Acquisition of Common Shares of Raise Production Inc. by Richard McHardy

CALGARY, AB, April 22, 2021 /CNW/ - Pursuant to the early warning requirements of applicable Canadian securities laws, Richard McHardy ("Acquiror") reports that, on April 20, 2021, the Acquiror acquired an aggregate of 17,758,904 common shares ("Common Shares") in the capital of Raise Production Inc. ("Raise" or the "Company") at a deemed price of $0.04 per Common Share in settlement of $710,356.16 in debt pursuant to a debt settlement agreement in full and final settlement of the secured convertible debentures held by the Acquiror (the "Transaction").

Prior to the Transaction, Acquiror held 5,153,279 Common Shares and 1,500,000 stock options of Raise.

Immediately following the completion of the Transaction, Acquiror beneficially owned or controlled, directly or indirectly, 22,912,183 Common Shares and 1,500,000 stock options, representing 13.2% (on a non-diluted basis) and 13.9% (on a partially-diluted basis) of the voting securities of the Company.

Acquiror acquired the Common Shares pursuant to the Transaction and for investment purposes and may, in the future, increase or decrease its ownership of securities of Raise, directly or indirectly, from time to time through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise depending upon, among other things, the business and prospects of Raise and future market conditions.

For further details regarding the acquisition of the Common Shares described above, see the Early Warning Report dated April 22, 2021 available on Raise's SEDAR profile.

FOR FURTHER INFORMATION OR TO OBTAIN A COPY OF THE EARLY WARNING REPORT FILED IN CONJUNCTION WITH THIS NEWS RELEASE, PLEASE CONTACT:

Richard McHardy
Suite 4300, 888 - 3rd Street SW
Calgary, Alberta T2P 5C5

Raise's head office is located at:

Raise Production Inc.
6708, 30^th Street SE
Calgary, Alberta T2C 1N9

Tom Kehoe, Investor Relations
E-mail: [email protected]

Eric Laing, President and Chief Executive Officer
E-mail: [email protected]
Tel: [phone]

Web site at: www.raiseproduction.com

SOURCE Richard F. McHardy