EARLY WARNING NEWS RELEASE REGARDING FURTHER INVESTMENT BY BELKORP INDUSTRIES INC. IN DOMINION LENDING CENTRES INC.

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VANCOUVER, BC, May 20, 2022 /CNW/ - Belkorp Industries Inc. ("Belkorp") is pleased to announce that it has today acquired 1,039,284 Class "A" common shares (the "Purchased Shares") of Dominion Lending Centres Inc. (TSX: DLCG) (the "Issuer" or "DLC"), at a purchase price of $3.07 per Purchased Share for an aggregate purchase price of $3,190,601.88.  The Purchased Shares were purchased from the holder of common share purchase warrants (the "Lender Warrants") upon due exercise by such holder of the Lender Warrants, as announced by the Issuer on May 16, 2022.

Immediately prior to the acquisition of the Purchased Shares, Belkorp held 12,809,214 common shares of the Issuer, representing approximately 27.59% of the Issuer's issued and outstanding common shares (on a non-diluted basis).  Immediately following the acquisition of the Purchased Shares, Belkorp owns 13,848,498 common shares, representing approximately 28.55% of DLC's issued and outstanding common shares (on a non-diluted basis). While the acquisition of the Purchased Shares does not represent a significant change in the percentage of common shares of the Issuer held by Belkorp because of the dilution resulting from the exercise of the Lender Warrants, it does represent an acquisition of approximately 2.23% of the issued and outstanding common shares of the Issuer immediately prior to the exercise of the Lender Warrants and 2.14% of the issued and outstanding common shares of the Issuer immediately following the exercise of the Lender Warrants.

The Purchased Shares were acquired by agreement between Belkorp and the holder of the Lender Warrants, and were acquired for investment purposes. Belkorp has a long-term view of the investment, but may in the future increase or decrease its shareholding in DLC, depending on market conditions, reformulation of plans and/or other relevant factors.  In acquiring the Purchased Shares, Belkorp relied on the "Private Agreement Exemption" set out in Section 4.2 of National Instrument 62-104 – Take-Over Bids and Issuer Bids.

FOR FURTHER INFORMATION OR TO OBTAIN A COPY OF THE EARLY WARNING REPORT REQUIRED BY SECURITIES LEGISLATION, PLEASE CONTACT:

Belkorp Industries Inc.
Suite 900, 1508 West Broadway
Vancouver, BC V6J 1W8

SOURCE Belkorp Industries Inc.

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