Contagious Gaming Inc. — Capital/Financing Update 2021

Jan 12, 2021

==> picture [222 x 57] intentionally omitted <==

CONTAGIOUS GAMING ANNOUNCES SHARES FOR DEBT TRANSACTION

NOT FOR DISSEMINATION IN THE US OR THROUGH US NEWSWIRE SERVICES

VANCOUVER, B.C., January 12, 2021 – Contagious Gaming Inc. ( TSX-V: CNS ) (“ Contagious Gaming” or the “ Company ”) further to its news release on September 29, 2020, today announced that it intends to settle an aggregate of $435,000 of indebtedness owed to certain arm’s length and non-arm’s length creditors through the issuance of 8,700,000 common shares at a deemed issuance price of $0.05 per share. This issuance supersedes the issuance announced on September 29, 2020. The Company determined to satisfy the indebtedness with common shares in order to preserve its cash for working capital. The shares will be issued upon acceptance by the TSX Venture Exchange (“ TSXV ”) and approval by the directors of the Company. All common shares issued in satisfaction of the indebtedness will be subject to a four month hold period from the date of issuance.

About Contagious Gaming

Contagious Gaming Inc. ( TSX-V: CNS ) is in the business of developing software solutions for regulated gaming and lottery markets. The Company is currently focused on capitalizing on its proprietary digital instant lottery content.

For further information please contact:

Craig Loverock, Interim Chief Executive Officer and Chief Financial Officer Email: craig.loverock@contagiousgaming.com

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.

Certain information in this news release is considered forward-looking within the meaning of certain securities laws and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release.

The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from such forward-looking information include, among others, risks arising from general economic conditions and adverse industry events.

The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed

a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.