Zenyatta Announces a Non-Brokered Private Placement

Zenyatta Ventures Ltd. (TSXV: ZEN, “Zenyatta” or the “Company”) announces that it has arranged a non-brokered private placement financing to raise a minimum of $1.0 million (the “Offering”) subject to regulatory approval. The Offering will consist of the sale of Units priced at $0.45 per Unit. Each Unit will be comprised of one Common Share and one-half of one non-transferable Common Share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder to acquire one Common Share at a price of $0.60 for a period of 24 months from the date of issuance. All Warrants issued in connection with the Offering will be subject to an acceleration clause. If the Company’s share price trades at or above $1.00 per share for a period of ten (10) consecutive trading days during the exercise period, the Company may accelerate the expiry date of the Warrants to 30 calendar days from the date on which express written notice is given by the Company to the Warrant holder. The proceeds of the Offering will be used to fund ongoing work on the Albany Graphite Project including environmental studies and metallurgical process development to collect data for an updated PEA as well as for general corporate purposes. If you have any questions, please feel free to contact us at 1-705-618-0900, or email us at info@zenyatta.ca. Or Dr. Francis Dubé, Co-CEO & Head of Business Development and Technology Tel: +1 (289) 821-2820 Email: fdube@zenyatta.ca
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About Zentek Ltd.

Zentek is an IP development and commercialization company focused on next-gen healthcare solutions in the areas of prevention, detection and treatment. Zentek is currently focused on commercializing ZenGUARD™, a patent-pending coating with 99% antimicrobial activity, including against COVID-19, and the potential to use similar compounds as pharmaceutical products against infectious diseases. The company also has an exclusive agreement to be the global commercializing partner for a newly developed, highly scalable, aptamer-based rapid pathogen detection technology.

To find out more about Zentek Ltd., please visit our website at www.zentek.com. A copy of this news release and all material documents in respect of the Company may be obtained on Zentek's SEDAR profile at www.sedar.com.

Forward-Looking Statements

This news release contains forward-looking statements. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although Zentek believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Zentek disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither the 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.

For further information:

Tyler Dunn

Director, Marketing & Communications

tdunn@zentek.com

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