Calgary, Alberta--(Newsfile Corp. - May 12, 2022) - EnerSpar Corp. (TSXV: ENER) (FSE: 5E0) ("EnerSpar" or the "Company") is pleased to announce that further to its press release of March 15, 2022, the Company has received court approval for its previously announced plan of arrangement (the "Arrangement"). Pursuant to the Arrangement, the Company plans to spin out its wholly-owned subsidiary, 1222150 B.C. Ltd (the "Subsidiary"), by way of a dividend-in-kind distributing the securities of the Subsidiary held by the Company pro rata to the shareholders of the Company (the "Shareholders"). Each Shareholder shall receive one common share in the capital of the Subsidiary (each, a "Distributed Security") for each common share in the capital of the Company (each, an "EnerSpar Share") held by each Shareholder.

The Arrangement was approved by the Shareholders at the annual and special meeting of the Shareholders held on February 7, 2022, and the approval of the Supreme Court of British Columbia was received on May 11, 2022, by way of a statutory arrangement pursuant to the Business Combination Act (British Columbia).

Shareholders of record as of Tuesday, May 24, 2022, will receive one Distributed Share for each EnerSpar Share held. The distribution date of the issuance of the Distributed Securities will be Tuesday, May 31, 2022.

Complete details of the terms of the Arrangement are set out in the Arrangement Agreement, which was filed by the Company on March 15, 2022 and is available for viewing under the Company's profile at www.sedar.com.

About EnerSpar:

EnerSpar is a Tier II TSXV listed exploration company focused on industrial minerals oriented to current and future energy requirements. Potassic feldspars are especially significant as a hardening agent in today's solar panels and tomorrow's solar shingles. The Subsidiary will carry on its business as an unlisted new entity with all of the assets formerly held by EnerSpar.

ON BEHALF OF THE BOARD OF DIRECTORS:

Jay Richardson, Chief Executive Officer and Director
Contact: info@enerspar.com
Toronto Office: 416-410-JAYR [5297].

The TSX Venture Exchange has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved of the contents of this press release.

The securities set forth herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.