Alset Capital Inc. is a publicly traded company: TSXV:KSUM | OTC:ALSCF | FSE:1R60, WKN:A3ESVQ

Alset Capital Inc. Announces Closing of Fully Subscribed $6M Non-Brokered Private Placement

VANCOUVER, British Columbia – March 22, 2024 – Alset Capital Inc. (TSX-V:KSUM) (“Alset” or the “Company”) is pleased to announce that it has completed the second tranche of its non-brokered private placement of units of the Company (the “Units”) at a price of $0.15 per Unit, for aggregate gross proceeds of $1,222,627.05 (the “Offering”). Together with the Company’s closing of the first tranche of the Offering, the Company has raised an aggregate of $6,000,000 through the Offering.

Each Unit is comprised of one (1) common share in the capital of the Company (each, a “Common Share”) and one-half of one Common Share purchase warrant (each, whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one (1) additional Common Share (each, a “Warrant Share”) at a price of $0.25 per Warrant Share for a period of 36 months from the date of issuance.

In connection with closing of the second tranche of the Offering, the Company paid finders’ fees of approximately $36,919.99 and issued an aggregate of 223,565 Common Share purchase warrants (the “Finders’ Warrants”) to eligible finders. Each Finders’ Warrant entitles the holder thereof to acquire one (1) Common Share (each, a “Finders’ Warrant Share”) at a price of $0.15 per Finders’ Warrant Share for a period of 36 months from the date of issuance.

The Company intends on using the net proceeds from the Offering for capital expenditures, working capital and general corporate purposes.

All securities issued pursuant to the Offering are subject to a statutory hold period of four (4) months plus one (1) day from the date of issuance, in accordance with applicable securities legislation.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or to any “U.S. Person” (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”)) of any equity or other securities of the Company. The securities described herein have not been, and will not be, registered under the U.S. Securities Act or under any state securities laws and may not be offered or sold in the United States or to a U.S. Person absent registration under the 1933 Act and applicable state securities laws or an applicable exemption therefrom. Any failure to comply with these restrictions may constitute a violation of U.S. securities laws.

On behalf of Alset Capital Inc.

Morgan Good” Morgan Good

Chief Executive Officer

About Alset Capital Inc.

Alset Capital Inc. is an investment issuer that is focused on investment in diversified industries such as technology, healthcare, industrial, special situations, operating businesses through both debt and equity using cash resource or shares in its capital. The Company is led by an experienced, entrepreneurial group of executives having a diverse industry and capital markets background.

For further information about Alset Capital Inc., please contact:

Morgan Good, CEO and Director

T: 604.715.4751
E: morgan@alsetai.com

Cautionary Note regarding Forward Looking Statements

Certain statements in this press release may contain forward-looking information (within the meaning of Canadian securities legislation), including, without limitation, the intended use of proceeds, the issuance of the Warrant Shares upon exercise of the Warrants and the issuance of the Finders’ Warrant Shares upon exercise of the Finders’ Warrants. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors, which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Forward-looking statements speak only as of the date those statements are made. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions, or changes in other factors affecting the forward-looking statements. If the Company updates any forward-looking statement(s), no inference should be drawn that it will make additional updates with respect to those or other forward- looking statements.

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.