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.

On behalf of Alset Capital Inc.

"Morgan Good"

Morgan Good
Chief Executive Officer

About Alset Capital Inc.

Alset Capital Inc. is an investment issuer that is focused on investment in diversified industries such as technology, healthcare, industrial, special situations, operating businesses through both debt and equity using cash resources or shares in its capital. The Company is led by an experienced, entrepreneurial group of executives having a diverse industry and capital markets background.

Alset Capital Inc.'s investment portfolio comprises 49% ownership of Cedarcross International Technologies Inc. and 49% ownership of Vertex AI Ventures Inc.

About Cedarcross International Technologies Inc.

Cedarcross is an Artificial Intelligence cloud computing provider, with a vision of becoming one of Canada's largest AI compute providers. The Company is dedicated to democratizing access to cutting-edge AI computing, offering access to the world's fastest AI servers powered by Nvidia's H100 HGX 8GPU Servers. Focused on leasing compute resources to enterprise clients, Cedarcross anticipates significant revenue growth.

For further information about Alset Capital Inc., please contact:

Morgan Good, CEO and Director
T: 604.715.4751
E: morgan@alsetai.com

Cautionary Note regarding Forward Looking Statements

This news release contains statements and information that, to the extent that they are not historical fact, constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, but not limited to, statements relating to the Company's financial performance, business development, results of operations, and those listed in filings made by the Company with the Canadian securities regulatory authorities (which may be viewed at www.sedarplus.ca).

Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company's management to predict all of such factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company does not undertake any obligation to update any forward-looking information to reflect information, events, results, circumstances or otherwise after the date hereof or to reflect the occurrence of unanticipated events, except as required by law including securities laws. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE: Alset Capital Inc.