ELECTRYON POWER INC. COMPLETES OVERSUBSCRIBED PRIVATE PLACEMENT FOR $3,099,097

/NOT FOR DISTRIBUTION OR DISSEMINATION INTO THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/

TORONTO, Dec. 20, 2021 /CNW/ - Electryon Power Inc. ("Electryon" or the "Company") is pleased to announce that it has completed an oversubscribed non-brokered private placement (the "Private Placement") of an aggregate of 7,597,743 units in the capital of the Company (the "Units") at a price of $0.40 per Unit for aggregate gross proceeds of $3,099,097.

"We are very pleased to have closed an over-subscribed financing and welcome the support of an esteemed group of institutional and accredited investors that believe in our team and the Latin American renewable energy corporate platform we have established and will continue to grow. We appreciate their confidence in this team that has demonstrated project execution and development experience over years of working together directly in the infrastructure and  energy industries," said Mark Monaghan, Executive Chairman of Electryon.

Each Unit is comprised of one common share (each, a "Common Share") in the capital of the Company and one-half Common Share purchase warrant (each, a "Warrant"). Each full Warrant shall entitle the holder to acquire one additional Common Share at an exercise price of $0.60 for a period of 48 months from the date of issuance, provided that upon the 10-day volume weighted average price ("VWAP") of the Common Shares exceeding $1.00 on the Canadian Securities Exchange (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time), the Company may accelerate the expiration of the Warrants to the date which is 30 business days following the date of a press release announcing such acceleration.

Gross proceeds raised from the Offering will be used for working capital and general corporate purposes, covering future corporate commitments and expenses, continued development of new assets, and to perform further development on various projects, each of which are pending regulatory approval, including the wholly owned 300MWAC Solar PV Flagship project San Marcos, located in Valle del Cauca, Colombia as well as the wholly owned 100MW Tolima and Meta projects, also located in Colombia.

About Electryon Power Inc.

Electryon Power Inc. is a private Canadian corporation with a Latin America focused renewable energy development strategy. With current ownership of a project portfolio with 400MW of projects at feasibility stage and beyond, Electryon has an extensive pipeline of potential projects and a proprietary value-add process for screening and advancing the pipeline. Electryon's stated mission is to create a scalable and investable platform to own and operate a 2,000MWAC Portfolio across Latin American in countries such as Colombia, Panama, Bolivia, Argentina, Chile, Peru, Guyana, among others, including projects ranging from Photovoltaic, Wind Energy, Biomass and Hydrogen. Electryon is currently developing its flagship Project San Marco project of Solar PV 300MWAC, in Valle del Cauca, Colombia

Forward-Looking Statements

This news release contains statements about the Company's expectations regarding the proposed Transaction of the Company and the Private Placement which are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include general business, economic, competitive and social uncertainties; and the delay or failure to receive all applicable regulatory and third-party approvals, and failure to complete the Transaction as presently proposed or at all. The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.

SOURCE Electryon Power Inc.

Mark Monaghan, Executive Chairman, Electryon Power Inc., [email protected], Tel: [phone]