Applied Graphite Technologies Corp. — Capital/Financing Update 2022

Jan 8, 2022

AUDREY CAPITAL CORPORATION

905-1111 West Hastings Street Vancouver, B.C. V6E 2J3 Telephone: (604) 638-2545

NEWS RELEASE

Not for distribution to United States newswire services or for dissemination in the United States

AUDREY CAPITAL CORPORATION CLOSES $150,000 PRIVATE PLACEMENT, GRANTS OPTIONS

January 7, 2022 – Audrey Capital Corporation (the “Corporation”), a capital pool company, (TSX-V: AUD.P) announces that it has closed a non-brokered private placement for the sale of 1,500,000 common shares at a price of $0.10 per share for gross proceeds of $150,000 (the “Offering”) which was previously announced on November 29, 2021.

The net proceeds of the Offering will be used by the Corporation to identify and evaluate assets or businesses for acquisition with a view to completing a "Qualifying Transaction" under the capital pool company program pursuant to Policy 2.4 of the TSX Venture Exchange. Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative. Securities issued under the Offering are subject to a four month and one day hold period, which will expire on May 7, 2022.

The Corporation also granted 200,000 options at an exercise price of $0.10 to a director of the Corporation which will expire on November 26, 2026.

FOR FURTHER INFORMATION PLEASE CONTACT:

Mary Braun, CFO Telephone: 778 372 2557

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