Spitfyre Capital Inc. Early Warning Reporting - Acquisition of Spitfyre Capital Inc. Shares

TORONTO, June 21, 2022 /CNW/ - Spitfyre Capital Inc. (TSXV: FYRE) – Matthew McMillan (the "Acquiror"), Chief Executive Officer and a director of Spitfyre Capital Inc. (the "Corporation"), announces in accordance with the requirements of National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues and applicable Canadian securities legislation (collectively, "NI 62-103") that on June 17, 2022  he acquired beneficial ownership of an aggregate of 100,000 common shares in the capital of the Corporation (the "Common Shares") for total consideration of $20,000 pursuant to the Corporation's initial public offering of 1,250,000 Common Shares at $0.20 per Common Share (the "Offering"). Prior to the Offering, the Acquiror beneficially owned 800,000 Common Shares, representing approximately 17.7778% of the Corporation's issued and outstanding Common Shares. On June 17, 2022, the Acquiror acquired beneficial ownership of 100,000 Common Shares, which resulted in the cumulative acquisition of 900,000 Common Shares, representing approximately 15.6522% of the Common Shares issued and outstanding immediately after the completion of the Offering, thereby triggering the requirement to file an early warning report under NI 62-103.

While the Acquiror currently has no plans or intentions with respect to the Common Shares, depending on market conditions, general economic and industry conditions, trading prices of the Common Shares, the Corporation's business, financial condition and prospects and/or other relevant factors, the Acquiror may develop such plans or intentions in the future and, at such time, may from time to time acquire additional Common Shares, dispose of some or all of the existing or additional Common Shares or may continue to hold the Common Shares.

A copy of the early warning report filed by the Acquiror will be available on the Corporation's SEDAR profile at www.sedar.com or may be obtained by contacting Matthew McMillan at [email protected] or [phone]. The Corporation's head office is located at 100 King Street West, Suite 1600, Toronto, Ontario, M5X 1G5.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Spitfyre Capital Inc.

Matthew McMillan, Chief Executive Officer and Director, at [phone].