E-Tech Resources Inc. Closes Private Placement of $700,000

E-Tech Resources Inc. Closes Private

Placement of $700,000

Halifax, Nova Scotia--(Newsfile Corp. - August 11, 2023) -

E-Tech Resources Inc. (TSXV: REE) (FSE:

K2I) ("

E-Tech

" or the "

Company

") is pleased to announce closing of its previously announced private

placement of 11,666,667 common shares of E-Tech (each, a "

Share

") at $0.06 per Share for gross

proceeds of $700,000 (the "

Financing

"). The proceeds from the private placement will be used to

support the Company's ongoing exploration and operational activities.

Numus Capital Corp., a registered Exempt Market Dealer, acted as agent for the Financing. In

connection with the private placement, E-Tech paid the agent cash commissions of $46,900 and

781,667 broker warrants. Each broker warrant entitles the holder to acquire one Share at an exercise

price of $0.06 and is exercisable for a period of 24 months from closing.

The Financing remains subject to final approval of the TSXV. All securities issued pursuant to the

Financing will be subject to a hold period lasting four months and one day from the closing.

The engagement of Numus Capital Corp., and the subscription by Insiders of the Company outlined

below pursuant to the Financing, constitute Related Party Transactions under

Multilateral Instrument 61-

101 Protection of Minority Security Holders in Special Transactions

("

MI 61-101

"). E-Tech has relied

upon an exemption for formal valuation and minority shareholder approval required under sections 5.5(a)

and 5.7(1)(a) of MI 61-101 on the basis that any related party elements of such transactions would not

exceed 25% of market capitalization of E-Tech. The Financing was unanimously approved by all

members of the board of directors of the Company not in a declared conflict of interest.

John Philpott and Ken Marshall, each a director of the Company, subscribed for 100,000 and 150,000

Shares, respectively. Todd Burlingame, an officer of the Company, subscribed for 250,000 Shares.

There has not been a material change in the percentage of the outstanding securities of the Company

that are owned by these directors and this officer.

Brigus Capital Inc., an Insider of the Company and a related party to the Company within the meaning of

MI 61-101, subscribed for 4,166,667 Shares. The percentage of outstanding securities owned by Brigus

Capital Inc. increased from 10.75% to 13.84%.

About E-Tech Resources Inc.

E-Tech is a rare earth exploration and development company focused on developing its Eureka Rare

Earths Project in Namibia. The Eureka project is located approximately 250 km north-west of Namibia's

capital city Windhoek and 140 km east of Namibia's main industrial port Walvis Bay. The project is

situated next to the national B1 highway in the Erongo Region of Namibia.

The Eureka deposit lies in the Southern Central Zone of the Neoproterozoic Damara Belt within

Exclusive Prospecting License ("EPL") number EPL 6762, which covers farms Eureka 99 and Sukses

90. E-Tech has also entered a definitive agreement to acquire an 85% interest in the permit EPL 8748

which lies adjacent to and surrounds the Company's EPL 6762.

Namibia is recognized as one of Africa's most politically stable jurisdictions, with an extremely well-

established national infrastructure and a clear and transparent mining law.

Cautionary Statements

This press release may contain forward-looking information, such as statements regarding the

Financing. This information is based on current expectations and assumptions (including assumptions

relating to general economic and market conditions) that are subject to significant risks and uncertainties

that are difficult to predict. Actual results may differ materially from results suggested in any forward-

looking information. E-Tech does not assume any obligation to update forward-looking information in this

release, or to update the reasons why actual results could differ from those reflected in the forward-

looking information unless and until required by securities laws applicable to E-Tech. Additional

information identifying risks and uncertainties is contained in the filings made by E-Tech with Canadian

securities regulators, which filings are available at www.sedar.com.

Neither the 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.

For further information, please contact Todd Burlingame, CEO of E-Tech Resources Inc., at

(782) 409-5474.

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/176952