate gross proceeds of $200,000 in connection with closing of the Second Tranche.

The Company intends on using the net proceeds from the Offering for capital expenditures, working capital and general corporate purposes.

All securities issued pursuant to the Offering are subject to a statutory hold period of four (4) months plus one (1) day from the date of issuance, in accordance with applicable securities legislation.

Beacon Securities Limited has been engaged as financial advisor to the Company and will receive 600,000 Finder's Warrants in connection with the engagement.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or to any "U.S. Person" (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act")) of any equity or other securities of the Company. The securities described herein have not been, and will not be, registered under the U.S. Securities Act or under any state securities laws and may not be offered or sold in the United States or to a U.S. Person absent registration under the 1933 Act and applicable state securities laws or an applicable exemption therefrom. Any failure to comply with these restrictions may constitute a violation of U.S. securities laws.