Hartree Partners, LP Provides Early Warning Disclosure With Respect to Securities of VM Hotel Acquisition Corp.

/NOT FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

NEW YORK, May 11, 2021 /CNW/ - Hartree Partners, LP ("Hartree") announces that it acquired 1,000,000 Class A Restricted Voting Units (each, a "Class A Unit") of VM Hotel Acquisition Corp. (the "Issuer"), each Class A Unit comprised of one Class A Restricted Voting Shares of the Issuer (each, a "Class A Share") and one half of a share purchase warrants of the Issuer (each, a "Warrant"), pursuant to the initial public offering of Class A Units completed on March 1, 2021 (the "Offering"). The Class A Units were acquired by Hartree for a purchase price of U.S.$10.00 (CAD$12.66) per Class A Unit for an aggregate purchase price of U.S.$10,000,000 (CAD$12,661,000).

Prior to the completion of the Offering, neither Hartree nor any or its affiliates or associates held any voting or equity securities of any class of the Issuer. Upon completion of the Offering, Hartree beneficially owned 1,000,000 Class A Units, or 10% of the issued and outstanding Class A Units. Based on the public disclosure of the Issuer, Hartree understands that the Class A Units separated into Class A Shares and Warrants on or about April 12, 2021. Accordingly, Hartree now holds 1,000,000 Class A Shares and 500,000 Warrants.

Upon completion by the Issuer of a qualifying acquisition (the "Qualifying Acquisition"), each Class A Share (unless previously redeemed) will be automatically converted into one Common Share of the Issuer (each, a "Common Share"). The Warrants will become exercisable commencing 65 days after the completion of the Qualifying Acquisition. Each Warrant is exercisable to purchase one Class A Share. As the outstanding Class A Shares will be automatically converted into Common Shares upon completion of the Qualifying Acquisition, each Warrant will be exercisable for one Common Share.

The Class A Units were acquired by Hartree solely for investment purposes and not for purposes of exercising control or influence over the Issuer. Subject to applicable law, Hartree may acquire and/or dispose of Class A Shares, Warrants or Common Shares, as applicable, at any time and from time to time.

This news release is issued pursuant to National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators, which also requires an early warning report containing additional information with respect to the foregoing to be filed with the applicable Canadian securities regulators. Such early warning report will be available under the Issuer's profile at www.sedar.com.

The head office of VM Hotel is located at Brookfield Place, 161 Bay Street, Suite 2420, Toronto, Ontario, M5J 2S1. The head office of Hartree is located at 1185 Avenue of the Americas, New York, NY, 10036.

SOURCE Hartree Partners, LP