Early Warning News Release - Medalist Capital Ltd.

TORONTO, July 17, 2020 /CNW/ - Medalist Capital Ltd. ("Medalist") announces that on July 15, 2020, Medalist acquired 4,200,000 common shares ("Common Shares") in the capital of First Light Capital Corp. (the "Company") at $0.10 per Common Share through a private placement offering (the "Offering"). Prior to the Offering, Medalist did not hold any Common Shares of the Company. As a result of the Offering, Medalist beneficially owns or controls 4,200,000 Common Shares, representing approximately 13.77% of the issued and outstanding Common Shares of the Company.

Medalist acquired the Common Shares for investment purposes. Medalist may, in accordance with applicable securities laws, acquire or dispose of additional securities of the Company ("Securities") in the future through the market, privately, or otherwise, as circumstances or market conditions warrant. Any transaction that Medalist may pursue may be made at any time and from time to time without prior notice and will depend on a variety of factors, including, without limitation, the price and availability of the Company's securities, subsequent developments affecting the Company, its business and prospects, other investment and business opportunities available to Medalist, general industry and economic conditions, the securities markets in general, tax considerations and other factors deemed relevant by Medalist.

This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Company is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with the Company's documents on the System for Electronic Document Analysis and Retrieval (SEDAR) and may be obtained upon request from Medalist (416-307-1033), 201 – 145 Adelaide St. E, Toronto, ON M5H 4E5. The Company's head office is located at 1090 - 510 Burrard Street Vancouver, BC V6C 3B9.

SOURCE Medalist Capital Ltd.