Vejii Holdings Ltd. (CNSX:VEJI) signed a non-binding Letter of Intent to acquire Frozenly Limited for approximately £2 million on May 2, 2022. At the closing of the Proposed Transaction £1 million in shares of Vejii (each, a "Vejii Share") based on a deemed price of the greater of (a) £0.16 per Vejii Share, and (b) the market price of the Vejii Shares on the date of announcement of the Proposed Transaction; and over the three-year period following the Closing, £1 million in Vejii Shares, subject to earn-out milestones based on financial performance of Frozenly, including revenue and EBITDA targets, based on a deemed price equal to the market price of the Vejii Shares on the date the applicable milestone is achieved. Rebecca Osborne and Gabriel Osborne will continue to manage Frozenly. Any Vejii Shares issued to Rebecca Osborne and Gabriel Osborne will be subject to contractual resale restrictions agreed to by the parties, acting reasonably. The Closing is subject to negotiating and signing of a definitive agreement in respect of the Proposed Transaction, completion of due diligence to the satisfaction of Vejii, receipt of all applicable governmental, regulatory and contractual third party approvals, including approval of the Canadian Securities Exchange, and other conditions precedent.