TUT Fitness Group Inc. announced a non-brokered private placement of up to 22,222,222 units at a price of CAD 0.045 per unit for gross proceeds of up to CAD 999,999.99 on June 7, 2023. Each unit is comprised of one common share and one-half of common share purchase warrant having an exercise price of CAD 0.08 per warrant and a term of 24 months from the date of closing of the transaction. As part of this transaction, company may enter into finder?s fee agreements with certain finders, paying to such finders up to 7% of the portion of the private placement raised via finders in cash and warrants.

The private placement is subject to TSX Venture Exchange approval and all securities issued will be subject to a four month hold period.