EARLY WARNING REPORTS - ACQUISITION OF SECURITIES OF DRAXOS CAPITAL

/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWS WIRES/

TORONTO, Feb. 25, 2022 /CNW/ - DRAXOS CAPITAL CORP. (the "Corporation"), a capital pool company, announces the filing of early warning reports regarding the acquisition of securities by Gregory Prekupec, Chief Executive Officer and Director of the Corporation, Jason Atkinson, Corporate Secretary and Director of the Corporation, Campbell Becher, Director of the Corporation, and William Kanters, Director of the Corporation.

On February 24, 2022, the Corporation completed its initial public offering (the "Offering"), as described in the Corporation's news release dated as of that date. Mr. Kanters acquired 7,500 common shares in the capital of the Corporation ("Common Shares") in the Offering at a price of $0.15 per share. Upon closing of the Offering, the Corporation granted 323,347 incentive stock options ("Options") to its directors and officers which Options are exercisable within 10 years from the date of grant at an exercise price of $0.15 per share.

Immediately prior to the closing of the Offering, Mr. Prekupec, Mr. Atkinson, Mr. Becher, and Mr. Kanters each held 333,334 Common Shares representing 19.2%, respectively, of the issued and outstanding Common Shares. Currently, Mr. Prekupec holds 333,334 Common Shares and 70,000 Options, Mr. Atkinson holds 333,334 Common Shares and 61,117 Options, Mr. Becher holds 333,334 Common Shares and 61,115 Options, and Mr. Kanters holds 340,834 Common Shares and 61,115 Options representing 12.2%, 12.0%, 12.0%, and 12.2%, respectively, of the issued and outstanding Common Shares on a partially diluted basis.

Copies of the early warning reports with respect to the foregoing will appear on the Company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com.

Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to the Corporation are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Corporation's current views and intentions with respect to future events, and current information available to the Corporation, and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Should any factor affect the Corporation in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward- looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Corporation does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Corporation undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

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.

SOURCE Draxos Capital Corp.

contact Gregory Prekupec, Chief Executive Officer of the Corporation at [email protected] or at [phone].