Wolf Acquisition Corp. Closes Non-Brokered Private Placement

WOLF ACQUISITION CORP. CLOSES NON-BROKERED PRIVATE PLACEMENT

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR

DISSEMINATION IN THE UNITED STATES

TORONTO, August 26, 2020 – Wolf Acquisition Corp. (TSX-V: WOLF.P) (the “Company” or “Wolf”)

is pleased to announce that it has closed a non-brokered private placement (the “Offering”) which was

announced on August 12, 2020 and subsequently upsized from $200,000 to $214,000. Under the

Offering, the Company has issued an aggregate of 4,280,000 common shares of the Company (the

“Common Shares”) at a price of $0.05 per Common Share.

The proceeds of the Offering are expected to be used to continue identifying and evaluating businesses or

assets with a view to completing its Qualifying Transaction (as defined in the policies of the TSX Venture

Exchange (the “Exchange”)). The closing of the Offering is subject to final Exchange approval. The

Common Shares will be subject to a hold period of four months and one day.

A certain director of the Company acquired 200,000 Common Shares under the Offering. Such

participation is considered to be a related party transaction as defined under Multilateral Instrument 61-

101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The transaction will

be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as

neither the fair market value of any securities issued to or the consideration paid by such person will

exceed 25% of the Company’s market capitalization.

About Wolf Acquisition Corp.

Wolf is designated as a Capital Pool Company under Exchange Policy 2.4. Wolf has not commenced

commercial operations and has no assets other than cash. Wolf’s objective is to identify and evaluate

businesses or assets with a view to completing a Qualifying Transaction. Any proposed Qualifying

Transaction must be approved by the Exchange and, in the case of a Non-Arm’s Length Qualifying

Transaction, must also receive majority approval of the minority shareholders. Until the completion of a

Qualifying Transaction, Wolf will not carry on any business other than the identification and evaluation

of businesses or assets with a view to completing a proposed Qualifying Transaction.

For further information please contact:

Mack Hosseinian

Corporate Secretary

Telephone: 647-343-3819

Cautionary Note Regarding Forward-looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian

securities legislation. Forward-looking information includes, without limitation, statements regarding the

use of proceeds from the Offering and the Company’s future plans. Generally, forward-looking

information can be identified by the use of forward-looking terminology such as “plans”, “expects” or

“does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”

or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain

actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”.

Forward- looking information is subject to known and unknown risks, uncertainties and other factors that

may cause the actual results, level of activity, performance or achievements of Wolf, as the case may be,

to be materially different from those expressed or implied by such forward-looking information. Although

Wolf has attempted to identify important factors that could cause actual results to differ materially from

those contained in forward-looking information, there may be other factors that cause results not to be as

anticipated, estimated or intended. There can be no assurance that such information will prove to be

accurate, as actual results and future events could differ materially from those anticipated in such

statements. Accordingly, readers should not place undue reliance on forward-looking information. Wolf

does not undertake to update any forward-looking information, except in accordance with applicable

securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the

securities in the United States. The securities have not been and will not be registered under the

United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws

and may not be offered or sold within the United States or to U.S. Persons unless registered under the

U.S. Securities Act and applicable state securities laws or an exemption from such registration is

available.

NEITHER 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.