Ecologyst Outfitters Inc. entered into a non-binding letter of intent to acquire Trail Blazing Ventures Ltd. (TSXV:BLAZ.P) for CAD 10.5 million in a reverse merger transaction on August 4, 2022. Under the terms of the transaction, each issued and outstanding Ecologyst common share and subscription receipt will be exchanged into one common share of Newco on a 1:1 basis so that all of the issued and outstanding Ecologyst common shares will be exchanged for approximately 80,513,934 Newco common shares (not including Ecologyst common shares issued pursuant to the Initial Private Placement, the Subscription Receipts issued pursuant to the Subscription Receipt Private Placement or other Ecologyst common shares reserved for issuance). Additionally, it is expected that the outstanding common shares and options of the company will be consolidated on a 2:1 basis. Prior to the completion of the transaction, Ecologyst intends to complete a brokered private placement offering of up to CAD 4 million (the "Subscription Receipt Private Placement"), and, additionally Ecologyst is currently in the process of completing a non-brokered private placement of common shares for up to CAD 3 million (the "Initial Private Placement"). The resulting issuer ("Newco") will be named "Ecologyst Outfitters Inc." or such other name as may be determined by Ecologyst. The transaction is subject to approval by Boards of Directors of the Trail Blazing Ventures and Ecologyst; completion of due diligence; execution of the definitive agreement; TSX Venture Exchange acceptance, receipt of requisite regulatory approvals; and if applicable pursuant to TSX Venture Exchange requirements, majority of the minority shareholder approval. The Corporation does not anticipate that Shareholder approval will be required with respect to the Transaction under the rules of the Exchange.

Ecologyst Outfitters Inc. cancelled the acquisition of Trail Blazing Ventures Ltd. (TSXV:BLAZ.P) in a reverse merger transaction on November 1, 2022.