December 23, 2024 – TheNewswire - Pursuant to the early warning requirements of applicable Canadian securities laws, Raymund Baterina reports that on between September 8, 2022 and February 29, 2024, he acquired on a direct or an direct basis through the Playford Family (Canada) LP (the "LP"), of which Mr. Baterina is a trustee, ownership and direction or control over the following securities of Christina Lake Cannabis Corp. (the "Company"):

1. A convertible debenture of the Company (each, a Debenture”) with a face value of $400,000 on September 8, 2022 through a non-brokered private placement. The Debenture matures on September 8, 2025 and bears interest at the rate of 15% per annum, with such interest being accrued on a monthly basis and paid on a semi-annual basis. The Debenture is convertible into Common Shares of the Company at a price of $0.15 per Common Share. 

2. 200,000 warrants of the Company (each, a Warrant”) on September 8, 2022. The Warrants are exercisable until December 31, 2024 to acquire one additional Common Share per Warrant at an exercise price of $0.20 per Common Share. 

3. A secured convertible note of the Company (each, a Note*”) with a face value of $600,000 on September 12, 2023 through a non-brokered private placement. The Note matures on September 12, 2026 and is secured by land and buildings. The Note bears interest at a rate of 15% per annum, with such interest being accrued on a monthly basis and paid on a monthly basis. From month 16 to maturity the monthly payments convert into blended principal and interest payments. The Note is convertible into Common Shares of the Company at a price of $0.06 per Common Share. 

4. A Note* of the Company with a face value of $100,000 on September 25, 2023 through a non-brokered private placement. The Note matures on September 25, 2026 and is secured by land and buildings. The Note bears interest at a rate of 15% per annum, with such interest being accrued on a monthly basis and paid on a monthly basis. From month 16 to maturity the monthly payments convert into blended principal and interest payments. The Note is convertible into Common Shares of the Company at a price of $0.06 per Common Share. 

5. A Note* of the Company with a face value of $98,000 on November 3, 2023 through a non-brokered private placement. The Note matures on November 3, 2026 and is secured by land and buildings. The Note bears interest at a rate of 15% per annum, with such interest to be accrued on a monthly basis and paid on a monthly basis. From month 16 to maturity the monthly payments convert into blended principal and interest payments. The Note is convertible into Common Shares of the Company at a price of $0.06 per Common Share. 

6. 4,000 Common shares of the Company on February 8, 2024, through an open market purchase, at a price of $0.10 per Common Share. 

7. A Note of the Company* with a face value of $1,000,000 on February 29, 2024 through a non-brokered private placement. The Note matures on February 28, 2029 and is secured by land and buildings. The Note bears interest at the rate of 10% per annum in the first 12 months, 15% per annum in the second 12 months, and 20% per annum for the remaining 36 months with such interest being accrued on a monthly basis and paid on an annual basis in the first 24 months. From month 25 to maturity the annual payments convert into quarterly interest payments with annual principal payments on the anniversary date in months 36, 48, and 60. The Note is convertible into Common Shares of the Company at a price of $0.05 per Common Share.  

*The Notes have a blocker which restricts Mr. Baterina and the LP’s ability to convert the Note should it bring their ownership above 19.9% of the Company’s Common Shares.

(collectively, the “Reportable Transactions”).

Immediately prior to the Reportable Transactions, Mr. Baterina, had ownership and direction or control over 3,215,464 Common Shares through the LP and 84 Common Shares on a direct basis which represented 2.48% of the 129,892,173, then outstanding Common Shares of the Company on a non-diluted basis. Mr. Baterina also had ownership and direction or control over 100,000 stock options which if converted would entitle the holder to acquire up to an additional 100,000 Common Shares, or 0.07% of the Common Shares on a partially diluted basis. As a result of the Reportable Transaction, Mr. Baterina, through the LP, has acquired ownership and direction or control over 3,215,464 Common Shares and 4,084 Common Shares representing 2.47% of the 129,892,173 outstanding Common Shares of the Company on a non-diluted basis. Additionally, if Mr. Baterina and his affiliates were to exercise all of the outstanding Debentures, Notes, Warrants and stock options, he would own an aggregate of 19.99*% of the Common Shares of the Company, on a partially diluted basis.

*The Notes have a blocker which restricts Mr. Baterina and the LP’s ability to convert the Note should it bring their ownership above 19.9% of the Company’s Common Shares.

Mr. Baterina, together with the LP, acquired the Common Shares in connection with the Offering and were acquired for investment purposes. Mr. Baterina has a long-term view of the investment and does not intend at this time to acquire in the market any additional common shares of Company, or dispose of any of the Common Shares or shares acquired on exercise of any of the outstanding convertible securities, but may in the future increase or decrease his shareholding in Company depending on market conditions, whether in the open market, by privately negotiated agreement or otherwise.

Mr. Baterina's address is located at 2620 Cavendish Avenue, Victoria, BC V8R 2G6. The Company's head office is located at 1890 – 1075 West Georgia Street, Vancouver, BC, V6E 3C9. A copy of the early warning report to which this news release relates can be obtained from Mr. Baterina at 604-787-9599 or via email playfordfamily.ray@gmail.com. or on the Company’s SEDAR+ profile at www.sedarplus.ca.