Zentek Announces Upsize to Non-Brokered Private Placement of Units

Guelph, Ontario--(Newsfile Corp. - August 14, 2024) - Zentek Ltd.  (NASDAQ: ZTEK) (TSXV: ZEN) ("Zentek" or the "Company"), an intellectual property development and commercialization company is pleased to announce that, further to its press release of July 31, 2024, its previously announced non-brokered private placement of units (each, a "Unit") at a price of $1.30 per Unit has been upsized to 2,361,538 Units for aggregate gross proceeds of up to $3,070,000 (the "Offering").

Net proceeds of the Offering will be used for working capital and general corporate purposes.

Each Unit consists of one common share (each, a "Common Share") and one-half of one Common Share purchase warrant (each, a "Warrant"). Each whole Warrant entitles the holder thereof to purchase one Common Share at a price of $3.00 for a period of 24 months from the closing date of the Offering.

The Company may pay certain eligible persons (the "Finder") a cash commission equal to 5% of the gross proceeds of the Offering raised from subscribers introduced to the Company by such Finder.

Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.