# EDGAR Filing Document

**Accession Number:** 0001968237
**File Stem:** 0001096906-23-000519
**Filing Date:** 2023-3
**Character Count:** 409305
**Document Hash:** d6af5f0845bc511752efda657209023b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001096906-23-000519.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001096906-23-000519

**CONFORMED SUBMISSION TYPE**: 1-A

**PUBLIC DOCUMENT COUNT**: 84

**FILED AS OF DATE**: 20230313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Atelier Meats Corp.
- **CENTRAL INDEX KEY:** 0001968237
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 024-12184
- **FILM NUMBER:** 23727170

**BUSINESS ADDRESS:**
- **STREET 1:** 666 BURRARD STREET
- **STREET 2:** UNIT 500
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C3P6
- **BUSINESS PHONE:** 6043433889

**MAIL ADDRESS:**
- **STREET 1:** 666 BURRARD STREET
- **STREET 2:** UNIT 500
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C3P6

## Part

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**An offering statement pursuant to Regulation A relating to these securities has been filed with the Securities and Exchange Commission. Information contained in this preliminary offering circular is subject to completion or amendment. These securities may not be sold nor may offers to buy be accepted before the offering statement filed with the Commission is qualified. This preliminary offering circular shall not constitute an offer to sell or the solicitation of an offer to buy nor may there be any sales of these securities in any state in which such offer, solicitation or sale would be unlawful before registration or qualification under the laws of such state. The Company may elect to satisfy its obligation to deliver a final offering circular by sending you a notice within two business days after the completion of the Company's sale to you that contains the URL where the final offering circular or the offering statement in which such final offering circular was filed may be obtained.**

**PART II AND PART III - PRELIMINARY OFFERING CIRCULAR**

**DATED MARCH 13, 2023**<br>

**Atelier Meats Corp.**

**Head Office**<br>

666 Burrard Street, Unit 500

Vancouver British Columbia V6C3P6<br>604-343-3889

https://www.ateliermeats.com/

**up to**

**10,333,333\***<br>**COMMON SHARES**<br>**(\*includes 2,000,000 shares offered by selling shareholders)**<br>

**US$25,000,000** 

**SEE "SECURITIES BEING OFFERED" AT PAGE 53**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Price to Public**<sup>(1)(2)(3)</sup> | **Underwriting**<br>**commissions, fees and expenses**<sup>(4)</sup> | **Proceeds to**<br>**issuer** <sup>(1)(4)(5)(6)</sup> | **Proceeds to**<br>**other persons** |
| **Per share** | US$3.00 | US$0.03 | US$2.97 | N/A |
| **Total Minimum** | No minimum | N/A | No minimum | N/A |
| **Total Maximum** | US$25,000,000 | US$250,000 | US$24,750,000 | N/A |

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**Notes**:

(1) All amounts in this chart are in US dollars. Certain amounts set forth in this offering circular, including financial information, may be denominated in Canadian Dollars. All payments received by investors in U.S. dollars will be converted into Canadian dollars using the rate of exchange quoted by the Bank of Canada at close on the date of acceptance of that investor's subscription agreement. To the extent required the number of shares acquired will be rounded up to the nearest whole share. Fractional shares will not be issued. Subscribers will be informed of the exact number of shares they have subscribed for at the time of issuance. No funds will be returned.

(2) The US$3.00 per share offering price of our common shares was arbitrarily determined by our management and does not bear any correlative relationship to the assets, net worth or projected earnings of the Company, or any other generally accepted criteria of value.

(3) The shares are being offered pursuant to Regulation A of Section 3(b) of the *Securities Act of 1933*, as amended, for Tier 2 offerings. The shares will only be issued to purchasers who satisfy the requirements set forth in Regulation A. See "**Terms of the Offering**."

(4) The Company has engaged Dalmore Group, LLC, member FINRA/SIPC ("**Dalmore**"), to act as the broker-dealer of record in connection with this Offering, but not for underwriting or placement agent services. This includes the 1% commission, but it does not include the one-time set-up fee and consulting fee payable by the Company to Dalmore. See "Plan of Distribution" for more details. To the extent that the Company's officers and directors make any communications in connection with the Offering they intend to conduct such efforts in accordance with an exemption from registration contained in Rule 3a4-1 under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), and, therefore, none of them is required to register as a broker-dealer. See "**Plan of Distribution**."

(5) The shares will be offered on a **best-efforts**" basis by our officers, directors and employees in Canada. No commission or other compensation will be paid to these individuals in connection with this offering.

(6) The amounts shown are before deducting organization and offering costs to us, which include legal, accounting, printing, due diligence, marketing, consulting, referral fees, selling and other costs incurred in the offering of the shares. Our offering costs will vary depending on the number of shares sold. See "**Use of Proceeds**" and "**Plan of Distribution**."

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| | | | |
|:---|:---|:---|:---|
| **SHARES OFFERED SELLING SHAREHOLDERS** | **PRICE TO PUBLIC (1)** | **SELLING AGENT COMMISSIONS** | **PROCEEDS TO THE SELLING SHAREHOLDERS(2)** |
| Per Share | US$3.00 | Not Applicable | US$3.00 |
| Minimum Purchase |  | Not Applicable | Not Applicable |
| Total (2,000,000 Shares) | US$6,000,000 | Not Applicable | US$6,000,000 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Offering price of US$3.00 and a maximum number of shares offered in this offering of 2,000,000 shares for an estimated maximum aggregate offering of $6,000,000

Sales of these securities will commence as soon as practicable after this offering circular has been qualified by the Securities and Exchange Commission.

This offer will terminate on the earlier of: (1) the sale of the maximum number of common shares offered hereby, (2) three-years from the date this offering begins, or (3) a date prior to one-year from the date this offering begins that is so determined by our board of directors. Since there is no minimum amount of securities that must be purchased, all investor funds will be available to us on commencement of this Offering on one or more closings, which may take place at our discretion at any time. Investor funds will not be returned even if an insufficient number of shares are sold to cover the expenses of this offering and provide net proceeds to us.

**THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION DOES NOT PASS UPON THE MERITS OF OR GIVE ITS APPROVAL TO ANY SECURITIES OFFERED OR THE TERMS OF THE OFFERING, NOR DOES IT PASS UPON THE ACCURACY OR COMPLETENESS OF ANY OFFERING CIRCULAR OR OTHER SELLING LITERATURE. THESE SECURITIES ARE OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION WITH THE COMMISSION; HOWEVER, THE COMMISSION HAS NOT** 

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**MADE AN INDEPENDENT DETERMINATION THAT THE SECURITIES OFFERED HEREUNDER ARE EXEMPT FROM REGISTRATION.**

**GENERALLY, NO SALE MAY BE MADE TO YOU IN THIS OFFERING IF THE AGGREGATE PURCHASE PRICE YOU PAY IS MORE THAN 10% OF THE GREATER OF YOUR ANNUAL INCOME OR NET WORTH. DIFFERENT RULES APPLY TO ACCREDITED INVESTORS AND NON-NATURAL PERSONS. BEFORE MAKING ANY REPRESENTATION THAT YOUR INVESTMENT DOES NOT EXCEED APPLICABLE THRESHOLDS, WE ENCOURAGE YOU TO REVIEW RULE 251(d)(2)(i)(C) OF REGULATION A. FOR GENERAL INFORMATION ON INVESTING, THE COMPANY ENCOURAGES YOU TO REFER TO** www.investor.gov.

**This offering is inherently risky. See "Risk Factors" on page 9.**

**The Company is following the "offering circular" format of disclosure under Regulation A.**

**AN OFFERING STATEMENT PURSUANT TO REGULATION A RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. INFORMATION CONTAINED IN THIS OFFERING CIRCULAR IS SUBJECT TO COMPLETION OR AMENDMENT. THESE SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY BE ACCEPTED BEFORE THE OFFERING STATEMENT FILED WITH THE COMMISSION IS QUALIFIED. THIS OFFERING CIRCULAR SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR MAY THERE BE ANY SALES OF THESE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL BEFORE REGISTRATION OR QUALIFICATION UNDER THE LAWS OF SUCH STATE. THE COMPANY MAY ELECT TO SATISFY ITS OBLIGATION TO DELIVER A FINAL OFFERING CIRCULAR BY SENDING YOU A NOTICE WITHIN TWO BUSINESS DAYS AFTER THE COMPLETION OF THE COMPANY'S SALE TO YOU THAT CONTAINS THE URL WHERE THE FINAL OFFERING CIRCULAR OR THE OFFERING STATEMENT IN WHICH SUCH FINAL OFFERING CIRCULAR WAS FILED MAY BE OBTAINED.**

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [FORWARD LOOKING STATEMENTS](#FORWARDLOOKINGSTATEMENTS) | 5 |
| [CURRENCY AND EXCHANGE RATES](#CURRENCYANDEXCHANGERATES) | 5 |
| [SUMMARY](#SUMMARY) | 6 |
| [RISK FACTORS](#RISKFACTORS) | 9 |
| [DILUTION](#DILUTION) | 20 |
| [MARKET FOR OUR COMMON SHARES](#MARKETFOROURCOMMONSHARES) | 21 |
| [PLAN OF DISTRIBUTION](#PLANOFDISTRIBUTION) | 22 |
| [USE OF PROCEEDS TO COMPANY](#USEOFPROCEEDSTOCOMPANY) | 25 |
| [DESCRIPTION OF BUSINESS](#DESCRIPTIONOFBUSINESS) | 26 |
| [DESCRIPTION OF PROPERTY](#DESCRIPTIONOFPROPERTY) | 38 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#MANAGEMENTSDISCUSSIONANDANALYSIS) | 38 |
| [DIRECTORS, EXECUTIVE OFFICERS AND SIGNIFICANT EMPLOYEES](#DIRECTORSEXECUTIVEOFFICERSANDSIGNIFICANT) | 49 |
| [COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS](#COMPENSATIONOFDIRECTORSANDEXECOFFICERS) | 51 |
| [SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITYHOLDERS](#SECURITYOWNERSHIPOFMANAGEMENT) | 54 |
| [INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS](#INTERESTOFMANAGEMENTANDOTHERSINCERTAIN) | 55 |
| [SECURITIES BEING OFFERED](#SECURITIESBEINGOFFERED) | 55 |
| [INCOME TAX CONSIDERATIONS](#INCOMETAXCONSIDERATIONS) | 58 |
| [LEGAL MATTERS](#LEGALMATTERS) | 70 |
| [EXPERTS](#EXPERTS) | 70 |
| [WHERE YOU CAN FIND MORE INFORMATION](#WHEREYOUCANFINDMOREINFORMATION) | 70 |
| [FINANCIAL STATEMENTS](#FINANCIALSTATEMENTS) | 71 |
| [PART III](#PARTIII) | 104 |
| [INDEX TO EXHIBITS](#INDEXTOEXHIBITS) | 104 |
| [SIGNATURES](#SIGNATURES) | 105 |

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**FORWARD LOOKING STATEMENTS**

This offering circular contains forward-looking statements that involve risk and uncertainties. These statements relate to financial conditions and prospects, lending risks, plans for future business development and marketing activities, capital spending and financing sources, capital structure, the effects of regulation, and competition and the prospective business of the Company. In some cases, these statements can be identified with forward looking words such as "**anticipate**," "**believe**," "**continue**," "**could**," "**estimate**," "**expect**," "**intend**," "**may**," "**project**," "**plan**," "**will**," "**would**". Investors should be aware that all forward-looking statements could differ materially from those anticipated in these forward-looking statements based on many factors. The Company believes these factors include, but are not limited to, the "**Risk Factors**" found on page 3 of this offering circular. These factors should not be construed as exclusive and should be read in conjunction with other cautionary statements in this offering circular.

**CURRENCY AND EXCHANGE RATES**

All dollar amounts in this offering circular are expressed in Canadian dollars unless otherwise indicated. Our accounts are maintained in Canadian dollars and our financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. All references to "U.S. dollars", "USD", or "US$" are in United States dollars.

The following table sets forth the rate of exchange for the Canadian dollar (expressed in United States dollars) in effect at the end of the periods indicated. The table also indicates the average of the exchange rates in effect during such periods and the high and low exchange rates during such periods based on the noon rate of exchange as reported by the Bank of Canada for conversion of Canadian dollars into United States dollars.

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Canadian Dollar per U.S. Dollar Noon Buying Rate\*** | <br>**Canadian Dollar per U.S. Dollar Noon Buying Rate\*** | <br>**Canadian Dollar per U.S. Dollar Noon Buying Rate\*** | <br>**Canadian Dollar per U.S. Dollar Noon Buying Rate\*** | <br>**Canadian Dollar per U.S. Dollar Noon Buying Rate\*** |
|  | **Average** | **High** | **Low** | **Period-End** |
| Year ended December 31, |  |  |  |  |
| 2022 | 0.73811 | 0.73811 | 0.73811 | 0.737 |
| 2021 | 0.7978 | 0.8307 | 0.7730 | 0.7912 |
| 2020 | 0.7462 | 0.7873 | 0.6896 | 0.7856 |
| 2019 | 0.7538 | 0.7689 | 0.7332 | 0.7689 |

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\* https://www.exchangerates.org.uk/CAD-USD-31_12_2022-exchange-rate-history.html

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**SUMMARY**

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| | |
|:---|:---|
| **Our Company**: | Atelier Meats Corp. (formerly Future Burger Corp., "**Atelier**" or the "**Company**") is a British Columbia corporation formed on March 13, 2018.<br> On May 18, 2022, the Company incorporated two wholly owned subsidiaries named 1363554 BC Ltd ("1363554") and 1363565 BC Ltd. ("1363565") for the purpose of acquiring Triumph Brands Corp. ("Triumph") and Atelier Meats Corp. ("Atelier"). On May 31, 2022, the Company amalgamated 1363554 and Atelier and the name was changed to 1365359 BC Ltd. On May 31, 2022, the Company amalgamated 1363565 and Triumph and the name was changed to 1365362 BC Ltd. On December 1, 2022, the Company incorporated a wholly owned subsidiary named 1389495 BC Ltd. which on January 13, 2023 amalgamated with Dinamic IP Holdings Inc. to form 1395992 BC Ltd.<br> Our head office is located at 666 Burrard Street, Unit 500, Vancouver, BC, Canada, V6C 3P6. Our telephone number is (604) 343-3889. Our website address is http://www.ateliermeats.com/. The information contained on or that can be accessed through our website is not a part of this offering circular. |
| **Share Capital**: | Our authorized share capital consists of an unlimited number of common shares without par value and an unlimited number of preferred shares without par value. As of March 13, 2023, 46,926,613 common shares and no preferred shares are issued and outstanding. An aggregate of 29,576,876 common shares may be issued on exercise of the following convertible securities: (1) 15,218,424 share purchase warrants, (2) and 14,776,869 performance warrants. In addition, the Company has authorized up to 10% of the total issued and outstanding common shares to be issued pursuant to its equity incentive plan. See "**Securities Being Offered**" herein for additional information. |
| **Our Business**: | We are a biotechnology company dedicated to developing quality, lab-grown meats that are tasteful, healthy, and competitively priced for human consumption.  |
| &nbsp;&nbsp;&nbsp;&nbsp;**This Offering**: | We are offering up to 8,333,333 of our common shares (the "**Shares**") at US$3.00 per share.<br> The net proceeds of this offering to us, assuming the maximum amount of securities offered are sold, will be approximately US$24,650,000 (US$250,000 in sales commissions, US$20,000 in consulting fees and US$5,000 in underwriter expenses, plus additional offering expenses of US$75,000). See "**Plan of Distribution**."<br> We intend to use the proceeds of this offering primarily for advancing our development of patents, including the research study with the University of Rutgers and commercialization. See "**Use of Proceeds**" herein for additional information.<br> We are also offering up to 2,000,000 shares of common stock held by two (2) selling shareholders. No proceeds from the sale of these shares will be received by the Company. These shares will only be offered once the Company has received a minimum of US$8,000,000. |

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An investor's minimum investment amount is US$300.<br> All payments received by investors in U.S. dollars will be converted into Canadian dollars using the rate of exchange quoted by the Bank of Canada at close on the date of acceptance of that investor's subscription agreement. To the extent required the number of shares acquired will be rounded up to the nearest whole share. Fractional shares will not be issued. Subscribers will be informed of the exact number of shares they have subscribed for at the time of issuance. No funds will be returned.<br> This is our offering, and no public market currently exists for our Shares. The Offering price may not reflect the market price of our Shares after the Offering. Purchasers of our Shares qualified hereunder may be unable to sell their securities until such time as a public market for our securities develops. As a result, you may find it more difficult to dispose of, or obtain accurate quotes of our common stock. Any purchaser of our securities should be in a financial position to bear the risks of losing their entire investment.<br>This offering is being conducted on a "best efforts" basis pursuant to Regulation A under Section 3(b) of the Securities Act for Tier 2 offerings. The Company has engaged ________as an escrow agent (the "Escrow Agent") to hold funds tendered by investors until requested by the Company. We will hold a series of closings at which we receive the funds from the Escrow Agent and issue the shares to investors. There is no minimum offering amount and the Company anticipates undertaking closings on a rolling basis without qualifications for such closings. Investors will not be entitled to receive a return of funds held in escrow and the Company may direct a closing regardless of the amount which is being held in escrow at such time. After each such closing, funds tendered by investors will be available to the Company. The offering will terminate at the earlier of: (1) the date at which the maximum offering amount has been sold, (2) thirty-six months from the date upon which the Securities and Exchange Commission originally qualified the Offering Statement of which this Offering Circular forms a part, or (3) the date at which the offering is earlier terminated by the Company in its sole discretion. <br>We will not receive any of the proceeds from the sale of shares by the selling shareholders. Resale shares may be sold to or through underwriters or dealers, directly to purchasers or through agents designated from time to time by the selling shareholders. For additional information regarding the methods of sale, you should refer to the section entitled "Plan of Distribution and Selling Shareholders" in this offering. <br>We have engaged Dalmore Group, LLC ("**Dalmore**"), a broker-dealer registered with the SEC and a member of FINRA, as the placement agent and underwriter. We refer to Dalmore as the underwriter and placement agent. Dalmore is selling our shares in this Offering on a best-efforts basis and are not required to sell any specific number or dollar amount of shares offered by this offering circular, but will use its best efforts to sell such shares. Dalmore will receive a fee of 1% of the securities sold through its platform ("Dalmore Platform") without any direct selling efforts by Dalmore. <br>

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Restrictions on Investment Amount** | Generally, no sale may be made to you in this offering if the aggregate purchase price you pay is more than 10% of the greater of your annual income or net worth. Different rules apply to accredited investors and non-natural persons. Before making any representation that your investment does not exceed applicable thresholds, we encourage you to review Rule 251(d)(2)(i)(c) of Regulation A. For general information on investing, we encourage you to refer to www.investor.gov. |
| **Summary Risk Factors**: | Investing in our stock involves a high degree of risk. You should carefully consider the risks described in "Risk Factors" before making a decision to invest in our common shares. If any of these risks actually occurs, our business, financial condition and results of operations would likely be materially adversely affected. In such case, the trading price of our common shares would likely decline and you may lose part or all of your investment. Below is a summary of some of the principal risks we face:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Material uncertainties may cast significant doubt on our ability to continue as a going concern. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·We may not be successful in the implementation of our business strategy or our business strategy may not be successful, either of which will impede our development and growth. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·We are subject to significant risks associated with introducing new products including the risk that our new product developments will not produce sufficient sales to recoup our investment. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Food safety and food-borne illness incidents or advertising or product mislabeling may materially adversely affect our business by exposing us to lawsuits, product recalls or regulatory enforcement actions, increasing our operating costs and reducing demand for our product offerings. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Consumer preferences for our products are difficult to predict and may change, and, if we are unable to respond quickly to new trends, our business may be adversely affected.  |
| **Canadian Dollars** | All dollar amounts in this summary and offering circular are expressed in Canadian dollars unless otherwise indicated. |

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**RISK FACTORS**

The SEC requires the Company to identify risks that are specific to its business and its financial condition. The Company is still subject to all the same risks that all companies in its business, and all companies in the economy, are exposed to. These include risks relating to economic downturns, political and economic events and technological developments (such as hacking and the ability to prevent hacking). Additionally, early-stage companies are inherently riskier than more developed companies. You should consider general risks as well as specific risks when deciding whether to invest.

***General Business Risks***

***The existence of material uncertainties may cast significant doubt on our ability to continue as a going concern.*** Our auditor has issued an opinion on our consolidated financial statements which states that the consolidated financial statements were prepared assuming we will continue as a going concern and further states that our recurring losses from operations, shareholders' deficit and inability to generate sufficient cash flow to meet our obligations and sustain our operations raise may cast significant doubt on our ability to continue as a going concern.

***Our success depends in part on our ability to attract and retain additional key skilled professionals which we may or may not be able to do. Our failure to do so could prevent us from achieving our goals or becoming profitable***. Our success will depend on the ability of our directors and officers to develop our business and manage our operations. It will also depend on our ability to attract and retain key quality assurance, scientific, sales, public relations, and marketing staff or consultants once operations begin. The loss of any key person or the inability to find and retain new key persons could have a material adverse effect on our business. Competition for sales and marketing staff as well as officers and directors - can be intense; therefore, no assurance can be provided that we will be able to attract or retain key personnel in the future. This may adversely impact our operations.

***We will need a significant amount of capital to carry out our proposed business plan. Unless we are able to raise sufficient funds, we may be forced to discontinue our operations***. We are in the development stage and will likely operate at a loss until our business becomes established. We will require additional financing in order to fund future operations. Our ability to secure any required financing in order to commence and sustain our operations will depend, in part, upon prevailing capital market conditions, as well as our business success. There can be no assurance that we will be successful in our efforts to secure any additional financing or additional financing on terms satisfactory to our management. If additional financing is raised by issuing common shares, control may change and shareholders may suffer additional dilution. If adequate funds are not available or they are unavailable on acceptable terms, we may be required to scale back our business plan or cease operating.

***Disruptions in the worldwide economy may adversely affect our business, results of operations and financial condition.*** Adverse and uncertain economic conditions may impact distributor, retailer, foodservice and consumer demand for our products. In addition, our ability to manage normal commercial relationships with our suppliers, co-manufacturers, distributors, retailers, foodservice consumers and creditors may suffer. Consumers may shift purchases to lower-priced or other perceived value offerings during economic downturns. In particular, consumers may reduce the amount of cultivated meat products that they purchase where there are conventional animal-based protein offerings, which generally have lower retail prices. Distributors and retailers may become more conservative in response to these conditions and seek to reduce their inventories. Our results of operations depend upon, among other things, our ability to maintain and increase sales volume with our existing distributors, retailer and foodservice customers, our ability to attract new consumers, the financial condition of our consumers and our ability to provide products that appeal to consumers at the right price. Prolonged unfavorable economic conditions may have an adverse effect on our sales and profitability.

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***Risks Relating to Our Business***

***We may not be successful in the implementation of our business strategy or our business strategy may not be successful, either of which will impede our development and growth.*** Our business strategy is to research and develop quality, lab-grown meats that are tasteful through developing scaffold on which cells attach, grow, and form meat. Our ability to implement this business strategy is dependent on our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Fund and develop research on successful candidates for FDA approval as well as other regulatory bodies operating in other jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Distinguish ourselves in a very competitive market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Manage growth in administrative overhead costs during the initiation of our business efforts.

We do not know whether we will be able to continue successfully implementing our business strategy or whether our business strategy will ultimately be successful. In assessing our ability to meet these challenges, a potential investor should take into account our need for significant amounts of capital to fund our drug development programs in our subsidiaries, our management's relative inexperience, the competitive conditions existing in our industry and general economic conditions. Our growth is largely dependent on our ability to successfully implement our business strategy. Our revenues may be adversely affected if we fail to implement our business strategy or if we divert resources to a business that ultimately proves unsuccessful.

***Consolidation of customers or the loss of a significant customer could negatively impact our sales and profitability.*** Supermarkets in North America and the European Union continue to consolidate. This consolidation has produced larger, more sophisticated organizations with increased negotiating and buying power that are able to resist price increases, as well as operate with lower inventories, decrease the number of brands that they carry and increase their emphasis on private label products, all of which could negatively impact our business. The consolidation of retail customers also increases the risk that a significant adverse impact on their business could have a corresponding material adverse impact on our business.

The loss of any large customer, the reduction of purchasing levels or the cancellation of any business from a large customer for an extended length of time could negatively impact our sales and profitability.

Furthermore, as retailers consolidate, they may reduce the number of branded products they offer in order to accommodate private label products and generate more competitive terms from branded suppliers. Consequently, our financial results may fluctuate significantly from period to period based on the actions of one or more significant retailers. A retailer may take actions that affect us for reasons that we cannot always anticipate or control, such as their financial condition, changes in their business strategy or operations, the introduction of competing products or the perceived quality of our products. Despite operating in different channels, our retailers sometimes compete for the same consumers. Because of actual or perceived conflicts resulting from this competition, retailers may take actions that negatively affect us.

***Food safety and food-borne illness incidents or advertising or product mislabeling may materially adversely affect our business by exposing us to lawsuits, product recalls or regulatory enforcement actions, increasing our operating costs and reducing demand for our product offerings.*** Selling food for human consumption involves inherent legal and other risks, and there is increasing governmental scrutiny of and public awareness regarding food safety. Unexpected side effects, illness, injury or death related to allergens, food-borne illnesses or other food safety incidents caused by products we sell, or involving our suppliers, could result in the discontinuance of sales of these products or our relationships with such suppliers, or otherwise result in increased operating costs, regulatory enforcement actions or harm to our reputation. Shipment of adulterated or misbranded products, even if inadvertent, can result in criminal or civil liability. Such incidents could also expose us to product liability, negligence or other lawsuits, including consumer class action lawsuits. Any claims brought against us may exceed or be outside the scope of our existing or future insurance policy coverage or limits. Any judgment against us that is more than our

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policy limits or not covered by our policies or not subject to insurance would have to be paid from our cash reserves, which would reduce our capital resources.

The occurrence of food-borne illnesses or other food safety incidents could also adversely affect the price and availability of affected ingredients, resulting in higher costs, disruptions in supply and a reduction in our sales. Furthermore, any instances of food contamination or regulatory noncompliance, whether or not caused by our actions, could compel us, our suppliers, our distributors or our customers, depending on the circumstances, to conduct a recall in accordance with U.S. Food and Drug Administration ("FDA") regulations or the Canadian counterpart to the FDA, Health Products and Food Branch ("HPFB") regulations, and comparable state laws. Food recalls could result in significant losses due to their costs, the destruction of product inventory, lost sales due to the unavailability of the product for a period of time and potential loss of existing distributors or customers and a potential negative impact on our ability to attract new customers due to negative consumer experiences or because of an adverse impact on our brand and reputation. The costs of a recall could exceed or be outside the scope of our existing or future insurance policy coverage or limits.

In addition, food companies have been subject to targeted, large-scale tampering as well as to opportunistic, individual product tampering, and we, like any food company, could be a target for product tampering. Forms of tampering could include the introduction of foreign material, chemical contaminants and pathological organisms into consumer products as well as product substitution. Recently issued FDA regulations will require companies like us to analyze, prepare and implement mitigation strategies specifically to address tampering designed to inflict widespread public health harm. If we do not adequately address the possibility, or any actual instance, of product tampering, we could face possible seizure or recall of our products and the imposition of civil or criminal sanctions, which could materially adversely affect our business, financial condition and operating results.

***Failure to introduce new products or successfully improve existing products may adversely affect our ability to continue to grow.*** A key element of our growth strategy depends on our ability to develop and market new products and improvements to our existing products that meet our standards for quality and appeal to consumer preferences. The success of our innovation and product development efforts is affected by our ability to anticipate changes in consumer preferences, the technical capability of our innovation staff in developing and testing product prototypes, including complying with applicable governmental regulations, and the success of our management and sales and marketing teams in introducing and marketing new products. Failure to develop and market new products that appeal to consumers may lead to a decrease in our growth, sales and profitability.

Additionally, the development and introduction of new products requires substantial research, development and marketing expenditures, which we may be unable to recoup if the new products do not gain widespread market acceptance. If we are unsuccessful in meeting our objectives with respect to new or improved products, our business could be harmed.

***If we do not manage our supply chain effectively, including inventory levels, our business, financial condition and results of operation may be adversely affected***. The inability of any supplier, co-packer, third-party distributor or transportation provider to deliver or perform for us in a timely or cost-effective manner could cause our operating costs to increase and our profit margins to decrease. We must continuously monitor our inventory and product mix against forecasted demand or risk having inadequate supplies to meet consumer demand as well as having too much inventory on hand that may reach its expiration date and become unsalable. If we are unable to manage our supply chain effectively and ensure that our products are available to meet consumer demand, our operating costs could increase and our profit margins could decrease.

***Failure by our transportation providers to deliver our products on time or at all could result in lost sales***. We will use third-party transportation providers for our product shipments. We will rely on a number of different providers for our shipments based on cost efficiency and availability at the time of shipping.

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Transportation services include scheduling and coordinating transportation of finished products to our customers, shipment tracking and freight dispatch services. Our use of transportation services for shipments is subject to various risks. One risk is that increases in fuel prices would raise our shipping costs. Another risk is that employee strikes or inclement weather may impact the ability of providers to provide delivery services that adequately meet our shipping needs including adequate refrigeration while in-transit. Any such change could cause us to incur costs and expend resources. Moreover, in the future we may not be able to obtain terms as favorable as those we receive from the third-party transportation providers that we currently use which, in turn, would increase our costs and thereby adversely affect our business, financial condition, and results of operations.

***We face intense competition in our market from our competitors, including manufacturers of animal-based meat products, cellular scaffold developers, manufacturers that produce plant-based protein products, and other brands that produce lab-grown protein products, and potential competitors and may lack sufficient financial or other resources to compete successfully.*** Our future success depends, in large part, on our ability to implement our growth strategy of expanding supply and distribution, improving placement of our products, attracting new consumers to our brand and introducing new products and product extensions. Our ability to implement this growth strategy depends, among other things, on our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·manage relationships with various suppliers, co-manufacturers, distributors, customers and other third parties, and expend time and effort to integrate new suppliers, co-manufacturers and customers into our fulfillment operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·licensing our current and future technology and intellectual property to other manufacturers, including the licensing of our cellular scaffold technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·continue to compete in the retail channel and the restaurant and foodservice channel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·secure placement in the meat case for our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·increase our brand recognition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·expand and maintain brand loyalty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·develop new product lines and extensions.

We may not be able to implement our growth strategy successfully. Our sales and operating results will be adversely affected if we fail to implement our growth strategy or if we invest resources in a growth strategy that ultimately proves unsuccessful.

***We are or will be subject to international regulations that could adversely affect our business and results of operations.*** We are or will be subject to extensive regulations internationally where we manufacture, distribute and/or will sell our products. Our products are subject to numerous food safety and other laws and regulations relating to the sourcing, manufacturing, storing, labeling, marketing, advertising and distribution of these products. If regulators determine that the labeling and/or composition of any of our products is not in compliance with United States law or regulations, or if we or our co-manufacturers otherwise fail to comply with applicable laws and regulations in the United States or other jurisdictions, we could be subject to civil remedies or penalties, such as fines, injunctions, recalls or seizures, warning letters, restrictions on the marketing or manufacturing of the products, or refusals to permit the import or export of products, as well as potential criminal sanctions. In addition, enforcement of existing laws and regulations, changes in legal requirements and/or evolving interpretations of existing regulatory requirements may result in increased compliance costs and create other obligations, financial or otherwise, that could adversely affect our business, financial condition or operating results.

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***Consumer preferences for our products are difficult to predict and may change, and, if we are unable to respond quickly to new trends, our business may be adversely affected.*** Our business is focused on the development, manufacture, marketing and distribution of a line of lab-grown meats as alternatives to meat-based protein products. Consumer demand could change based on a number of possible factors, including dietary habits and nutritional values, concerns regarding the health effects of ingredients and shifts in preference for various product attributes. If consumer demand for our products decreased, our business and financial condition would suffer. In addition, sales of plant-based protein or meat-alternative products are subject to evolving consumer preferences that we may not be able to accurately predict or respond to. Consumer trends that we believe favor sales of our products could change based on a number of possible factors, including a shift in preference from plant-based protein meat substitutes to animal-based protein substitute products, economic factors and social trends. A significant shift in consumer demand away from our products could reduce our sales or our market share and the prestige of our brand, which would harm our business and financial condition.

***Because we rely on a limited number of third-party suppliers, we may not be able to obtain raw materials on a timely basis or in sufficient quantities to produce our products or meet the demand for our products.*** We rely on a limited number of vendors to supply us with raw materials. Our financial performance depends in large part on our ability to arrange for the purchase of raw materials in sufficient quantities at competitive prices. We are not assured of continued supply or pricing of raw materials. Any of our suppliers could discontinue or seek to alter their relationship with us.

A natural disaster, fire, power interruption, work stoppage or other calamity affecting any of our suppliers' facilities, or any interruption in their operations, could negatively impact our ability to obtain required quantities of raw material in a timely manner, or at all, which could materially reduce our net product sales and have a material adverse effect on our business and financial condition.

Events that adversely affect our suppliers of raw material could impair our ability to obtain raw material inventory in the quantities that we desire. Such events include problems with our suppliers' businesses, finances, labor relations, ability to import raw materials, costs, production, insurance and reputation, as well as natural disasters, fires or other catastrophic occurrences. We continuously seek alternative sources of protein to use in our products, but we may not be successful in diversifying the raw materials we use in our products.

If we need to replace an existing supplier, there can be no assurance that supplies of raw materials will be available when required on acceptable terms, or at all, or that a new supplier would allocate sufficient capacity to us in order to meet our requirements, fill our orders in a timely manner or meet our strict quality standards. If we are unable to manage our supply chain effectively and ensure that our products are available to meet consumer demand, our operating costs could increase and our profit margins could decrease.

***The loss of any of our key suppliers, or distribution arrangements with key vendors, would negatively impact our business.*** We purchase significant amounts of products from vendors with differing supply capabilities. There can be no assurance that the vendors who currently supply us with the ingredients necessary to create our meats will be able to accommodate the anticipated growth and expansion of our locations. An inability of our existing vendors to provide products in a timely or cost-effective manner may impair our business, financial condition and results of operations.

We maintain no long-term supply contracts with any of our distributors. As a consequence, any distributor may discontinue selling our pet chews at any time which would result in the inability to sell our products in certain retail locations. The loss of any of our vendors would, therefore, have a negative impact on our business and financial condition.

If we are unable to identify or enter into supply or distribution relationships with new vendors or to replace the loss of any of our existing vendors, we may experience a competitive disadvantage, our business may be disrupted, and our results of operations may be adversely affected.

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***We may be exposed to significant product liability claims which our insurance may not cover and which could harm our reputation***. In the ordinary course of our business, we may be named as a defendant in lawsuits involving product liability claims. In any such proceeding, plaintiffs may seek to recover large and sometimes unspecified amounts of damages and the matters may remain unresolved for several years. Any such matters could have a material adverse effect on our business, results of operations and financial condition if we are unable to successfully defend against or settle these matters or if our insurance coverage is insufficient to satisfy any judgments against us or settlements relating to these matters. Although we have product liability insurance coverage and an excess umbrella policy, our insurance policies may not provide coverage for certain or any claims against us or may not be sufficient to cover all possible liabilities. Additionally, we do not maintain product recall insurance.

We may not be able to maintain such insurance on acceptable terms, if at all, in the future. Moreover, any adverse publicity arising from claims made against us, even if the claims are not successful, could adversely affect the reputation and sales of our products. In particular, product recalls or product liability claims challenging the safety of our products may result in a decline in sales for a particular product and could damage the reputation or the value of the related brand. This could be true even if the claims themselves are ultimately settled for immaterial amounts. This type of adverse publicity could occur and product liability claims could be made in the future.

***We, or our subsidiaries, may become subject to claims of infringement or misappropriation of the intellectual property rights of others, which could prohibit us from developing our products, require us to obtain licenses from third parties or to develop non-infringing alternatives and subject us to substantial monetary damages.*** Third parties could, in the future, assert infringement or misappropriation claims against us with respect to products we develop. Whether a product infringes a patent or misappropriates other intellectual property involves complex legal and factual issues, the determination of which is often uncertain. Therefore, we cannot be certain that we have not infringed the intellectual property rights of others. Our potential competitors may assert that some aspect of our product infringes their patents. Because patent applications may take years to issue, there also may be applications now pending of which we are unaware that may later result in issued patents upon which our products could infringe. There also may be existing patents or pending patent applications of which we are unaware upon which our products may inadvertently infringe.

Any infringement or misappropriation claim could cause us to incur significant costs, place significant strain on our financial resources, divert management's attention from our business and harm our reputation. If the relevant patents in such claim were upheld as valid and enforceable and we were found to infringe them, we could be prohibited from selling any product that is found to infringe unless we could obtain licenses to use the technology covered by the patent or are able to design around the patent. We may be unable to obtain such a license on terms acceptable to us, if at all, and we may not be able to redesign our products to avoid infringement. A court could also order us to pay compensatory damages for such infringement, plus prejudgment interest and could, in addition, treble the compensatory damages and award attorney fees. These damages could be substantial and could harm our reputation, business, financial condition and operating results. A court also could enter orders that temporarily, preliminarily or permanently enjoin us and our customers from making, using, or selling products, and could enter an order mandating that we undertake certain remedial activities. Depending on the nature of the relief ordered by the court, we could become liable for additional damages to third parties.

***If we are unable to protect the confidentiality of our proprietary information and know-how, the value of our technology, products and services could be harmed significantly***. We rely on trade secrets, know-how and other proprietary information in operating our business. If this information is not adequately protected, then it may be disclosed or used in an unauthorized manner. To the extent that consultants, key employees or other third parties apply technological information independently developed by them or by others to our proposed products, disputes may arise as to the proprietary rights to such information, which may not be resolved in our favor. The risk that other parties may breach confidentiality agreements or that

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our trade secrets may become known or independently discovered by competitors could harm us by enabling our competitors, who may have greater experience and financial resources, to copy or use our trade secrets and other proprietary information in the advancement of their products, methods or technologies. The disclosure of our trade secrets would impair our competitive position, thereby weakening demand for our products or services and harming our ability to maintain or increase our customer base.

***Legal claims, government investigations or other regulatory enforcement actions could subject us to civil and criminal penalties.*** We operate in a highly regulated environment with constantly evolving legal and regulatory frameworks. Consequently, we are subject to heightened risk of legal claims, government investigations or other regulatory enforcement actions. Although we have implemented policies and procedures designed to ensure compliance with existing laws and regulations, there can be no assurance that our employees, temporary workers, contractors or agents will not violate our policies and procedures. Moreover, a failure to maintain effective control processes could lead to violations, unintentional or otherwise, of laws and regulations. Legal claims, government investigations or regulatory enforcement actions arising out of our failure or alleged failure to comply with applicable laws and regulations could subject us to civil and criminal penalties that could materially and adversely affect our product sales, reputation, financial condition and operating results. In addition, the costs and other effects of defending potential and pending litigation and administrative actions against us may be difficult to determine and could adversely affect our financial condition and operating results.

***Risks Related to Our Common Shares***

***The initial offering price of US$3.00 per share is arbitrary.*** The initial offering price of US$3.00 per share has been arbitrarily determined by our management and does not bear any correlative relationship to the assets, net worth or projected earnings of the Company, or any other generally accepted criteria of value.

***Investors in this offering will experience immediate and substantial dilution.*** Investors in this offering will suffer immediate and substantial dilution of $3.43 per share or approximately 83.95% of the offering price of the common shares if the maximum offering is sold, or $3.86 per share or approximately 94.66% of the offering price if only 25% of the offering is sold. See "**Dilution**."

***If we issue additional common shares, shareholders may experience further dilution in their ownership of us.*** We are authorized to issue an unlimited number of common shares without par value and an unlimited number of preferred shares without par value. We have the right to raise additional capital or incur borrowings from third parties to finance our business. Our board of directors has the authority, without the consent of any of our shareholders, to cause us to issue more common shares. Consequently, shareholders may experience more dilution in their ownership of us in the future. Our board of directors and majority shareholders have the power to amend our constating documents in order to affect forward and reverse stock splits, and recapitalizations of the Company. The issuance of additional common shares by us would dilute all existing shareholders' ownership in us.

***We cannot assure that we will ever pay dividends***. We do not currently anticipate declaring and paying dividends to our shareholders in the near future. It is our current intention to apply net earnings, if any, in the foreseeable future to increase our capital base and marketing. Prospective investors seeking or needing dividend income or liquidity should therefore not purchase our common shares. We cannot assure that we will ever have sufficient earnings to declare and pay dividends to the holders of our common shares, and in any event, a decision to declare and pay dividends is at the sole discretion of our board of directors.

***Claims for indemnification by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce the amount of money available to us***. Our articles provide that we will indemnify our directors and officers in each case to the fullest extent permitted by the *Business Corporations Act* (British Columbia) (the "**BCA**"). We must indemnify our officers and directors against all reasonable fees, expenses, charges and other costs of any type or nature whatsoever. This includes any and all expenses and obligations paid or incurred in connection with investigating, defending, being a witness in, participating in (including on appeal), or preparing to defend against any

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completed, actual, pending or threatened action, suit, claim or proceeding, whether civil, criminal, administrative or investigative, or establishing or enforcing a right to indemnification under the indemnification agreement. Any claims for indemnification by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce the amount of money available to us.

***Risks Related to the Trading of Our Common Shares***

***Future sales of our common shares, or the perception that such sales may occur could depress our common share price***. As of March 13, 2023, we had 46,926,613 common shares outstanding, and our notice of articles authorizes us to issue up to an unlimited number of common shares and an unlimited number of preferred shares. In the future, we may issue additional common shares or other securities if we need to raise additional capital. The number of new common shares issued in connection with raising additional capital could constitute a material portion of those current outstanding common shares. Any future sales of our common shares, or the perception that such sales may occur, could negatively impact the price of our common shares.

***No public market for our common shares currently exists, and an active trading market may not develop or be sustained.*** Our common shares are not currently quoted or traded on any trading market, and there can be no assurance that an active public market for our common shares will ever develop in the future. In the absence of an active trading market:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·investors may have difficulty buying and selling or obtaining market quotations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·market visibility for our common shares may be limited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·a lack of visibility for our common shares may have a depressive effect on any market price for our common shares that might develop.

We do not intend to seek a trading market for the common shares after an initial or final closing of this offering. Because we have discretion with respect to if, when or where our common shares will be publicly traded, there can be no assurance that our common shares will ever be quoted or listed or traded on any trading market or, if listed, quoted or traded, that an active public market will develop or be sustained. Moreover, there can be no assurance that security analysts of brokerage firms will provide coverage of our Company, if at all. If there is no active trading market for our common shares or coverage of our Company by security analysts of brokerage firms, you may be unable to dispose of your shares at desirable prices or at all. Moreover, there is a risk that our common shares could be delisted from any trading market on which it may be quoted or traded in the future.

The lack of an active trading market may also impair our ability to raise capital to continue to fund operations by selling securities.

***Even if our common shares become publicly traded and an active trading market develops, the market price of our common shares may be volatile, and purchasers of our common shares could incur substantial losses.***

Even if our common shares become publicly traded and even if an active trading market develops for our common shares, of which no assurances can be given, the market price of our common shares may be volatile and subject to wide fluctuations in response to various factors. The stock market in general has experienced extreme volatility that has often been unrelated to the operating performance of particular companies. The market price for our common shares may also be influenced by many additional factors, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·our ability to successfully commercialize, and realize revenues from sales of, any products we may develop;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the success of competitive products or technologies;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·regulatory or legal developments in the U.S. and other countries, especially changes in laws or regulations applicable to any products we may develop;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·introductions and announcements of new products by us, our commercialization partners, or our competitors, and the timing of these introductions or announcements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·actions taken by regulatory agencies with respect to our products, clinical studies, manufacturing process or sales and marketing terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·variations in our financial results or those of companies that are perceived to be similar to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the success of our efforts to acquire or in-license additional products or other products we may develop;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·announcements by us or our competitors of significant acquisitions, strategic partnerships, joint ventures or capital commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·developments or disputes concerning patents or other proprietary rights, including patents, litigation matters and our ability to obtain patent protection for our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·our ability or inability to raise additional capital and the terms on which we raise it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the recruitment or departure of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·market conditions in the food and biotechnology sectors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·actual or anticipated changes in earnings estimates or changes in stock market analyst recommendations regarding our securities, other comparable companies or our industry generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·general economic, industry and market conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the other risks described in this "Risk Factors" section.

These broad market and industry factors may seriously harm the market price of our common shares, regardless of our operating performance. In the past, following periods of volatility in the market, securities class-action litigation has often been instituted against companies. Such litigation, if instituted against us, could result in substantial costs and diversion of management's attention and resources, which could materially and adversely affect our business, financial condition, results of operations and prospects.

***Because the SEC imposes additional sales practice requirements on brokers who deal in shares of penny stocks, some brokers may be unwilling to trade our securities. This means that you may have difficulty reselling your shares, which may cause the value of your investment to decline.*** Our shares are classified as penny stocks. The SEC has adopted regulations which generally define a "penny stock" to be any equity security that has a price of less than US$5.00 per share or an exercise price of less than US$5.00 per share, subject to certain exceptions including the issuer of the securities having net tangible assets (*i.e.,*total assets less intangible assets and liabilities) in excess of US$2,000,000 or an average revenue of at least $6,000,000 for the last three years. As a result, our common shares could be subject to these rules that impose additional sales practice requirements on broker-dealers who sell our securities to persons other than established customers and accredited investors (generally persons with a net worth in excess of US$1,000,000 or annual income exceeding US$200,000, or US$300,000 together with their spouse). For transactions covered by these rules, the broker-dealer must make a special suitability determination for the purchase of such securities and have received the purchaser's written consent to the transaction prior to the purchase. Additionally, for any transaction involving a "penny stock," unless exempt, the rules require the delivery, prior to the transaction, of a risk disclosure document mandated by the SEC relating to the "penny stock" market. The broker-dealer must also disclose the commissions payable to both the broker-dealer and the registered representative, current quotations for the securities and, if the broker-dealer is the sole market maker, the broker-dealer must disclose this fact and the broker-dealer's presumed control over the market.

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Finally, monthly statements must be sent disclosing recent price information for the "penny stock" held in the account and information on the limited market in "penny stocks." Consequently, these rules may restrict the ability of broker-dealers to sell our securities.

***Risks Related to Being a Canadian Issuer***

***As a Canadian incorporated and resident company, our financial statements are prepared using International Financial Reporting Standards ("IFRS"), accounting principles, which are different than the accounting principles under U.S. Generally Accepted Accounting Principles ("U.S. GAAP")***. Our financial statements have been prepared in accordance with IFRS. IFRS is an internationally recognized body of accounting principles that are used by many companies outside of the United States to prepare their financial statements. Regulation A permits Canadian issuers such as True Leaf to prepare and file their financial statements in accordance with IFRS rather than U.S. GAAP. IFRS accounting principles are different from those of U.S. GAAP and SEC rules do not require us to provide a reconciliation of IFRS accounting principles to those of U.S. GAAP. Investors who are not familiar with IFRS may misunderstand certain information presented in our financial statements. Accordingly, we suggest that readers of our financial statements familiarize themselves with the provisions of IFRS accounting principles in order to better understand the differences between these two sets of principles.

***Certain legislation in Canada contain provisions that may have the effect of delaying or preventing a change in control***. Certain provisions of our constating documents and governing legislation, together or separately, could discourage potential acquisition proposals, delay or prevent a change in control and limit the price that certain investors may be willing to pay for our common shares.

For example, under the BCA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·certain matters require the approval of holders of two-thirds of the votes cast at a meeting of the Company's shareholders, including amendments to its articles. This may make it more difficult for us to complete certain types of corporate transactions deemed advisable by the board of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·a bidder seeking to acquire us would need, on a compulsory acquisition (tender offer), to receive shareholder acceptance in respect to 90% of our outstanding shares. If this 90% threshold is not achieved in the offer, under the BCA, the bidder would not be able to complete a "second step merger" to obtain 100% control of us. Accordingly, an offer (tender) of 90% of our outstanding shares will likely be a condition in a tender offer to acquire our shares rather than 50% as is more common in tender offers for corporations organized under U.S. law.

Additionally, *The Investment Canada Act* requires that a "non-Canadian," as defined therein, file an application for review with the Minister responsible for the Investment Canada Act and obtain approval of the Minister prior to acquiring control of a Canadian business, where prescribed financial thresholds are exceeded. Otherwise, there are no limitations either under the laws of Canada or in our articles on the rights of non-Canadians to vote or hold our common shares. (Given our current size and industry we do not believe these rules would apply to us.)

Any of these provisions may discourage a potential acquirer from proposing or completing a transaction that may have otherwise presented a premium to our shareholders.

***Because we are a British Columbia incorporated company and the majority of our directors and officers are resident in Canada, it may be difficult for investors in the United States to enforce civil liabilities against us based solely upon the federal securities laws of the United States***. We are incorporated in British Columbia and our principal place of business is in Canada. Our auditor and a majority of our directors and officers are residents of Canada. All or a substantial portion of our assets and those of such persons are located outside the United States. Consequently, it may be difficult for U.S. investors to affect service of process within the United States upon us or our directors, officers and auditors who are not residents of the United States or to realize in the United States upon judgments of U.S. courts predicated

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upon civil liabilities under the *Securities Act of 1933*, as amended. Investors should not assume that Canadian courts: (1) would enforce judgments of U.S. courts obtained in actions against us or such persons predicated upon the civil liability provisions of the U.S. federal securities laws or the securities or "blue sky" laws of any state within the United States or (2) would enforce, in original actions, liabilities against us or such persons predicated upon the U.S. federal securities laws or any such state securities or blue sky laws.

***There could be adverse tax consequence for our shareholders in the United States if we are deemed a passive foreign investment company***. Under United States federal income tax laws, if a company is, or for any past period was, a passive foreign investment company or PFIC, it could have adverse United States federal income tax consequences to U.S. shareholders even if the Company is no longer a PFIC. The determination of whether we are a PFIC is a factual determination made annually based on all the facts and circumstances and thus is subject to change. Furthermore, the principles and methodology used in determining whether a company is a PFIC are subject to interpretation. While the Company does not believe that it currently is or has been a PFIC, it cannot make any assurances that it will not be a PFIC in the future. United States purchasers of the Company's common shares are urged to consult their tax advisors concerning United States federal income tax consequences of holding our common shares if we are considered to be a PFIC. See the discussion in "**Material United States Federal Income Tax Considerations for U.S. Holders**."

If we are a PFIC, U.S. holders would be subject to adverse U.S. federal income tax consequences such as the ineligibility for any preferred tax rates on capital gains, the ineligibility for actual or deemed dividends, interest charges on certain taxes treated as deferred, and additional reporting requirements under U.S. federal income tax laws or regulations. Whether or not U.S. holders make a timely qualified electing fund (or QEF) election or mark-to-market election may affect the U.S. federal income tax consequences to U.S. holders with respect to the acquisition, ownership, and disposition of our common shares and any distributions such U.S. holders may receive. Investors should consult their own tax advisors regarding all aspects of the application of the PFIC rules to our common shares.

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**DILUTION**

Dilution means a reduction in value, control or earnings of the shares the investor owns.

***Immediate Dilution***

An early-stage company typically sells its shares (or grants options over its shares) to its founders and early employees at a very low cash cost, because they are, in effect, putting their "**sweat equity**" into the Company. When the Company seeks cash investments from outside investors, the new investors typically pay a much larger sum for their shares than the founders or earlier investors, which means the cash value of the new investors' stake is diluted because all the shares are worth the same amount and new investors paid more than earlier investors for their shares.

If you invest in our common shares in this offering, your ownership interest will be diluted to the extent of the difference between the offering price per share and the pro forma net tangible book value per share of our common shares. Our historical net tangible book value as of May 31, 2022, was CA$2,320,766, or approximately CA$0.53 per share. Historical net tangible book value per share is determined by dividing the actual number of outstanding common shares by our net tangible book value. Dilution in historical net tangible book value per share represents the difference between the amount per share paid by purchasers of common shares in this offering and the pro forma net tangible book value per common share immediately after the closing of this offering.

The following table illustrates this per share dilution in Canadian Dollars (all amounts set forth below are presented in Canadian Dollars based upon a US$3.00 (CA$4.08) per Share price and a conversion rate of 1:1.36 exchange rate):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 25% | 50% | 50% | 50% | 75% | 100% | 100% |
| Price per Share  | $4.08  | $4.08  | $4.08  | $4.08  | $4.08  | $4.08  | $4.08  |
| Shares Issued  | 2083333  | 2083333  | 4166667  | 6250000  | 6250000  | 6250000  | 8333333  |
| Capital Raised  | $8499998.64  | $8499998.64  | $16999997.28  | $254999995.92  | $254999995.92  | $254999995.92  | $33999994.56  |
| Less: Offering Costs | $136000.00  | $136000.00  | $136000.00  | $136000.00  | $136000.00  | $136000.00  | $136000.00  |
| Net Offering Proceeds  | $8363998.64  | $8363998.64  | $16863997.28  | $25363995.92  | $25363995.92  | $25363995.92  | $33863994.56  |
| Net Tangible Book Value Pre-financing on November 30, 2022 | $2320766.00  | $2320766.00  | $2320766.00  | $2320766.00  | $2320766.00  | $2320766.00  | $2320766.00  |
| Net Tangible Book Value Post-financing  | $10684764.64  | $10684764.64  | $19184763.28  | $27684761.92  | $27684761.92  | $27684761.92  | $36184760.56  |
| Shares issued and outstanding as of February 28, 2023 | 46926613  | 46926613  | 46926613  | 46926613  | 46926613  | 46926613  | 46926613  |
| Post-Financing Shares Issued and Outstanding  | 49009946  | 49009946  | 51093280  | 53176613  | 53176613  | 53176613  | 55259946  |
| Net tangible book value per share prior to offering  | $0.05  | $0.05  | $0.05  | $0.05  | $0.05  | $0.05  | $0.05  |
| Increase/(Decrease) per share attributable to new investors  | $0.17  | $0.17  | $0.33  | $0.47  | $0.47  | $0.47  | $0.61  |
| Net tangible book value per share after offering  | $0.22  | $0.22  | $0.38  | $0.52  | $0.52  | $0.52  | $0.65  |
| Dilution per share to new investors ($)  | $3.86  | $3.86  | $3.70  | $3.56  | $3.56  | $3.56  | $3.43  |
| Dilution per share to new investors (%)  | 94.66%  | 94.66%  | 90.80%  | 87.24%  | 87.24%  | 87.24%  | 83.95%  |

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***Future Dilution***

Another important way of looking at dilution is the dilution that happens due to future actions by the Company. The investor's stake in a company could be diluted due to the Company issuing additional shares. In other words, when the Company issues more shares, the percentage of the Company that new investors own will go down, even though the value of the Company may go up. Investors will own a smaller piece of a larger company. This increase in number of shares outstanding could result from a stock offering (such as an initial public offering, another crowdfunding round, a venture capital round, angel investment), employees exercising stock options, or by conversion of certain instruments (e.g., convertible bonds, preferred shares or warrants) into stock.

If the Company decides to issue more shares, an investor could experience value dilution, with each share being worth less than before and control dilution, with the total percentage an investor owns being less than before. There may also be earnings dilution, with a reduction in the amount earned per share (though this typically occurs only if the Company offers dividends and most early-stage companies are unlikely to offer dividends, preferring to invest any earnings into the Company).

The type of dilution that hurts early-stage investors most occurs when the Company sells more shares in a "**down round**," meaning at a lower valuation than in earlier offerings.

Investors making an investment expecting to own a certain percentage of the Company or expecting each share to hold a certain amount of value should understand that the value of those shares can decrease by actions taken by the Company. Dilution can make drastic changes to the value of each share, ownership percentage, voting control and earnings per share.

**MARKET FOR OUR COMMON SHARES**

***Trading Market***

No public market for our common shares currently exists, and an active trading market may not develop or be sustained. Our common shares are not currently quoted or traded on any trading market, and there can be no assurance that an active public market for our common shares will ever develop in the future.

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**SELLING SHAREHOLDERS**

The shares being offered for resale by the selling shareholders consist of 2,000,000 shares of our common stock held by 2 shareholders. We will sell shares offered by the selling shareholders on a basis of 1 selling shareholder share for each 1.5 shares offered by the Company until such time as the resell shares have all been sold; provided, however, no shares held by the selling shareholders will be sold until the Company has sold shares in the amount of at least $8,000,000.

The following table sets forth the name of the selling shareholder, the number of shares of common stock beneficially owned by each of the selling shareholder as of March 13, 2023 and the number of shares of common stock being offered by the selling shareholder. The shares being offered hereby are being qualified to permit public secondary trading, and the selling shareholders may offer all or part of the shares for resale from time to time. However, the selling shareholder is under no obligation to sell all or any portion of such shares nor is the selling shareholder obligated to sell any shares immediately upon effectiveness of this offering circular. All information with respect to share ownership has been furnished by the selling shareholder.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of selling**<br>**shareholder** | **Shares of Common stock owned prior to offering (1)** | **Percentage of Common stock owned prior to offering (1)** | **Shares of Common stock to be sold (2)** | **Shares of Common stock owned after offering (if all shares are sold)** | **Percent of common stock owned after offering (if all shares are sold)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirjana Ticeric | 1000000 | 2.13% | 1000000 | 0 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adroit Services Ltd | 1000000 | 2.13% | 1000000 | 0 | 0% |

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**PLAN OF DISTRIBUTION**

All dollar amounts in this offering circular are expressed in Canadian dollars unless otherwise indicated.

***General Plan of Distribution***

We are offering a maximum of 8,333,333 common shares on a "**best efforts**" basis.

***Determination of Offering Price***

The initial offering price of US$3.00 (CA$4.08) per share has been determined by our management based upon a pre-money valuation of $135,000,000 but does not necessarily bear any correlative relationship to the assets, net worth or projected earnings of the Company, or any other generally accepted criteria of value.

All payments received by investors in U.S. dollars will be converted into Canadian dollars using the rate of exchange quoted by the Bank of Canada at close on the date of acceptance of that investor's subscription agreement. To the extent required the number of shares acquired will be rounded up to the nearest whole share. Fractional shares will not be issued. Subscribers will be informed of the exact number of shares they have subscribed for at the time of issuance. No funds will be returned.

***Sales***

The Company has engaged Dalmore Group, LLC ("Dalmore"), a broker-dealer registered with the Commission and a member of FINRA, to act as the broker-dealer of record for this Offering, but not for underwriting or placement agent services. As compensation, the Company has agreed to pay Dalmore a commission equal to 1% of the amount raised in the Offering to support the Offering on all invested funds after the issuance of a No Objection Letter by FINRA. In addition, the Company has paid Dalmore a one-

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time advance set up fee of $5,000 to cover reasonable out-of-pocket accountable expenses actually anticipated to be incurred by Dalmore, such as, among other things, preparing the FINRA filing. Dalmore will refund any fee related to the advance to the extent it is not used, incurred or provided to the Company. In addition, the Company will pay a one time $20,000 consulting fee that will be due immediately after FINRA issues a No Objection Letter.

In Canada, the shares are being offered through Canadian registered broker dealers engaged by Dalmore Group, LLC. At this time, we have no participating Canadian broker dealers in the offering in connection with any sales made in Canada.

***Electronic Offer, Sale and Distribution of Our Shares***

The final offering circular and subscription agreement will be furnished to prospective investors and will be available for viewing and download 24 hours per day, seven days per week through the Dalmore online platform located at www.https://atelier-meats.webflow.io (the **"Platform**") operated by Dalmore.

There is no minimum amount of this offering before it becomes effective other than the minimum investment size of $300 required for each investor. The duration of the offering is until the earlier of (1) the sale of the maximum number of common shares offered hereby, (2) one year from the date this offering begins, or (3) a date prior to one year from the date this offering begins that is so determined by our board of directors. We will have immediate access to the proceeds of the offering as soon as the shares are issued.

***Deposit of Offering Proceeds***

We have entered into an agreement with [__] ("**Escrow Agent**") to receive all funds from prospective U.S. resident investors by the Underwriter and us for the sale of the securities. All funds received will be promptly deposited in a non-interest-bearing bank account ("**Processing Account**") maintained by the Escrow Agent as processing agent for the investors in the offering. The purpose of the Processing Account is for (i) the deposit of all subscription monies (ACH, EFT, checks, or wire transfers) which are received from U.S. resident prospective purchasers of our securities, (ii) the holding of amounts of subscription monies which are collected through the U.S. banking system, and (iii) the disbursement of collected funds. The Escrow Agent will exercise signature control on the Processing Account and will act based on joint instructions from us and the Underwriters. On the closing date(s) for the offering, proceeds in the Processing Account maintained by the Escrow Agent will be delivered to us.

Funds received by cheque or bank draft by will be forwarded immediately to the Escrow Agent. Funds may also be received by Automated Clearing House payment ("**ACH**") or by electronic funds transfer ("**EFT**") directly to the Escrow Agent. Upon the Escrow Agent's receipt of such monies, they shall be credited to the Processing Account. All checks delivered to the Escrow Agent shall be made payable to "[__], as Deposit Agent for Atelier Meats Corp.". Wire transfers representing payments by prospective purchasers shall not be deemed deposited in the Processing Account until the Escrow Agent has received the subscription information required with respect to such payments.

No interest will be available for payment to either us or the investors (since the funds are being held in a non-interest-bearing account). All subscription funds will be held in trust until the Underwriter has completed their review (i.e., know your client, suitability and anti-money-laundering reviews). The Escrow Agent will also undertake their review requirements related to acting as Escrow Agent. Release of the funds to us is based upon the Escrow Agent reviewing the records of the depository institution holding the Processing Account to verify that the funds received have cleared the banking system prior to releasing the funds to us. In event that the offering is terminated, all subscription funds from the Processing Account will be returned to investors. The Escrow Agent is independent of the Underwriter and us.

Investors must pay in full for the securities at the time of investment. Payment for the shares may be made (i) by check, bank draft, ACH, or money order made payable to "[__], for Atelier Meats Corp." and delivered to the Underwriter no less than four business days before the date of closing, or (ii) by wire made payable to "[__], as Deposit Agent for Atelier Meats Corp." The checks, bank drafts, ACH and money

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orders will be forwarded/returned by the Underwriter and the selling group to the Escrow Agent within 48 hours of receipt. The Underwriters will inform prospective purchasers of the anticipated date(s) of closing.

Proceeds deposited with the Escrow Agent may not be withdrawn by investors prior to the earlier of the closing of the offering or the date the offering is terminated. If the offering is withdrawn or canceled or terminated and proceeds there from are not received by us on or prior to the date the offering is terminated, all proceeds will be promptly returned by the Escrow Agent without interest or deduction to the persons from which they are received (within one business day) in accordance with applicable securities laws. All such proceeds will be placed in a non-interest bearing account pending such time.

***Subscription***

In order to subscribe to purchase the shares, a prospective investor must complete a subscription agreement and send payment by check, wire transfer, ACH or EFT. The subscription agreement requires investors to answer certain questions to determine compliance with the investment limitation set forth in the securities laws, disclose that the securities will not be listed on a registered national securities exchange upon qualification and that the aggregate purchase price to be paid by the investor for the securities cannot exceed 10% of the greater of the investor's annual income or net worth. In the case of an investor who is not a natural person, revenues or net assets for the investors most recently completed fiscal year are used instead. The investment limitation does not apply to accredited investors, as that term is defined in Rule 501 of Regulation D under the *Securities Act of 1933*, as amended.

After the offering statement has been qualified by the Securities and Exchange Commission, we will accept tenders of funds to purchase the shares. We may close on investments on a "**rolling**" basis (so not all investors will receive their shares on the same date).

Our officers and directors, with assistance from the Underwriter and legal counsel, will review each subscription agreement prior to acceptance.

***Investor Suitability Standards***

Shares will be sold only to a person if the aggregate purchase price paid by such person is no more than 10% of the greater of such person's annual income or net worth, not including the value of his primary residence, as calculated under Rule 501 of Regulation D under the *Securities Act of 1933*, as amended. See the Purchaser Qualification Questionnaire in the Subscription Agreement in Exhibit 4 to this offering circular. In the case of sales to fiduciary accounts (Keogh Plans, Individual Retirement Accounts (IRAs) and Qualified Pension/Profit Sharing Plans or Trusts), the above suitability standards must be met by the fiduciary account, the beneficiary of the fiduciary account, or by the donor who directly or indirectly supplies the funds for the purchase of shares. Investor suitability standards in certain states may be higher than those described in this offering circular. These standards represent minimum suitability requirements for prospective investors and the satisfaction of such standards does not necessarily mean that an investment in the Company is suitable for such persons.

Each investor must represent in writing that he/she meets the applicable requirements set forth above and in the Subscription Agreement, including, among other things, that (i) he/she is purchasing the shares for his/her own account and (ii) he/she has such knowledge and experience in financial and business matters that he/she is capable of evaluating without outside assistance the merits and risks of investing in the shares, or he/she and his/her purchaser representative together have such knowledge and experience that they are capable of evaluating the merits and risks of investing in the shares. Broker-dealers and other persons participating in the offering must make a reasonable inquiry in order to verify an investor's suitability for an investment in us. Transferees of shares will be required to meet the above suitability standards.

***Discretion to Terminate Offering***

We may terminate the offering at any time for any reason at our sole discretion.

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***Transfer Agent and Registrar***

Our transfer agent and registrar for our common shares is Odyssey Trust, who has offices located at 409 Granville St, Vancouver, BC V6C 1T2, Canada.

**USE OF PROCEEDS TO COMPANY**

The net proceeds of this offering to the issuer, assuming the maximum amount of securities offered are sold, will be approximately $24,650,000 after deducting offering expenses. In the discussion below, the Company has assumed that, if the maximum amount of securities are sold, it will pay $350,000 in offering expenses. A significant portion of this offering's non-transactional expenses (e.g., accounting fees, legal fees, payment for printing or video production, marketing, consulting and advertising fees) will be funded from previous capitalization raised in prior offerings conducted by us. Transactional costs related to the number of transactions processed or the amount of money raised will be funded from proceeds of the offering.

**Use of Proceeds**

The net proceeds of this offering will be used primarily to advance our development of patents, including the research study with the university of Rutgers and commercialization.

The following information is an estimate based on our current business plan. We may find it necessary or advisable to re-allocate portions of the net proceeds reserved for one category to another, and we will have broad discretion in doing so. Pending these uses, we intend to invest the net proceeds of this offering in short-term, interest-bearing securities. We intend to spend the available funds as stated. We will reallocate funds only for sound business reasons.

The estimated use of the net proceeds of this offering is as follows (denominated in US Dollars):

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| | |
|:---|:---|
| **Use of Proceeds** | **Estimated Cost** |
| General and administrative | $1900000 |
| Research and development | $4300000 |
| Manufacturing Facilities | $9500000 |
| GMP Enabling | $3400000 |
| General Working Capital | $5550000 |
| **Total** | $**24650000**<sup>(1)</sup> |

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**Note**:<br>(1) Presumes offering expenses, including sales commissions, in the amount of US$350,000.

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***Alternative Use of Proceeds***

***We may reallocate the estimated use of proceeds among the various categories or for other uses if management deems such a reallocation to be appropriate***.

We cannot assure that the capital budget will be sufficient to satisfy our operational needs or that we will have sufficient capital to fund our business. See "**Description of Business**" and "**Risk Factors**".

**D** **ESCRIPTION OF BUSINESS**

*This discussion should be read in conjunction with the other sections of this offering circular. These include "****Risk Factors****," "****Use of Proceeds,****" and the Financial Statements attached with its related exhibits. The various sections of this discussion contain a number of forward-looking statements, all of which are based on our current expectations and could be affected by the uncertainties and risk factors described throughout this offering circular (see "****Forward Looking Statements****").*

***Overview***

Atelier Meats Corp. (formerly Future Burger Corp.) was incorporated on March 13, 2018, under the laws of British Columbia, Canada.

On May 31, 2022, the Company a statutory amalgamation pursuant under the BCA by and among Future Burger Corp., a newly formed subsidiary of Future Burger Corp., and its securityholders, at the same time the Company executed a statutory amalgamation pursuant to the BCA by and among Future Burger Corp., a newly formed subsidiary of Future Burger Corp., its securityholders, and Triumph Brands Corp. ("Triumph"), a British Columbia corporation, which among other things, then future Burger Corp. completed the vertical amalgamations of the newly formed amalco's from each of the aforementioned amalgamations into Future Burger Corp. (the "Amalgamation"), leaving just Future Burger Corp. as the surviving corporation. On July 19, 2022, Future Burger Corp. received approval for continuance in British Columbia, Canada and on July 28, 2022, Future Burger Corp changed its name to Atelier Meats Corp. and continued from Ontario to British Columbia, Canada.

On December 1, 2022, the Company incorporated a wholly owned subsidiary named 1389495 BC Ltd. and on January 13, 2023 the Company, 1389495 BC Ltd. and Dinamic IP Holdings Inc. completed an amalgamation to form 1395992 BC Ltd., which is currently a wholly owned subsidiary of the Company (the "Dinamic Amalgamation"). As part of the Dinamic Amalgamation, the Company become a reporting issuer in the reporting jurisdictions of Alberta and British Columbia and that is not listed on any stock exchange in Canada.

***Overview***

We are a biotechnology company focused on developing and out-licensing our proprietary scaffolding technology, biotechnology processes and customizable manufacturing processes to food processing and food retail companies seeking to manufacture proteins without the need for animal slaughter. We are developing a novel, proprietary scaffold to deposit layers of differentiated stem cells and cell nutrients in a three-dimensional form of structured cultured meat. We believe the cultured meat production processes we are developing, which are designed to offer our eventual customers an alternative to industrial slaughter, have the potential to improve the quality of the environment, shorten global food supply chains, and reduce the likelihood of health hazards transferred from animals to humans (including viruses, such as virulent avian influenza, and drug-resistant bacterial pathogens, such as some strains of salmonella).

We are initially focused on developing structured cultured meat steak technology. While cultured meat companies have made some progress developing unstructured alternative meat products, such as minced meat and sausage, to date the industry has struggled in developing high-margin, high-value structured and cultured meat products such as a t-bone steak. Unlike minced meat, a structured cultured meat steak product

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has to grow in fibers and contain connective tissues and fat. To be adopted by diners, we believe cultured steaks will need to be meticulously engineered to look and smell like conventional meat, both before and after cooking, and to taste and feel like meat to the diner. This is the test on which we have set our sights – a three-dimensional, structured steak based on animal cells, rather than plant-based alternatives. We believe we are the first company to be developing a proprietary scaffold and the related processes for growing structural cultured meat to focus on what we believe is a high value sector of the alternative protein market.

Aside from our own branded structured meat products, we intend to license our proprietary production technology as well as provide associated products, such as cell lines, bioreactors and incubators, and services, such as technology implementation, training, and engineering support, both directly and through contractors, to food processing and food retail companies, including other cultured meat companies. We intend on being the number one provider of scaffolds to other cultured meat companies providing them with exponentially higher through-put ability for their own products. We intend to charge our customers a production license fee, based upon the amount of meat produced. We expect that each production facility will periodically require us to provide them with our proprietary materials, such as fresh sets of starter cells. We intend to charge a fee for such restocking, employing a cost-plus pricing model. In addition, other materials used in the production process, such as cell-culture media and additives in our bio-inks may be sourced from third parties. Whether these materials are customized for the specifics of our production processes, 'white-labelled' generic materials, or proprietary materials that we have developed, we may charge a fee for restocking such materials with a cost-plus pricing model, however we have not yet reached the stage where it would be possible to estimate to what extent this would contribute to any future revenue stream. Finally, we intend to provide paid product implementation and guidance services to our customers looking to establish cultured meat manufacturing facilities. We expect that each facility licensing our technologies will need to deal with novel challenges and, as a result, will require our expertise to set up and implement the licensed technology and processes.

***Cultured Meat Industry and Market Opportunity***

Protein is a necessary staple for healthy nutrition. The growth in recent years of both the human population and global wealth is driving a decades-long trend of accelerating demand for meat. The demand for protein products has consistently risen in recent decades, and is expected to continue to do so. The rising growth of demand for farm animals for the food industry has created significant environmental, health, financial and ethical challenges.

The global meat substitutes market size was valued at USD $5.41 billion in 2021. The market is projected to grow from USD $5.88 billion in 2022 to UD $12.30 billion in 2029<sup>[<sup>2</sup>](#_ftnf2)</sup>.

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<sup>[<sup>2</sup>](#_ftnb2)</sup> https://www.fortunebusinessinsights.com/industry-reports/meat-substitutes-market-100239

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![U.S. meat substitute market size, by source, 2020 - 2030, (USD Billion)](atelier1a_1.jpg)<sup>[<sup>3</sup>](#_ftnf3)</sup>

Of this, the cultured meat category alone is expected to reach $214 million by 2025, with an annual growth rate of approximately 16%. With regard to the longer term, AT Kearney predicted in 2019 that by 2040, just 40% of demand for the global meat market will be provided by conventional meat, with 35% provided by cultured meat and an additional 25% by plant-based meat replacements.<sup>[<sup>4</sup>](#_ftnf4)</sup>

The meat industry is showing strong interest in the alternative protein space, both in plant-based and cell-based proteins. There are several drivers underlying the strong engagement with alternative proteins. We believe consumers are looking for less harmful protein sources, with approaches such as flexitarianism already an established middle path between vegetarian diets and those heavy in animal proteins, such as the paleo diet. Many meat processors have experienced the worst of the COVID-19 pandemic outbreaks, and are seeking to minimize human involvement in the manufacturing process. To that end, retailers such as Costco and Walmart are increasingly opening their own meat processing facilities on which they can rely exclusively.

***Limitations of Conventional Meat Production***

In addition to questions about whether conventional meat production can adequately provide for the growing global population, conventional meat production raises serious environmental issues. According to the United Nations, much of the world's freshwater is used for raising livestock for meat and leather. A significant amount of the greenhouse gases entering the atmosphere are from the livestock industry. With regard to treatment of animals in conventional meat production, approximately 55 billion animals were slaughtered in 2018 alone.<sup>[<sup>5</sup>](#_ftnf5)</sup>

Another common consumer concern with industrial-scale animal-rearing is the reliance on intensive use of added growth hormones and antibiotics. Hormonal substances and antibiotics are used in livestock to manage animal growth and health, and to treat or prophylactically prevent diseases such as avian flu and swine flu. The hormones used in livestock include estradiol-17β, progesterone, testosterone, zeranol,

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<sup>[<sup>3</sup>](#_ftnb3)</sup> https://www.grandviewresearch.com/industry-analysis/meat-substitutes-market

<sup>[<sup>4</sup>](#_ftnb4)</sup> https://www.greenmatters.com/p/meat-industry-prediction-20-years

<sup>[<sup>5</sup>](#_ftnb5)</sup> https://sentientmedia.org/how-many-animals-are-killed-for-food-every-day/

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trenbolone, and melengestrol acetate, and their effects on human health continue to be disputed by researchers.

***Existing Alternative Proteins and their Limitations***

Negative consumer sentiment towards the perceived ethical, health and environmental effects of the global meat industry help explain the strong focus that has developed on creating methods of protein production that are more sustainable, nutritious and conscious of animal welfare. Recent years have seen a combination of increasing consumer awareness and advanced technological development that has led to substantially increased demand for proteins that do not involve animal slaughter, beyond traditional plant-based proteins, such as soy, peas and chickpeas.

***The Cultured Meat Solution***

We believe cultured meat grown through cellular agriculture, which aims to produce cultured animal proteins without the need for large-scale slaughter, has the potential to satisfy consumer desire for meat while avoiding the negative impacts of conventional meat production. Cellular agriculture is an efficient, closely-controlled indoor agricultural process, utilizing advanced technologies with conceptual similarities to hydroponics, but used for growing meat cells, rather than fruit. Cultured meat is grown in cell culture, rather than inside animals, applying tissue engineering practices for muscle production for the purpose of human consumption. In place of animal slaughter, stem cells are removed from an animal, such as from an umbilical cord following birth, and then cultivated in vitro to form muscle fibers. Also known as clean meat, in vitro meat, lab-grown meat, green meat, cell-based meat, and motherless meat, the term "cultured meat" has arguably gained the most traction in public discourse in describing slaughter-free real meat.

Cultured meat production is an advanced technology operating as part of the wider field of cellular agriculture (growing animal cells in bioreactors), which is an emerging solution to the growing demand for alternative proteins. We are aware of a few dozen companies and institutions actively working to develop technologies and other products to meet this demand, some of whom are focused on producing red meats, while others are focused on fish and crustaceans.

We are engaged with experimentation to develop optimal and cost-effective cell culture media. In so doing, we are also exploring a range of types of and sources for growth factors suited to cell culture. These sources are expected to be sustainable and ethical, providing a route to enabling effective and cost-effective processes.

While many challenges remain, surveys are consistently showing consumer openness toward, and enthusiasm for, cultured meat. For example, a survey on perceptions of cultured meat among 3,030 consumers in the United States, India and China conducted by researchers from the University of Bath, the Good Food Institute and the Center for Long Term Priorities and published in 2019, showed overwhelming willingness to begin purchasing cultured meat regularly, albeit less so in the United States than in India and China.

We believe that cultured meat has several advantages over conventionally-harvested meat:

• Environmental: At least 14.5% of the greenhouse gases entering the atmosphere today are from the livestock industry. Research shows that the expected environmental footprint of cultured meat includes approximately 78% to 96% fewer greenhouse gas emissions, 99% less land use, 82% to 96% less water use, and 7% to 45% less energy use than conventionally-produced beef, lamb, pork and poultry. This suggests that the environmental consequences of switching from large-scale, factory farming to lab-grown cultured meat could have a long-term positive impact on the environment.<sup>[<sup>6</sup>](#_ftnf6)</sup><br>

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<sup>[<sup>6</sup>](#_ftnb6)</sup> https://clear.ucdavis.edu/explainers/using-global-emission-statistics-distracting-us-climate-change-solutions

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• Cost: While the precise economic value of harvested cells has yet to be determined, the potential to harvest large numbers of cells from a small number of live donor animals gives rise to the possibility of considerably higher returns than traditional agriculture, with production cycles potentially measured in months, rather than years. By comparison, raising a cow for slaughter generally takes an average of 18 months, over which period 15,400 liters of water and 7 kilograms of feed will be consumed for every kilogram of beef produced.

• Animal Suffering: More and more people are grappling with the ethical question of whether humanity should continue to slaughter animals for food. There is a growing trend of opposition to the way animals are raised for slaughter, often in small, confined spaces with unnatural feeding patterns. In many cases, such animals suffer terribly throughout their lives. This consideration is likely a factor in many consumers choosing to incorporate more flexitarian, vegetarian and vegan approaches to their diets in recent years.

• Controlled Growing Environment: Another potential benefit of cultured meat is that its growth environment is designed to be less susceptible to biological risk and disease, through standardized, tailored production methods consistent with good manufacturing practice, or GMP, controls to contribute to improved nutrition, health and wellbeing.

• Alternate Use of Natural Resources: Eight percent of the world's freshwater supply and one third of croplands are currently used to provide for livestock. The development of cultured meat is expected to free up many of these natural resources, especially in developing economies where they are most needed.

• Food Waste: The conventional meat industry's largest waste management problem relates to the disposal of partially-used carcasses, which are usually buried, incinerated, rendered or composted, with attendant problems such as land, water or air pollution. Cultured meat offers a potential solution for this problem, with only the desired cuts of meat being produced for consumption and only minimal waste product generated, with no leftover carcass.

***Our Competitive Strengths***

We believe we will benefit from the following competitive strengths as we work to develop and out-license our scaffold technology and tissue development processes:

• We are developing technologies and processes with the potential to allow food processing and food retail companies to create products that are healthier for the consumer. We are dedicated to developing technologies and processes that are designed to create cuts of meat that require substantially less antibiotic and growth-hormone treatments than conventionally-farmed meat. The proprietary technologies and processes we are developing are designed to allow food companies to manufacture meat under laboratory conditions on an industrial scale. We believe the use of meat manufactured under laboratory conditions minimizes or eliminates a number of hygiene-related risks to the consumer, such as the risk of transmission of pathogens from animals to humans, as happened at the outset of the COVID-19 pandemic and numerous other human health crises.

• Our technologies and processes have the potential to be sustainable. We are developing a meat production process that is designed to provide sustainability in an industry that is not otherwise expected to be able to meet the growing demand for protein caused by rising population numbers and global affluence, due to inefficiencies inherent in conventional meat farming. These include the large amount of land and water use needed for raising livestock, causing precious natural resources to be squandered.

• Our mission is aligned with consumer sentiment and demand. We believe that our technologies and processes have the potential to capitalize on growing consumer preferences for real meat proteins that do not involve animal suffering or slaughter, and do not entail significant negative

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environmental consequences including, but not limited to, those that exacerbate climate change, such as the release of methane and effluent run-off.

• We are focused on providing industrial scalability. Much of the work in the development of alternative proteins has been focused on developing individual proof-of-concept products which may not feasibly scale up to the industrial quantities needed for a profitable business. We are designing our technology and processes with large-scale cultured meat production in mind to be measurable in tons of meat produced daily.

• We have experienced and accomplished leadership with strong backgrounds in a variety of fields. The research and development of cultured meat products requires personnel with up-to-date professional knowledge and interdisciplinary expertise, as well as the ability to combine different areas of knowledge for the development of different products. We have carefully selected personnel for our executive and research/science management team who possess substantial industry experience and share our core values, from diverse fields including tissue engineering and industrial stem cell growth. We have a one-of-a-kind collaboration and research agreement with Rutgers University which gives us access to the top lab and scientists in North America. This is an exclusive agreement that is unparalleled in the lab grown meat sector.

***Our Strategy***

To achieve our mission, we intend to:

*Perfect the development of our cultured steak manufacturing technology and processes*. We intend to continue developing and refining our processes, procedures and equipment until we are in a position to initiate out-licensing of our technology and scalable production of our meat products. We currently aim to produce several prototypes of our structured, edible, cultured meat, similar in taste, appearance, smell and texture to traditionally farmed meats, consisting of cells bred in our laboratory and developed into fat, muscle and connective tissue using our proprietary technology, by the end of 2023. Upon satisfaction of this milestone, we plan to tackle the technological challenges involved in scaling up the production process to industrial-scale levels before seeking potential licensees.

*Launch our B2B product solution for companies in the food industry.* We intend to license our production technology as well as provide associated products, such as cell lines, bioreactors and incubators, and services, such as technology implementation, training, and engineering support, whether directly or through contractors, to food processing and food retail companies. We intend to charge our customers a production license fee, based upon the amount of meat produced. We expect that each production facility will periodically require us to provide them with our proprietary materials, such as fresh sets of starter cells. We intend to charge a fee for such restocking, employing a cost-plus pricing model. We expect that each facility licensing our technologies will need to deal with novel challenges and, as a result, will require the assistance of our expert knowledge in order to set up and implement the licensed technologies.

*Develop additional alternative proteins, such as pork, to meet growing industry demand.* There are substantial technological challenges inherent in expanding our offering beyond cultured beef technologies to additional alternative proteins, such as cultured poultry or cultured fish. However, we believe that our experience, know-how and intellectual property portfolio form an excellent basis from which to surmount such challenges. In April 2022, we completed the acquisition of My Future Burger, with the aim of expanding our product offerings.

*Acquire synergistic and complementary technologies and assets.* We intend to optimize our processes and diversify our product range to expand the cultured meat technologies upon which marketable products can be based, through a combination of internal development, acquisitions and collaborations, with a view to complementing our own processes and diversifying our product range along the cultured meat production value chain in order to introduce cultured products to the global market as quickly as possible.

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***The Atelier Structured Cultured Steak***

Our initial focus is to develop the technology and processes that can allow our eventual business (B2B) customers to produce cultured meat steak at an industrial scale. We are working to achieve this by creating an end-to-end technology that combines cellular agriculture with same-species scaffolds to produce complex meat structures. We are developing cellular agriculture technology, such as cell lines, and approaches to working with animal-based media to support the growth of cells such as fat and muscle cells, in a scalable process, and have demonstrated an ability to differentiate stem cells into fat and muscle cells. The media are composed of food-grade ingredients and we expect their growth factors to be similar to those produced naturally in the bodies of cattle, albeit free of fetal bovine serum, traditionally a significant component of cellular growth media that is harvested through the destruction of a calf fetus. We are engaged with experimentation to develop optimal and cost-effective cell culture media.

We are developing proprietary scaffolding and tissue engineering technologies to enable the design of three-dimensional tissues. Our goal is for the meat produced using these technologies to have an authentic texture, flavor, appearance and aroma without being limited to the precise combinations of existing meat tissue (so the quantity of fat in the meat, for example, can be adjusted to amounts above or below those occurring in animals, to meet varied consumer preferences). We believe the novel processes we are developing have the potential to eventually be competitive with conventional manufacturing technologies for premium products, as large-scale production of meat tissues will create new lines of meat without any unnecessary animal use.

In the course of developing our technologies for out-licensing, we intend to develop a large-scale technology demonstration model. However, once we begin licensing our technology and processes, we plan to be only minimally involved in the production of cultured meat products (for example, by providing the initial cell sample for sale as an associated product), with our licensees to be responsible for the bulk of cultured meat preparation, printing, packaging and shipping.

We have set forth below our key IP patent filings which we are developing that we believe, upon completion, will allow food companies licensing our technology to develop and manufacture cultured steaks at industrial scale.

On November 11, 2021 – we announced the filing of a U.S. Provisional Patent Application entitled "Methods and Compositions for Production of Cultured Meat".

On December 30, 2021 – we announced the filing of our second U.S. Provisional Patent Application for certain methods for isolation, expansion and differentiation.

Our first provisional patent application filing focused on our unique scaffold technology.

The filing of our second provisional patent application protects key aspects of the stem cells used for the production of our meats. Building and protecting our intellectual property portfolio is paramount as we continue to develop our cutting edge technologies, not only surrounding the stem cells used for meat production, but also our unique scaffold technology, which we feel will be the leading edge of production of cultured meats.

***Bioreactors***

The next step in the process we are developing uses software-controlled bioreactors to foster cell growth. The initial growth phase leverages exponential growth of stem cells to achieve sufficient cell volumes for food production. The second bioreactor stage is that of differentiation, where the stem cells differentiate into multiple cell types, such as muscle and fat. The final incubation phase commences post-printing, and allows the cells to settle and grow in place as printed.

We are in the process of developing cell-culturing processes and protocols for use in bioreactor systems. Such bioreactor systems will enable monitoring and control of growth parameters, as well as testing and development of efficient and economical cell-growth processes in industrial breeding containers.

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***Cultured Steak Scaffolding***

Growing three-dimensional cultured meat presents a unique challenge. Typically, animal cells must remain within 200 microns from a nutrient supply in order to survive. This is little more than the width of a human hair and is known as the diffusion limit. It is the reason cells grow along the surface of a petri dish, rather than forming vertical piles.

We are developing and building a scaffold to support the growth of three-dimensional meat. A "scaffold", or "biocompatible scaffolding", refers to an engineered platform having a predetermined three dimensional structure, which mimics the three-dimensional environment of the natural extracellular material, or ECM, provides short-term mechanical support of the tissue culture, and provides an increased surface area for cell adhesion, proliferation, migration, and differentiation, eventually leading to accelerated tissue formation. We are developing technology to allow for the formation of a composite scaffold.

We have developed stem cell growth media, which we have used in experiments to grow high-density stem cells based solely on compounds produced in laboratory processes, rather than animal-sourced materials. We sorted stem cells into fat and muscle cells, allowing the building of muscle fibers, following on from a successful trial of a sorting process of basic stem cells that we harvested from an umbilical cord. These cells were nourished with a nutritional compound that we developed as a growth medium to direct the stem cells to be sorted into fat cells, as needed for the fat tissue in the printed steaks we are developing.

***Modularity***

We are focused on developing a process that will allow our food technology customers to operate a high-throughput manufacturing process for high-quality, healthy meat. We anticipate being able to license our technology to customers with industrial plants close to urban areas seeking to provide 'just in time', logistically-efficient, local, and premium cellular agriculture. In addition, we believe a licensee of our technology could build a plant in a locality that does not have the resources needed for industrial animal husbandry, allowing places like the United Arab Emirates, Hong Kong or Singapore to potentially become more agriculturally independent, thus increasing food security. As costs continue to decrease, we believe licensees of our technology could also build production facilities in localities where there is high agricultural seasonality or desertification risk.

***Clean Energy***

We are developing processes intended to achieve high-volume manufacturing capabilities in line with the needs of today's value-added food processors and other meat and food industry players. To this end, we are working on processes to scale up production, starting with stem cells. We expect high-volume stem cell production to feed into differentiation bioreactors that are dedicated to producing fat and muscle cells. These cells are the key input for our downstream productization stages.

The processes we are developing are advanced biotechnological processes, intended to produce meat in a clean environment with minimal environmental impact. We envision factories utilizing our technologies that exist in greater harmony with their environment than typical current factories, supporting sustainability, utilizing renewable energy sources, and recycling or treating their own waste.

***Additional Technologies***

We may incorporate novel bioreactor technologies that benefit cellular agriculture and the development of low-cost cell culture media not based on fetal bovine serum.

We also plan to add cell line types to expand the development of cultured meat to other types of animals, as well as achieving market penetration in the shortest timeframe possible, thus realizing the great potential in the market.

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***Sales and Distribution***

We do not yet have any sales, marketing or distribution infrastructure capabilities. In the event that we complete development of our technologies and secure adequate funding, we intend to consider commercialization collaborations, where appropriate.

***Competition***

We expect that demand for our cultured meat manufacturing plants will be driven by consumer demand for alternative proteins and, more specifically, consumer acceptance of cultured meat as the alternative protein of choice. We believe we will compete with other cultured meat manufacturers, alternative protein manufacturers, and the conventional meat industry as a whole. We expect to directly compete with companies licensing know-how or otherwise enabling the establishment of cultured meat manufacturing plants. We are aware of certain companies that have announced plans to provide their cultured meat technology on a B2B basis, however we are not currently aware of a potential competitor focusing on complex, structured, high-value real meats, such as steak.

Companies such as Memphis Meats and Mosa Meat are focused on producing red meats, BluNalu, Inc. on fish and Shiok Meats on crustaceans. There are different companies working on culturing varying cell types, such as chicken, pork, kangaroo and foie gras. This push on scaling-up cellular agriculture can serve as a solution to the scale and environmental challenges confronting traditional meat production. Other alternative protein competitors such as Beyond Meat and Impossible Foods, Inc. are already selling plant-based meat substitutes, but to the best of our knowledge, these companies are not focused on the production of real meat products produced with animal cells.

***Companies Developing Cultured Meat***

The cellular agriculture meat sector is in early stages of development. The sector is currently primarily comprised of companies developing a full technology stack from developing cell lines to scaling up cellular cultivation, developing media, and researching the food technology aspects of the final product. Market dynamics have led to a large number of companies operating in this manner. We are aware of approximately thirty companies operating in the cell-based field, several of whom are developing cellular agriculture for ground-meat alternatives and appear to be progressing with their technological development. Some have indicated readiness to bring cell-based meat products to market during the period as early as late 2021 through 2023. We do not believe that any companies in this space have already developed the capability to produce industrial quantities at prices low enough to compete on a dollar-per-pound basis against conventionally-harvested meat.

A number of larger companies have begun engaging in this sector. For example, companies such as Merck & Co., Inc., Lonza Group AG and Nestlé S.A. are currently investing in capabilities to accommodate the market's desire for change in the cell culture media market. Additionally, a number of bioreactor companies are rumored to be interested in the cellular agriculture market opportunity. Over time, we expect that larger players will continue to increase their exposure to cellular meat production either by selling to, or collaborating with, the many start-ups in the space.

Currently cellular agriculture companies are for the most part paving their own path, with a goal of producing meat cells suitable as a replacement for ground meat. The ground meat type of cellular product may also be suitable as an ingredient in a hybrid plant-based food product. The cell-types relevant to this effort are primarily muscle and fat cells. What exactly these cell-based companies will offer is likely to be affected by consumer expectations and underlying cost structures. We believe these companies may have to mix their cellular meat product with plant-based ingredients in the interests of cost or appearance.

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***Companies Developing Structured Cultured Meat Products***

To our knowledge, there is currently no other company focused on an animal based ECM like the Company's proprietary technology. However, there are companies attempting to produce steaks by means of other approaches, such as growing bovine cells including fat, muscle and connective tissue on a pre-prepared scaffold, in order to create a contiguous piece of meat, which has so far yielded steaks approximately the size and thickness of a credit card.

***Government Regulation***

Regulators around the world are in the process of developing a regulatory approval process for cultured meat. Cultured meat is generally commercially available in Singapore, and technologies like ours are anticipated to facilitate the imminent scaling up of cultured meat production. In general, cultured meat production is expected to be subject to extensive regulatory laws and regulations in the United States and in other jurisdictions such as Canada, Japan, the European Union and the United Kingdom. In the United States, existing food safety requirements are expected to apply, and additional details are being developed at the FDA and USDA pursuant to a Memorandum of Understanding, or MOU, published by the FDA and USDA on March 7, 2019 entitled "Formal Agreement to Regulate Cell-Cultured Food Products from Cell Lines of Livestock and Poultry."

Under the MOU — which is expected to affect our customers producing cultured meat — the two agencies will operate under a joint regulatory framework wherein FDA will oversee cell collection, cell banks, and cell growth and differentiation. A transition from FDA to USDA oversight will then occur during the cell harvest stage, at which point the USDA will oversee the production and labeling of cultured meat. The USDA will be advancing new labeling requirements. To the best of our knowledge, the regulatory approval details under development are not expected to apply to our business directly, but they are instructive as to the regulatory requirements our cultured meat production customers are expected to face and their expectations of us, in the form of customer assurances, regarding our product.

In the United States, we expect companies manufacturing cultured meat products to be subject to regulation by various government agencies, including the FDA, USDA, and the FTC. Equivalent foreign regulatory authorities include the Canadian Food Inspection Agency, the Japanese Food Safety Commission, the European Food Safety Authority and authorities of the EU member states, the State Food and Drug Administration of China and the Singapore Food Agency. These agencies, among other things, prescribe the requirements and establish the standards for food quality and safety, and regulate various food technologies, including alternative meat product composition, ingredients, manufacturing, labeling and other marketing and advertising to consumers.

We expect that federal, state and foreign regulators will have the authority to inspect our customers' facilities to evaluate compliance with applicable food safety requirements. Federal, state, and foreign regulatory authorities also require that certain nutrition and product information appear on the product labels of our customers' food products and, more generally, that such labels be truthful and non-misleading and that marketing and advertising be truthful, non-misleading and not deceptive to consumers.

In the United States, new labeling requirements are being developed for cultured meat. On July 31, 2020, the USDA Food Safety and Inspection Service, or USDA-FSIS, announced that it will be preparing new regulatory requirements with regard to the labeling of cultured meat products and will propose these new requirements through its administrative rulemaking process. No timeline has yet been provided for this rulemaking. In February 2018, the U.S. Cattlemen's Association petitioned USDA-FSIS to exclude products not derived from the tissue or flesh of animals that have been harvested in the traditional manner from being labeled and marketed as "meat," and exclude products not derived from cattle born, raised and harvested in the traditional manner from being labeled and marketed as "beef." On June 9, 2020, the Harvard Law School Animal Law & Policy Clinic petitioned USDA to urge it to adopt a labeling approach for cell-based meat and poultry products that does not overly restrict speech, asserting that USDA should

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wait until it has a better understanding of the compositional and safety characteristics of finished cell-based meat products, and until USDA has the opportunity to review proposed labels, before establishing any speech restrictions. The USDA has not yet responded substantively to these petitions but has indicated that these petitions are being considered as petitions for policy changes under the USDA's regulations. The United States Congress has also considered federal legislation on this issue, most recently the Real MEAT (Marketing Edible Artificials Truthfully) Act introduced in October 2019, which could potentially affect requirements for our product labeling and marketing, such as having to identify products as "imitation" meat products in the U.S. We are closely monitoring developments on the labeling front as any changes in, or changes in the interpretation of, applicable laws, regulations or policies of the USDA, that relate to the use of the word "meat" or other similar words in connection with cultured meat products could adversely affect our business, prospects, results of operations or financial condition.

In November 2022, the US Food and Drug Administration completed its first pre-market consultation for a human food made form cultured animal cells which resulted in the FDA issuing a no-comment letter, which means they have no further questions regarding the safety of the technology. The FDA's pre-market consultation with the firm included an evaluation of the firm's production process and the cultured cell material made by the production process, including the establishment of cell lines and cell banks, manufacturing controls, and all components and inputs.<sup>[<sup>7</sup>](#_ftnf7)</sup>

As the cell-based agriculture industry is young and its regulatory framework is emerging and evolving, legislation and regulation may evolve to raise barriers to our go-to-market strategies.

In addition to federal regulatory requirements in the United States, certain states impose their own manufacturing and labeling requirements. For example, states typically require facility registration with the relevant state food safety agency, and those facilities are subject to state inspections as well as federal inspections. Further, states can impose state-specific labeling requirements. For example, in 2018, the State of Missouri passed a law that prohibits any person engaged in advertising, offering for sale, or sale of food products from representing products as meat that are not derived from traditionally harvested production of livestock or poultry. This law has been challenged in court as a violation of free speech by the Good Food Institute, the Animal Legal Defense Fund and American Civil Liberties Union. Additional states subsequently passed similar laws. We intend to manufacture and label our products in material compliance with all relevant state requirements.

Similar regulatory developments are taking place in foreign jurisdictions. For example, the Agriculture Committee of the European Parliament proposed in May 2019 to reserve the use of "meat" and meat-related terms and names for products that are manufactured from the edible parts of animals. If such measures are adopted, they may affect our ability to label and advertise our products as we see fit.

We are subject to labor and employment laws, laws governing advertising, privacy laws, safety regulations and other laws, including consumer protection regulations that regulate retailers or govern the promotion and sale of merchandise. Our operations are subject to various laws and regulations relating to environmental protection and worker health and safety matters. We monitor changes in these laws and believe that we are in material compliance with applicable laws.

***Environmental, Health and Safety Matters***

We, our agents and our service providers, including our manufacturers, may be subject to various environmental, health and safety laws and regulations, including those governing air emissions, water and wastewater discharges, noise emissions, the use, management and disposal of hazardous, radioactive and biological materials and wastes and the cleanup of contaminated sites. We believe that our business, operations and facilities, including, to our knowledge, those of our agents and service providers, are being operated in compliance in all material respects with applicable environmental and health and safety laws

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<sup>[<sup>7</sup>](#_ftnb7)</sup> https://www.fda.gov/food/cfsan-constituent-updates/fda-completes-first-pre-market-consultation-human-food-made-using-animal-cell-culture-technology

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and regulations. Based on information currently available to us, we do not expect environmental costs and contingencies to have a material adverse effect on us. However, significant expenditures could be required in the future if we, our agents or our service providers are required to comply with new or more stringent environmental or health and safety laws, regulations or requirements.

Except as stated above, we are not aware of any environmental risks related to our operations, and therefore, we do not believe that environmental regulations will have a significant effect on us. However, in the future, we may be required to meet environmental protection standards or regulations which could have a material impact on our activities, activities, profitability and ability to remain competitive.

***Employees***

We have one employee and have engaged 6 consultants.

***Intellectual Property***

The Company owns or has rights to two pending patent applications worldwide covering our various proprietary technologies. Our policy is to pursue, maintain, expand, protect and defend our patent rights and trade secrets, which we believe enable us to deliver long-term protection for the proprietary technologies, inventions and improvements that are commercially important to the development of our business. We are able to protect our technology from unauthorized use by third parties only to the extent that it is covered by valid and enforceable patents or is effectively maintained as a trade secret or is protected by confidentiality agreements. Accordingly, patents or other proprietary rights are an essential element of our business.

Patents extend for varying periods according to the date of patent filing or grant and the legal term of patents in the various countries where patent protection is obtained. The actual protection afforded by a patent, which can vary from country to country, depends on the type of patent, the scope of its coverage and the availability of legal remedies in the country.

While trade secret protection is an essential element of our business and we take security measures to protect its proprietary information and trade secrets, we cannot give assurance that its unpatented proprietary technology will afford it significant commercial protection. We seek to protect its trade secrets by entering into confidentiality agreements with third parties, employees and consultants. Our employees and consultants also sign agreements requiring that they assign to the Company their interests in intellectual property arising from their work for us. All employees sign an agreement not to engage in any conflicting employment or activity during their employment and not to disclose or misuse confidential information. However, it is possible that these agreements may be breached or invalidated, and if so, there may not be an adequate corrective remedy available. Accordingly, we cannot ensure that employees, consultants or third parties will not breach the confidentiality provisions in its contracts, infringe or misappropriate its trade secrets and other proprietary rights or that measures we take to protect our proprietary rights will be adequate.

In addition to patent applications, we maintain trade secrets covering know-how and proprietary information relating to our core technologies and make practicable efforts to protect our confidential trade secrets. To this end, we require our employees engaged in the development of intellectual property to enter into confidentiality agreements prohibiting the disclosure of confidential information and further, require disclosure and assignment of any inventions and associated intellectual property rights that are important to our business. Additionally, we require all entering employees to represent they are not bringing in, or are using any third party's Trade Secrets. We are also in the process of registering our name and logo as registered trademarks in the United States, and of securing ongoing rights to our domain name.

While our policy is to obtain patents by application, license or otherwise, to maintain trade secrets and to seek to operate without infringing on the intellectual property rights of third parties, technologies related to our business have been rapidly developing in recent years. Additionally, patent applications that we may file or license from third parties may not result in the issuance of patents, and our current or future issued

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patents may be challenged, invalidated or circumvented. Therefore, we cannot predict the extent of claims that may be allowed or enforced against our patents, nor be certain of the priority of inventions covered by pending third-party patent applications. If third parties prepare and file patent applications that also claim technology or therapeutics to which we have rights, we may have to engage in proceedings to determine priority of invention, which could result in substantial costs to us, even if the eventual outcome is favorable. Moreover, because of the extensive time required for clinical development and regulatory review of products we may develop, it is possible that the patent or patents on which we rely to protect such products could expire or be close to expiration by the commencement of commercialization, thereby reducing the value of such patent. Loss or invalidation of certain of our patents, or a finding of unenforceability or limited scope of certain of our intellectual property, could also have a material adverse effect on us.

In the future, third parties may file claims asserting that our technologies or products infringe on their intellectual property. We cannot predict whether third parties will assert such claims against us or against the licensors of technology licensed to us, or whether those claims will harm our business. If we are forced to defend ourselves against such claims, whether they are with or without merit and whether they are resolved in favor of, or against, our licensors or ourselves, we may face costly litigation and the diversion of our management's attention and resources. As a result of such disputes, we may have to develop costly non-infringing technology or enter into licensing agreements. These agreements, if necessary, may be unavailable on terms acceptable to us, or at all.

***Legal Proceedings***

We are not currently a party to any legal proceedings. We are not aware of any pending legal proceeding to which any of our officers, directors, or any beneficial holders of 5% or more of our voting securities are adverse to us or have a material interest adverse to us.

**DESCRIPTION OF PROPERTY**

Our principal office is in Canada - located at 666 Burrard Street, Unit 500, Vancouver British Columbia V6C3P6.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

***Introduction***

The following discussion of our financial condition and results of operations should be read together with the audited financial statements for the period ended May 31, 2022, and related notes. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors. We prepare our financial statements in conformity with international financial reporting standards ("**IFRS**"). Our management is responsible for our financial statements and this discussion of our financial condition and results of operations.

**ALL AMOUNTS SET FORTH IN THE SECTION ARE IN CANADIAN DOLLARS EXCEPT WHERE OTHERWISE INDICATED.**

***Overview***

Atelier Meats Corp. (formerly Future Burger Corp.) was incorporated on March 13, 2018, under the laws of British Columbia, Canada.

On May 31, 2022, the Company a statutory amalgamation pursuant under the BCA by and among Future Burger Corp., a newly formed subsidiary of Future Burger Corp., and its securityholders, at the same time the Company executed a statutory amalgamation pursuant to the BCA by and among Future Burger Corp.,

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a newly formed subsidiary of Future Burger Corp., its securityholders, and Triumph Brands Corp. ("Triumph"), a British Columbia corporation, which among other things, then future Burger Corp. completed the vertical amalgamations of the newly formed amalco's from each of the aforementioned amalgamations into Future Burger Corp. (the "Amalgamation"), leaving just Future Burger Corp. as the surviving corporation. On July 19, 2022, Future Burger Corp. received approval for continuance in British Columbia, Canada and on July 28, 2022, Future Burger Corp changed its name to Atelier Meats Corp. and continued from Ontario to British Columbia, Canada.

On December 1, 2022, the Company incorporated a wholly owned subsidiary named 1389495 BC Ltd. and on January 13, 2023 the Company, 1389495 BC Ltd. and Dinamic IP Holdings Inc. completed an amalgamation to form 1395992 BC Ltd., which is currently a wholly owned subsidiary of the Company (the "Dinamic Amalgamation"). As part of the Dinamic Amalgamation, the Company become a reporting issuer in the reporting jurisdictions of Alberta and British Columbia and that is not listed on any stock exchange in Canada.

The Company is a biotechnology company in the business of developing lab grown meats.

***Results of Operations for the Period from Incorporation on November 5, 2021 to May 31, 2021*** 

The following table sets forth key components of our results of operations during the period from incorporation on November 5, 2021 through May 31, 2022, both in dollars and as a percentage of our revenues.

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| | |
|:---|:---|
|  | Period from Incorporation to<br>May 31, 2022 |
|  | Amount |
| Revenues | $- |
| Operating expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | $72617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition Expense | 7671889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting | $572000 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and Administrative | $13773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | $17743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research | $334193 |
| Total operating expenses | 8682215 |
| Operating income (loss) | (8682215) |
| Net loss | $(8682215) |

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*Revenues*. We have not generated any revenue to date.

 

*General and administrative expenses*. Our general and administrative expenses include overhead and similar expenses. Our general and administrative expenses were $13,733.

*Acquisition expenses.* The Company incurred an acquisition expense in the amount of $7,671,889 in connection with the vertical amalgamation between the Company, Atelier, and Triumph with the Company as the surviving corporation.

*Advertising expenses*. Our advertising expenses include sales, marketing and similar expenses.

 

*Consulting Fees.* Consulting fees included fees in the amount of $330,000 paid to Adroit Services Ltd. and $240,000 paid to Triumph Hospitality Group for strategic management consulting services.

*Professional Fees.* Professional fees include fees paid for legal and accounting services.

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*Research and development expenses*. Our research and development expenses include principally the technical research and development of our products.

 

*Net loss*. As a result of the cumulative effect of the factors described above, our net loss was $8,682,215.

**Liquidity and Capital Resources**

Historically, our sources of cash have included private placements of equity securities and cash generated from revenues. Our historical cash outflows have primarily been associated with cash used for operating activities such as research and development activities and other working capital needs; the acquisition of clinical data, intellectual property; and expenditures related to equipment and improvements used for our laboratory facility. We intend to fund our operations through increased revenue from operations and the remaining capital raised through our recent offering

***Summary of Cash Flows for the*** ***Period from Incorporation on November 5, 2021 to May 31, 2021***

As of May 31, 2022, we had approximately $2,793,040 in cash and cash equivalents. The following table presents a summary of our cash flows for the periods indicated:

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| | |
|:---|:---|
|  | **Period from Incorporation to**<br> **May 31, 2022** |
|  | **2022** |
| Net cash used in/provided from operating activities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(673487) |
| Net cash provided from investing activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574104  |
| Net cash provided by financing activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892423  |
| Net increase (decrease) in cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2793040  |
| Cash and cash equivalents at beginning of period | -  |
| Cash and cash equivalent at end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2793040  |

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Net cash used in operating activities was $673,487 for the period from incorporation (November 5, 2021) through May 31, 2022,. The principal use of cash in operating activities was to fund our net loss. Cash flows from operations can vary significantly due to various factors, including changes in our operations, accounts receivable, prepaid expenses, accounts payable and accrued expenses.

Net cash provided from investing activities was $1,574,104 for the period from incorporation (November 5, 2021) through May 31, 2022, due to cash acquired in the acquisition of Atelier and Triumph.

Net cash provided by financing activities was $1,892,423 for period from incorporation (November 5, 2021) through May 31, 2022.

***Plan of Operations and Milestones***

We believe that if we receive $25,000,000 in proceeds from this offering will satisfy our cash requirements to implement our plan of operations through December 31, 2023. The Company plans to continue using cash from debt and equity financings, including this Offering, and cash from new customer contracts to facilitate its growth. It is not entirely dependent upon the proceeds of this Offering to continue operations but anticipates that a successful Offering will reduce the Company's need to raise future debt capital to continue its expansion into new product lines.

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***Capital Expenditures***

During the period from incorporation (November 5, 2021) through May 31, 2022, the Company did not made any capital expenditures to other purchases of fixed assets, land, buildings or equipment.

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***Contractual Obligations***

We have contractual obligations which are recorded as liabilities in our Consolidated financial statements, including long- and short-term debt.

***Related Party Transactions***

During the period from incorporation (November 5, 2021) through May 31, 2022, the Company incurred $15,000 in consulting costs to a Director and Chief Executive Officer.

***Result of Operations for the six months ended November 30, 2022 and the period from incorporation through November 30, 2021***

The following table sets forth key components of our results of operations during the six months ended November and 2021, both in dollars and as a percentage of our revenues.

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| | | |
|:---|:---|:---|
|  | Six Months Ended November 30, 2022 | Period from Incorporation through November 30, 2021 |
|  | Amount | Amount |
| Revenues | $- | $- |
| Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | $47373  | $4862  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting | $922852  | $-  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | $70971  | $3496  |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | $88801  | $3149  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research | $496138  | $-  |
| Total operating expenses | 1626135  | 11507  |
| Other Items | (40734) | -  |
| Net loss | $(1585401) | $(11507) |

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*Revenues*. The Company had 40,734 in income in the six months ended November 30, 2022, which was an increase of $40,734 over the period from incorporation to November 30, 2021. This increase was due largely to a gain on a debt settlement in the amount of 40,000.

 

*Advertising.* Advertising expenses increased by $42,511 to $47,373 for the six months ended November 30, 2022 from $4,862 for the period from incorporation to November 30, 2021. Such increase was primarily due to an in sales and marketing related costs compared to the prior year period.

*Consulting.* Consulting expenses increased by $922,852 for the six months ended November 30, 2022 from $0 for the period from incorporation to November 30, 2021. Such increase was primarily due to consulting fees paid to Adroit Services Ltd. and Senta Capital Inc for strategic management consulting services.

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*General and administrative expenses*. Our general and administrative expenses include overhead and similar expenses. Our general and administrative expenses increased by $67,435, to $70,971 for the six months ended November 30, 2022 from $3,496 for the period from incorporation to November 30, 2021. Such increase was primarily due to an increase in overhead.

 

*Research*. Our research expenses include principally the technical research and development of our products. Our research and development expenses increased by $496,188 for the six months ended November 30, 2022 from $0.00, for the period from incorporation to November 30, 2021. Such increase was primarily due to an increase in research and development activities compared to the prior year period.

 

*Net loss*. As a result of the cumulative effect of the factors described above, our net loss increased by $1,573,894, to 1,585,401 for the six months ended November 30, 2022 from $11,507 for the period from incorporation to November 30, 2021.

**Liquidity and Capital Resources**

Historically, our sources of cash have included private placements of equity securities and cash generated from revenues. Our historical cash outflows have primarily been associated with cash used for operating activities such as research and development activities and other working capital needs; the acquisition of clinical data, intellectual property; and expenditures related to equipment and improvements used for our laboratory facility. We intend to fund our operations through increased revenue from operations and the remaining capital raised through our recent offering

***Summary of Cash Flows for the six months ended November 30, 2022 and the period from incorporation through November 30, 2021***

As of November 30, 2022, we had approximately $2,309,132 in cash and cash equivalents. The following table presents a summary of our cash flows for the periods indicated:

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| | | |
|:---|:---|:---|
|  | **Six Months Ended November 30, 2022** | **From Incorporation through November 30, 2021** |
| Net cash used in/provided from operating activities | $(839861) | $(40) |
| Net cash provided from investing activities | - | - |
| Net cash provided by financing activities | 355943 | 40 |
| Net increase (decrease) in cash and cash equivalents | (483908) | - |
| Cash and cash equivalents at beginning of period | 2793040 | - |
| Cash and cash equivalent at end of period | $2309132 | $- |

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Net cash used in operating activities was $839,861 for the six months ended November 30, 2022, as compared to $40 used for the period from incorporation to November 30, 2021. The principal use of cash in operating activities was to research expenses and strategic management consulting. Cash flows from

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operations can vary significantly due to various factors, including changes in our operations, accounts receivable, prepaid expenses, accounts payable and accrued expenses.

Net cash provided by financing activities was $355,943 for the six months ended November 30, 2022, as compared to $40 for the period from incorporation to November 30, 2021.

***Capital Expenditures***

During the six months ended November 30, 2022 and the period from incorporation through November 30, 2021, the Company has not made any capital expenditures to other purchases of fixed assets, land, buildings or equipment.

 ****

***Contractual Obligations***

We have contractual obligations which are recorded as liabilities in our Consolidated financial statements, including long- and short-term debt.

***Related Party Transactions***

During the six months ended November 30, 2022, the Company incurred $30,000 in consulting costs to a Director and Chief Executive Officer.

***Going Concern***

As at November 30, 2022, the Company has an accumulated deficit of $10,134,860 (May 31, 2022 - $8,682,215). The Company's ability to continue as a going concern is dependent upon the Company's ability to raise sufficient financing to acquire or develop a profitable business. The Company intends on financing its future development activities and operations from the sale of equity securities. These factors indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern.

The consolidated financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and, therefore, be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying financial statements.

***Off Balance Sheet Arrangements***

We have no off-balance sheet arrangements.

***Critical Accounting Policies and Estimates***

**General**

Our consolidated financial statements have been prepared using accounting policies consistent with *International Financial Reporting Standard*s ("**IFRS**") as issued by the International Accounting Standards Board ("**IASB**") and interpretations of the *International Financial Reporting Interpretations Committee* ("**IFRIC**").

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**Principles of Consolidation**

These consolidated financial statements incorporate the financial statements of the Company and its controlled subsidiaries. Control exists when a company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The consolidated financial statements include the accounts of the Company and its direct wholly-owned subsidiaries: 1365359 BC Ltd and 1365362 BC Ltd. which were amalgamated into the Company on May 30, 2022. All significant intercompany transactions and balances have been eliminated on consolidation.

**Significant estimates and assumptions** 

The preparation of the Company's consolidated financial statements in conformity with IFRS requires management to make estimates based on assumptions about future events that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period.

The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively in the period in which the estimate is revised.

Areas that require significant estimates and assumptions as the basis for determining the stated amounts include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***i.****Going concern*

Management assesses the Company's ability to continue as a going-concern at each reporting date, using all quantitative and qualitative information available. This assessment, by its nature, relies on estimates of future cash flows and other future events (as discussed in Note 1), whose subsequent changes could materially impact the validity of such an assessment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***ii.****Useful lives of long-lived assets*

Management reviews its estimate of the useful life of long-lived assets annually and accounts for any changes in estimates prospectively. The Company applied judgment in determining the useful lives of the intangible assets for purposes of assessing whether the useful life is definite or indefinite.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*iii. Impairment*

Long-lived assets, including intangible assets are reviewed for indicators of impairment at each statement of financial position date or whenever events or changes in circumstances indicate that the carrying amount of an asset exceeds its recoverable amount. The recoverable amount of an asset is the higher of its fair value less costs to sell, and its value in use. If the carrying amount of the asset exceeds its recoverable amount, an impairment charge is recognized immediately in profit or loss by the amount by which the carrying amount of the asset exceeds the recoverable amount. Judgments and estimates are required in determining the indicators of impairment and the estimates required to measure an impairment, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***iv.****Current and deferred income taxes* 

The Company's provision for income taxes is estimated based on the expected annual effective tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The current and deferred components of income taxes are estimated based on forecasted movements in temporary differences. Changes to the expected annual effective tax rate and differences between the actual and expected effective tax rate and between actual and forecasted movements in temporary differences will result in adjustments to the Company's provision for income taxes in the period changes are made and/or differences are identified.

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In assessing the probability of realizing income tax assets recognized, management makes estimates related to expectations of future taxable income, applicable tax planning opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative evidence that can be objectively verified. Estimates of future taxable income are based on forecasted cash flows from operations and the application of existing tax laws in each jurisdiction. Forecasted cash flows from operations are based on contractual revenues and expenses and planned expenses, which are internally developed and reviewed by management.

Weight is attached to tax planning opportunities that are within the Company's control, and are feasible and implementable without significant obstacles.

The likelihood that tax positions taken will be sustained upon examination by applicable tax authorities is assessed based on individual facts and circumstances of the relevant tax position evaluated in light of all available evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*v. Equity-settled share-based payments* 

Share-based payments are measured at fair value. Options and warrants are measured using the Black-Scholes option pricing model based on estimated fair values of all share-based awards at the date of grant and are expensed to the consolidated statement of loss and comprehensive loss over each award's vesting period. The Black-Scholes option pricing model utilizes subjective assumptions such as expected price volatility, expected life of the option and likelihood of vesting. Changes in these input assumptions can significantly affect the fair value estimate.

**Cash and cash equivalents**

Cash is comprised of cash at banks.

**Intangible assets**

Intangible assets are recognized as assets in accordance with IAS 38 – Intangible Assets, where it is probable that the use of the asset will generate future economic benefits and where the cost of the asset can be determined reliably. Intangible assets acquired are initially recognized at cost of purchase and are subsequently carried at cost less accumulated amortization, if applicable, and accumulated impairment losses. The useful lives of intangible asset are assessed as either finite or indefinite. The initial acquisition cost is based on the fair value of the consideration paid.

Upon sale or abandonment of any intangible asset, the cost and related accumulated depreciation and impairment losses are written off and any gains or losses thereon are recognized in profit or loss for the period.

**Share capital** 

Common shares are classified as equity. Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity.

The Company records proceeds from share issuances net of issue costs and any tax effects. Common shares issued for non-monetary consideration are recorded at the fair value of goods or services received or the fair value of the common shares issued if it is determined that the fair value of the goods or services cannot be reliably measured. The fair market value of the common shares issued is based upon the most recent share price agreed between the Company and arm's length parties.

**Share purchase warrants** 

Share purchase warrants are classified as equity under the principles of IAS 32 - Financial Instruments: Presentation as the exercise price of the share purchase warrant is fixed in Canadian dollars and the functional currency of the Company is the Canadian dollar.

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The share purchase warrants are recognized at fair value using the Black-Scholes option pricing model. Share purchase warrants are initially recorded into equity reserves and future changes in fair value are not recognized.

Upon exercise of the share purchase warrants, the initial value allocated to equity reserves in reversed and the residual of the cash proceeds over the initial fair value is recorded as to issued capital. On expiry, the equity reserve is reclassified from the warrant reserve to contributed surplus.

**Impairment of non-financial assets**

At each reporting date, the Company reviews the carrying amounts of its non-financial assets to determine whether there are any indications of impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. The recoverable amount is determined as the higher of fair value less costs of disposal and the asset's value in use. Fair value is determined with reference to discounted estimated future cash flow analysis or to recent transactions involving dispositions of similar properties. In assessing value in use, the estimated future cash flows are discounted to their present value.

The pre-tax discount rate applied to the estimated future cash flows measured on a value in use basis reflects current market assessments of the time value of money and the risks specific to the asset for which the future cash flow estimates have not been adjusted.

Non-financial assets that have been impaired are tested for possible reversal of the impairment whenever events or changes in circumstance indicate that the impairment may have reversed. Where an impairment, other than goodwill impairment, subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only so that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depletion and depreciation) had no impairment loss been recognized for the asset in prior periods. A reversal of impairment is recognized as a gain in the statement of loss or comprehensive loss. Goodwill impairment losses are not reversed.

**Financial instruments** 

*Classification of financial assets* 

*Amortized cost:* 

Financial assets that meet the following conditions are measured subsequently at amortized cost:

The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows, and

The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. Interest income is recognized using the effective interest method.

The Company has classified GST receivable at amortized cost.

Fair value through other comprehensive income ("FVTOCI"):

Financial assets that meet the following conditions are measured at FVTOCI:

The financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and,

The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

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The Company does not currently hold any financial instruments designated as FVTOCI.

Equity instruments designated as FVTOCI:

On initial recognition, the Company may make an irrevocable election (on an instrument-by-instrument basis) to designate investments in equity instruments that would otherwise be measured at fair value through profit or loss ("FVTPL") to present subsequent changes in fair value in other comprehensive income. Designation at FVTOCI is not permitted if the equity investment is held for trading or if it is contingent consideration recognized by an acquirer in a business combination. Investments in equity instruments at FVTOCI are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognized in other OCI. The cumulative gain or loss is not reclassified to the statement of loss and comprehensive loss on disposal of the equity instrument, instead, it is transferred to deficit.

The Company does not currently hold any equity instruments designated as FVTOCI.

Financial assets measured subsequently at fair value through profit or loss:

By default, all other financial assets are measured subsequently at FVTPL.

The Company, at initial recognition, may also irrevocably designate a financial asset as measured at FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases.

Financial assets measured at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized on the statement of loss and comprehensive loss to the extent they are not part of a designated hedging relationship.

The Company has classified cash at FVTPL.

Financial liabilities and equity

Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs. Repurchase of the Company's own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized on the statement of loss and comprehensive loss on the purchase, sale, issue or cancellation of the Company's own equity instruments.

*Classification of financial liabilities* 

Financial liabilities that are not contingent consideration of an acquirer in a business combination, held for trading or designated as at FVTPL, are measured at amortized cost using effective interest method. The Company's financial liabilities measured at amortized cost are trade and other liabilities. The Company currently does not hold any financial liabilities at FVTPL.

**Taxes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Current tax expense

Current tax is the expected tax payable or receivable on the taxable earnings or loss for the period.

Current tax is based on the local taxable income at the local statutory tax rate enacted or substantively enacted at the reporting date and includes adjustments to tax payable or recoverable in respect of previous periods.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Deferred tax expense

Deferred tax is accounted for using the balance sheet liability method, providing for the tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and their respective tax bases.

Deferred tax liabilities are recognized for all taxable temporary differences except where the deferred tax liability arises from the initial recognition of goodwill, or the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting earnings nor taxable earnings or loss.

Deferred tax assets are recognized for all deductible temporary differences, carry forwards of unused tax losses and tax credits, to the extent that it is probable that taxable earnings will be available against which the deductible temporary differences, and the carry forward of unused tax losses can be utilized, except where the deferred tax asset related to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting earnings nor taxable earnings or loss.

The carrying amounts of deferred tax assets are reviewed at each reporting date and are adjusted to the extent that it is no longer probable that sufficient taxable earnings will be available to allow all or part of the asset to be utilized. To the extent that an asset not previously recognized fulfills the criteria for recognition, a deferred tax asset is recorded.

Deferred tax is measured on an undiscounted basis using the tax rates that are expected to apply in the period when the liability is settled or the asset is realized, based on tax rates and tax laws enacted or substantially enacted at the reporting date. Current and deferred tax relating to items recognized directly in equity are recognized in equity and not in earnings or loss.

**Research and development expenditures**

Research expenditures are expensed in the period incurred. Product development expenditures are expensed in the period incurred unless the expenditures meet specific criteria related to technical, market and financial feasibility for deferral and amortization. The Company's policy is to amortize deferred product development expenditures over the expected future life of the product. Any costs incurred to establish and maintain patents for intellectual property developed internally are expensed in the period incurred. No product development expenditures have been deferred to date.

**Loss per share** 

The Company presents basic and diluted loss per share data for its common shares, calculated by dividing the loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted loss per share does not adjust the loss attributable to the common shareholders or the weighted average number of common shares outstanding when the effect is anti-dilutive.

**Related party transactions**

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or common significant influence, related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

**Recently issued accounting pronouncements**

During the year ended May 31, 2022, there were no new IFRS or IAS accounting standards that became effective that had a material impact on our consolidated financial statements or new standards and amendments to existing standards effective in future periods.

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**DIRECTORS, EXECUTIVE OFFICERS AND SIGNIFICANT EMPLOYEES**

***Summary of Executive Officers, Directors and Significant Employees***

The following table sets out the Company's officers and directors. All work with the Company on a part-time basis.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Position** | **Age** | **Term of Office** |
| Kelsey Leigh Ramsden | C.E.O. and Director | 46 | Since January 16, 2023 |
| Leighton Blocking | Director | 40 | Since May 2022 |
| Michael Petter | Director | 59 | Since February 13, 2023 |
| George Scorsis | Director | 46 | Since February 13, 2023 |
| Richard Steed | Director | 37 | Since February 13, 2023 |
| Nilesh Paray | CFO | 38 | Since February 13, 2023 |
| Dr. Mohit Bhatia | CSO  | 58 | Since February 13, 2023 |
| Maghsoud Dariani | COO | 69 | Since February 13, 2023 |

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***Business Experience***

**Kelsey Ramsden.** Kelsey possesses over 20 years of experience founding, scaling and operating innovative companies across Canada and the Caribbean. She has built multiple 8-figure businesses from the ground up and has twice been named Canada's Top Female Entrepreneur. Ms. Ramsden is also an accomplished keynote speaker and published author. Ms. Ramsden holds an MBA from the Richard Ivey School of Business at the University of Western Ontario.

**Leighton Bocking.** Mr. Bocking has been working in the capital markets for over 18 years and has been particularly focused on financing and structuring companies. He has held various director roles. In addition, he has worked in Corporate Development roles at Gold Standard Ventures Corp. and Timmins Gold Corp. (now Alio Gold Inc.).

**Michael Petter.** Michael Petter: Seasoned executive with both Private and small-cap Public company Board level experience. Currently the Managing Director of Eyvo. Eyvo eProcurement Solutions is a leading eProcurement provider in the SaaS space. Additionally, currently an independent board member of Lobe Sciences., advising on strategy, operations, finance, and logistics. Chairman of Compensation Committee and member of audit committee.

**George Scorsis.** George Scorsis: has over 20 years of experience leading companies in highly regulated industries to rapid growth, including alcohol, energy drinks and, most recently, medical cannabis. Formerly President of Red Bull Canada, he was instrumental in restructuring the organization from a geographical and operational perspective, growing the business to $150 MM in revenue. He has also worked closely with Health Canada on guidelines regulating the energy drink category while also establishing a corporately owned distribution model in volatile markets.

As the previous President at Mettrum Health Corp., a leading Canadian cannabis distributor which had quickly become an industry leader and sold this organization for 430MM to a global leader. He most recently held the role of CEO and Director of Liberty Health Sciences, an industry leader in the medical cannabis space, and also served as Chairman of the Board of Directors of Scythian Biosciences Corp., a research and development company committed to advancing treatment efforts for traumatic brain injury

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with its proprietary cannabinoid-based combination drug therapy and additional cannabis-related activities across the globe. Currently Chairman of AWAKN Life Sciences a UK based psychedelics company.

**Richard Steed.** Mr. Steed has a general corporate commercial law practice focused on securities, corporate finance and commercial transactions for emerging and growth companies (both public and private). He has advised private and public corporations (including registered dealers) in a wide range of business matters including access to capital markets, corporate governance and operational issues. Mr. Steed has business law experience in a variety of industries, including industrial technology, oil and gas, biotechnology, cannabis, natural health products, software development, medical services, professional services, portfolio management and corporate finance. Mr. Steed also acts as a director and corporate secretary for a number of issuers. Prior to joining TingleMerrett LLP, Mr. Steed worked for five years in the securities, M&A and corporate group at a major international law firm.

**Nilesh Paray.** After starting his career at Goldman Sachs in London and on Wall Street, Nilesh transitioned to hedge fund investments. He has experience in the capital markets and a keen interest in risk assessment. Fluent in four languages, he graduated first in his class with a Master of Engineering from the University of Birmingham and McGill University. He earned his MBA at the University of Alberta in 2015, and he received his Chartered Financial Analyst (CFA) designation in 2017. In 2019, Nilesh took interest in and completed the Harvard Business School Investment workshop.

**Dr. Mohit Bhatia.** Mohit Bhatia received his Ph.D. in biochemistry from New York University and completed his post-doctoral training at the Rockefeller University in New York as well as Harvard Medical School in Boston, MA. He worked with Celgene Corporation for over 20 years and holds several patents for placental biomaterials. Dr. Bhatia has published several papers and presented at leading conferences around the world for tissue-based therapies.

**Maghsound Dariani.** Maghsoud has over 35 years of diverse and progressive management experience in the development, scale-up, and commercialization of products in the pharmaceutical and food industries. A biochemical engineer, he has a sound grasp of science and technology required for successful commercialization of cultured meats.

***Board of Directors***

Our board of directors currently consists of five directors.

***Term of Office***

Our directors are appointed for a one-year term to hold office until the next annual general meeting of our shareholders or until removed from office in accordance with our articles. Our officers are appointed by our board of directors and hold office until removed by the board.

***Family Relationships***

There are no family relationships between or among the directors, executive officers, or persons nominated or chosen by us to become directors or executive officers.

***Involvement in Certain Legal Proceedings***

To the best of our knowledge, during the past ten years, none of the following occurred with respect to a present or former director, executive officer, or employee: (1) any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time; (2) any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses); (3) being subject to any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his

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or her involvement in any type of business, securities or banking activities; and (4) being found by a court of competent jurisdiction (in a civil action), the SEC or the Commodities Futures Trading Commission to have violated a federal or state securities or commodities law and the judgment has not been reversed, suspended or vacated.

**C** **OMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS**

***Executive Compensation***

The table below summarizes the annual compensation of each of our three highest paid persons who were executive officers or directors for our last fiscal year, ended May 31, 2022:

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| | | |
|:---|:---|:---|
| **Name** | | |
| **Name** | | |
| **Name** | **Capacities in Which**<br>**Compensation was** <br>**Received** | **Cash**<br>**Compensation**<br>**($)** |
| Leighton Bocking<sup>(1)</sup> | Chief Executive Officer, and Director | nil;<br> nil |
| Brian Zasitko<sup>(2)</sup> | Chief Financial Officer | nil |
| Dr. Mohit Bhatia | Chief Scientific Officer and Director | nil |

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**Notes**:<br>(1) Mr. Bocking was replaced by Ms. Kelsey Ramsden on January 16 2023. The Company has entered into an executive management agreement with Kelsey Ramsden as its Chief Executive Officer. See "**Management Agreements**".

(2) Mr. Zasitko was replaced by Nilesh Paray on February 13, 2023. The Company has entered into an executive consulting agreement with Dr. Nilesh Paray, our Chief Financial Officer. See "**Management Agreements**".

Our directors and executive officers are also reimbursed for their business expenses. The employment compensation for certain executive officers may include automobile and housing allowances.

***Management Agreements***

**Chief Executive Officer**

On January 16, 2023, we entered into an executive management agreement with our Chief Executive Officer Ms. Ramsden. Under the terms of the agreement Ms. Ramsden will serve as the Company's CEO for a one-year term. This is subject to earlier termination as provided in the agreement during the first 90 days. The agreement automatically renews annually. Ms. Ramsden's annual base salary is $60,000. She will have the opportunity to earn a bonus based on the achievement of certain financial performance goals established by the board of directors of the Company. No bonuses have been paid to date. Ms. Ramsden

Ms. Ramsden's management agreement does not provide any severance payment on termination or as a result of a change of control event.

**Chief Financial Officer**

On February 13, 2023, we entered into an executive consulting agreement with our Chief Financial Officer, Nilesh Paray. Under the terms of the agreement, Mr. Paraywill serve as our Chief Financial Officer for a one-year term. This is subject to earlier termination during the first 90 days. The agreement automatically renews annually. Mr. Batia's annual base salary is $30,000. He will have the opportunity to earn an annual cash bonus based on the achievement of certain financial performance goals to be established by the board of directors of the Company. No bonuses have been paid to date.

Mr. Batia's consulting agreement does not provide any severance payment on termination or as a result of a change of control event.

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**Termination and Change of Control Benefits**

There are no compensatory plans or arrangements with respect to the named executive officers resulting from the resignation, retirement, or any other termination of the officers' employment or change of named executive officers' responsibilities following a change of control. We have not granted any termination or change of control benefits. In case of termination of named executive officers, common law and statutory law applies.

***Stock Option Plan***

The Company has approved its 2023 Stock Option Plan ("Plan") which provides for the issuance of stock options to employees and consultants. The Company has authorized the issuance of up to 4,490,000 shares of common stock for issuance under the Plan. Under the Stock Option Plan, the Company has granted the following options to the following executives and employees:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Optionee** | &nbsp;&nbsp;**No. of Optioned Shares** | &nbsp;&nbsp;**Exercise Price ($USD)** | &nbsp;&nbsp;**Expiry Date** | &nbsp;&nbsp;**Vesting Provisions** |
| &nbsp;&nbsp;Kelsey Ramsden | &nbsp;&nbsp;500000 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;February 24, 2028 | &nbsp;&nbsp;To vest as at the end of the successful completion of the Probation Period, being 90 days from January 16, 2023. |
| &nbsp;&nbsp;Kelsey Ramsden | &nbsp;&nbsp;500000 | &nbsp;&nbsp; $0.50 | &nbsp;&nbsp;February 24, 2028 | &nbsp;&nbsp;To vest as at the later of: (i) six (6) months following January 16, 2023; and (ii) upon the completion of a capital raise resulting in gross cumulative proceeds to the Corporation of at least USD $5,000,000 on terms acceptable to the Board in its sole discretion ("**First Raise**"). |
| &nbsp;&nbsp;Kelsey Ramsden | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;$1.00 | &nbsp;&nbsp;February 24, 2028 | &nbsp;&nbsp;To vest as at the later of: (i) 12 months following January 16, 2023; and (ii) upon the completion of a capital raise, or a series thereof, resulting in an aggregate gross cumulative proceeds to the Corporation (inclusive of, for greater certainty, the gross cumulative proceeds received by the Corporation under the First Raise) of at least USD $12,000,000 on terms acceptable to the Board in its sole discretion. |
| &nbsp;&nbsp;Michael Petter | &nbsp;&nbsp;500000 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;February 24, 2028 | &nbsp;&nbsp;Immediately |
| &nbsp;&nbsp;George Scorsis | &nbsp;&nbsp;100000 | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;February 24, 2028 | &nbsp;&nbsp;Immediately |
| &nbsp;&nbsp;Richard Steed | &nbsp;&nbsp;100000 | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;February 24, 2028 | &nbsp;&nbsp;Immediately |
| &nbsp;&nbsp;Niv Dagan | &nbsp;&nbsp;40000 | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;February 24, 2028 | &nbsp;&nbsp;Immediately |
| &nbsp;&nbsp;Ty Hyderally | &nbsp;&nbsp;5000 | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;February 24, 2028 | &nbsp;&nbsp;Immediately |
| &nbsp;&nbsp;Jason Goldberg | &nbsp;&nbsp;5000 | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;February 24, 2028 | &nbsp;&nbsp;Immediately |
| &nbsp;&nbsp;Jonathan Singer | &nbsp;&nbsp;25000 | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;February 24, 2028 | &nbsp;&nbsp;Immediately |
| &nbsp;&nbsp;2470926 Alberta Ltd. | &nbsp;&nbsp;50000 | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;February 24, 2028 | &nbsp;&nbsp;Immediately |
| &nbsp;&nbsp;Leighton Bocking | &nbsp;&nbsp;100000 | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;February 24, 2028 | &nbsp;&nbsp;Immediately |
| &nbsp;&nbsp;Rahim Rajwani | &nbsp;&nbsp;550000 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;February 24, 2028 | &nbsp;&nbsp;Immediately |
| &nbsp;&nbsp;Jonathan Gilbert | &nbsp;&nbsp;490000 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;February 24, 2028 | &nbsp;&nbsp;Immediately |
| &nbsp;&nbsp;Alex Steele | &nbsp;&nbsp;225000 | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;February 24, 2028 | &nbsp;&nbsp;Immediately |
| &nbsp;&nbsp;Darn Carroll | &nbsp;&nbsp;50000 | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;February 24, 2028 | &nbsp;&nbsp;Immediately |
| &nbsp;&nbsp;Westwick Capital Partners | &nbsp;&nbsp;50000 | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;February 24, 2028 | &nbsp;&nbsp;Immediately |
| &nbsp;&nbsp;Jeremy Ross | &nbsp;&nbsp;50000 | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;February 24, 2028 | &nbsp;&nbsp;Immediately |
| &nbsp;&nbsp;Znek Holdings | &nbsp;&nbsp;25000 | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;February 24, 2028 | &nbsp;&nbsp;Immediately |
| &nbsp;&nbsp;Mario Maruzzo | &nbsp;&nbsp;25000 | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;February 24, 2028 | &nbsp;&nbsp;Immediately |
| &nbsp;&nbsp;Mohit Bhatia | &nbsp;&nbsp;50000 | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;February 24, 2028 | &nbsp;&nbsp;Immediately |
| &nbsp;&nbsp;Maghsoud Dariani | &nbsp;&nbsp;50000 | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;February 24, 2028 | &nbsp;&nbsp;Immediately |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4490000** |  |  |  |

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***Pension Plan Benefits***

We do not currently provide any pension plan benefits to our executive officers, directors, or employees.

***Limitation of Liability and Indemnification of Officers and Directors.***

Our articles provide that we will indemnify our directors, officers, employees and other agents to the fullest extent permitted by law. We believe that indemnification under our articles covers at least negligence and gross negligence on the part of indemnified parties. Our articles also permit us to secure insurance on behalf of any officer, director, employee or other agent for any liability arising out of his or her actions in connection with their services to us, regardless of whether our articles permit such indemnification.

Insofar as indemnification for liabilities arising under the *Securities Act of 1933* may be permitted to directors, officers or persons controlling the registrant pursuant to the foregoing provisions, the registrant has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is therefore unenforceable.

There is no pending litigation or proceeding involving any of our directors or officers as to which indemnification is required or permitted, and we are not aware of any threatened litigation or proceeding that may result in a claim for indemnification.

***Indebtedness of Directors and Executive Officers***

No director or executive officer, or any associate or affiliate of any such director or senior officer, is or has been indebted to us since the date of incorporation. No director or executive officer, or associate or affiliate of any such director or senior officer, is or has been indebted to us since the beginning of the last completed financial year.

**SECURITY OWNERSHIP OF MANAGEMENT AND**<br>**CERTAIN SECURITYHOLDERS**

The following table sets out, as of March 13, 2023, the voting securities of the Company that are owned by executive officers, directors, and other persons holding more than 10% of the Company's voting securities or having the right to acquire those securities.

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| | | | |
|:---|:---|:---|:---|
| **Title of class** | **Name and address of beneficial owner** <sup>(1)</sup>  | **Amount and nature of**<br>**beneficial ownership** <sup>(2)(3)</sup> | **Percent**<br>**of class**<sup>(4)</sup>  |
| **Common shares** | Leighton Bocking<sup>(5)</sup>  | 19,470 common shares directly owned | 0.04% |
| **Common shares** | Nilesh Paray | 0 common shares<br>directly owned | 0.00% |
| **Common shares** | Dr. Mohit Bhatia <sup>(6)</sup> | 2,406,748 common shares<br>directly owned | 5.42% |
| **Common shares** | Maghsoud Dariani | 2,406,748 common shares<br>directly owned | 5.42% |

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**Notes**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The business address for each of our directors and officers is: 666 Burrard Street, Unit 500

Vancouver British Columbia V6C3P6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The number of common shares beneficially owned, or controlled or directed, directly or indirectly, at the date of this offering circular is based upon information furnished to us by the individual directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Our directors and officers as a group held 4,832,966 of our common shares or 10.89%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) As of March 13, 2023, there were 46,926,613 issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Ms. Ramsden also has options to purchase an additional 2,000,000 shares at strike prices ranging from $0.36 to $1.00 in accordance with the Company's option plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Dr. Bhatia also has options to purchase an additional 50,000 shares at a strike price of $0.50 per share in accordance with the Company's option plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Mr. Dariani also has options to purchase an additional 50,000 shares at a strike price of $0.50 per share in accordance with the Company's option plan.

<br>**INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS**

To the best of our knowledge other than as set forth below, since the date of the Company's formation on March 13, 2018, there were no material transactions or series of similar transactions nor were there any currently proposed transactions or series of similar transactions to which we were or are to be a party to in which the amount involved exceeds the lesser of $120,000 or one percent of the average of our assets at year end for the last two completed fiscal years. To the best of our knowledge, there have been no transactions in which any director, executive officer, or security holder is known by us to own of record or beneficially more than 5% of any class of our common shares or any member of the immediate family of any of the foregoing persons has an interest (other than compensation to our officers and directors in the ordinary course of business).

***Amalgamation***

On May 31, 2022, the Company executed a "plan of arrangement" as defined under the BCA by and among the Company, its securityholders, Future Burger Corp. ("**Future Burger**"), an Ontario corporation, and Triumph Brands Corp. ("**Triumph**"), a British Columbia corporation, which will among other things, included the vertical amalgamation between Atelier Meats Corp., Future Burger and Triumph (the "**Amalgamation**"), with Atelier Meats Corp. as the surviving corporation.

***Management Agreements***

On January 16, 2023, we entered into an executive management agreement with our Chief Executive Officer, Kelsey Ramsden. The terms of the agreement are as described above under "**Compensation of Directors and Executive Officers - Management Agreements**".

**SECURITIES BEING OFFERED**

***General***

The Company is offering up to 8,333,333 common shares.

Our authorized share capital consists of an unlimited number of common shares without par value and an unlimited number of preferred shares without par value. As of March 13, 2023, 46,926,613 common shares and no preferred shares were issued and outstanding, and 29,995,293 common shares were issuable upon exercise of warrants.

The following description summarizes the most important terms of the Company's capital stock. This summary does not purport to be complete and is qualified in its entirety by the provisions of the Company's constating documents. Copies of these provisions have been filed as exhibits to the offering statement of which this offering circular is a part. For a complete description of the Company's common shares and preferred shares, you should refer to our notice of articles and to the applicable provisions of the BCA.

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***Common Shares***

**Dividend Rights**

Holders of common shares are entitled to share - on a per share basis - in dividends and other distributions of cash, property, or shares of stock of the Company as may be declared by the board of directors with respect to the common share out of assets or funds of the Company legally available to pay dividends; provided, however, that in the event that such dividends are paid in the form of common shares or rights to acquire common shares, the holders of common shares shall receive common shares or rights to acquire common shares, as the case may be.

**Voting Rights**

Each holder of our common share is entitled to receive notice of any meeting of the shareholders of the Company, to attend such a meeting, and to vote at the meeting. Each common share holds one vote per share on matters to be voted on by shareholders.

**Liquidation Rights**

In the event of a voluntary or involuntary liquidation, dissolution, distribution of assets, or winding up of the Company, the holders of common shares are entitled to share equally with all other holders of common shares (on a per share basis) and all assets of the Company of whatever kind available for distribution to the holders of common shares.

**Rights and Preferences**

Holders of our common shares have no preemptive right, subscription, or other rights. There is no redemption or sinking fund provision applicable to the Company's common shares. The rights, preferences, and privileges of the holders of the Company's common shares are subject to and may be adversely affected by the rights of the holders of any preferred shares the Company may designate in the future.

**Preferred Shares**

Our board of directors may, from time to time, direct the issued preferred shares in series. It may, at the time of issue, determine the designation, powers, rights, preferences, and limitations of each series. Satisfaction of any dividend preferences of outstanding preferred shares would reduce the amount of funds available for the payment of dividends on our common shares. Holders of preferred shares may be entitled to receive a preference payment in the event of any liquidation, dissolution or winding-up of the Company before any payment is made to the holders of common shares. Under certain circumstances, the issuance of preferred shares may render more difficult or tend to discourage a merger, tender offer or proxy contest, the assumption of control by a holder of a large block of our securities or the removal of incumbent management. Upon the affirmative vote of a majority of the total number of directors then in office, the board of directors may issue preferred shares with voting and conversion rights that could adversely affect the holders of common shares.

***Certain Provisions of the BCA and Our Articles***

**Shareholder Meetings**

We must hold an annual general meeting of our shareholders at least once every year at a time and place determined by our board of directors, provided that the meeting must not be held later than 15 months after the preceding annual general meeting. A meeting of our shareholders will be held anywhere in British Columbia, subject to the directors, by resolution, approving for such meetings outside of British Columbia.

At any time, our directors may call a meeting of our shareholders. Shareholders holding not less than 5% of our issued voting shares may also cause our directors to call a shareholders' meeting.

A notice to convene a meeting - specifying the date, time and location of the meeting and, where a meeting is to consider special business, the general nature of the special business - must be sent to shareholders,

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each director, and the auditor not less than 21 days prior to the meeting, although, as a result of applicable securities laws, the time for notice is effectively longer. Under the BCA, shareholders entitled to notice of a meeting may waive or reduce the period of notice for that meeting, provided applicable securities laws are met. The accidental omission to send notice of any meeting of shareholders to, or the non-receipt of any notice by, any person entitled to notice does not invalidate any proceedings at that meeting.

A quorum for meetings of shareholders is is one person who is a shareholder, or who is otherwise permitted to vote shares of the Company at a meeting of shareholders pursuant to these articles, present in person or by proxy. No business, other than the election of a chair of the meeting and the adjournment of the meeting, may be transacted at any meeting of shareholders unless a quorum of shareholders entitled to vote is present at the commencement of the meeting, but such quorum need not be present throughout the meeting. If, within one-half hour from the time set for the holding of a meeting of shareholders, a quorum is not present: (a) in the case of a general meeting requisitioned by shareholders, the meeting is dissolved, and (b) in the case of any other meeting of shareholders, the meeting stands adjourned to the same day in the next week at the same time and place.

Holders of our common shares are entitled to attend meetings of our shareholders. Except as otherwise provided with respect to any particular series of preferred shares, and except as otherwise required by law, the holders of our preferred shares are not entitled as a class to receive notice of or to attend or vote at any meetings of our shareholders. Our directors, our secretary (if any), our auditor and any other persons invited by our Chairman or directors or with the consent of those at the meeting are entitled to attend any meeting of our shareholders but will not be counted in the quorum or be entitled to vote at the meeting unless he or she is a shareholder or proxyholder entitled to vote at the meeting.

**Requirements for Advance Notification of Shareholder Nominations and Proposals**

Under the BCA, shareholders may make proposals for matters to be considered at the annual general meeting of shareholders. Such proposals must be sent to us in advance of any proposed meeting by delivering a timely written notice in proper form to our registered office in accordance with the requirements of the BCA. The notice must include information on the business the shareholder intends to bring before the meeting.

Our articles do not require that shareholders provide us with advance notice of their intention to nominate any persons other than those nominated by management for election to our board of directors at a meeting of shareholders.

**Removal of Directors**

The Company may remove any director before the expiration of his or her term of office by special resolution. In that event, the shareholders may elect, or appoint by ordinary resolution, a director to fill the resulting vacancy. If the shareholders do not elect or appoint a director to fill the resulting vacancy contemporaneously with the removal, then the directors may appoint or the shareholders may elect, or appoint by ordinary resolution, a director to fill that vacancy. The directors may remove any director before the expiration of his or her term of office if the director is convicted of an indictable offence, or if the director ceases to be qualified to act as a director of a company and does not promptly resign, and the directors may appoint a director to fill the resulting vacancy.

**Alterations**

The Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)either by directors' resolution or by ordinary resolution, at the election of the directors in their sole discretion: (1) create one or more classes or series of shares or, if none of the shares of a class are allotted or issued, eliminate that class of shares; (2) increase, reduce or eliminate the maximum number of shares that the Company is authorized to issue out of any class or series of shares or establish a maximum number of shares that the Company is authorized to issue out of any class or series of shares for which no maximum is established; (3) subdivide or consolidate all or

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any of its unissued, or fully paid issued, shares; (4) if the Company is authorized to issue shares of a class of shares with par value: (i) decrease the par value of those shares; or (ii) if none of the shares of that class of shares are allotted or issued, increase the par value of those shares; (5) change all or any of its unissued, or fully paid issued, shares with par value into shares without par value or any of its unissued shares without par value into shares with par value; (6) alter the identifying name of any of its shares; (7) otherwise alter its shares or authorized share structure when required or permitted to do so by the BCA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)by ordinary resolution otherwise alter its shares or authorized share structure; and alter its Articles and Notice of Articles accordingly.

The Company may by directors' resolution or by ordinary resolution, in each case as determined by the directors, authorize an alteration of its Notice of Articles in order to change its name.

**Change of Control**

Our articles do not contain any change of control limitations with respect to a merger, acquisition or corporate restructuring that involves us.

Under the BCA, a bidder seeking to acquire us would need - on a compulsory acquisition (tender offer) - to receive shareholder acceptance in respect to 90% of our outstanding shares. If this 90% threshold is not achieved in the offer, under the BCA, the bidder would not be able to complete a "second step merger" to obtain 100% control of us. Although 50% is the more common tender offer under U.S. law, an offer of 90% of our outstanding shares will likely be a condition in a tender offer to acquire us.

Additionally, The Investment Canada Act requires that a "non-Canadian," as defined therein, file an application for review with the Minister responsible for the Investment Canada Act and obtain approval of the Minister prior to acquiring control of a Canadian business, where prescribed financial thresholds are exceeded. Otherwise, there are no limitations either under the laws of Canada or in the Company's articles on the rights of non-Canadians to hold or vote the Company's common shares. (Given our current size and industry, we do not believe these rules would apply to us.)

Any of these provisions may discourage a potential acquirer from proposing or completing a transaction that may have otherwise presented a premium to our shareholders.

***Dividend Policy***

We have not declared or paid any cash dividends and do not intend to pay cash dividends in the near future on our common shares. Cash dividends, if any, that may be paid in the future to holders of common shares will be payable when, as and if declared by our board of directors based upon the board's assessment of our financial condition, our earnings, our need for funds, whether any preferred shares are outstanding, to the extent the preferred shares have a prior claim to dividends and other factors including any applicable laws. We are not currently a party to any agreement restricting the payment of dividends.

**INCOME TAX CONSIDERATIONS**

You should consult your own professional advisers to obtain advice on the income tax consequences that apply to you.

***Canadian Income Tax Consequences***

You should consult your own professional advisers to obtain advice on the income tax consequences that apply to you.

We consider that the following summary fairly describes the principal Canadian federal income tax consequences applicable to a holder of our common shares who at all material times deals at arm's length with our Company, who holds all common shares as capital property, who is resident in the United States, who is not a resident of Canada and who does not use or hold and is not deemed to use or hold, his common

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shares of our Company in connection with carrying on a business in Canada (a "**non-resident holder**"). It is assumed that the common shares will at all material times be listed on a stock exchange that is prescribed for purposes of the *Income Tax Act* (Canada) (the "**ITA**") and regulations thereunder. Investors should be aware that the Canadian federal income tax consequences applicable to holders of our common shares will change if, for any reason, we cease to be listed on a prescribed stock exchange. Accordingly, holders and prospective holders of our common shares should consult with their own tax advisors with respect to the income tax consequences of them purchasing, owing and disposing of our common shares should we cease to be listed on a prescribed stock exchange.

This summary is based upon the current provisions of the ITA, the regulations there under, the Canada-United States Tax Convention as amended by the Protocols thereto (the "**Treaty**") as at the date of the registration statement and the currently publicly announced administrative and assessing policies of the Canada Revenue Agency (the "**CRA**"). This summary does not take into account Canadian provincial income tax consequences. This description is not exhaustive of all possible Canadian federal income tax consequences and does not take into account or anticipate any changes in law, whether by legislative, governmental or judicial action. This summary does, however, take into account all specific proposals to amend the ITA and regulations there under, publicly announced by the Government of Canada to the date hereof.

**This summary does not address potential tax effects relevant to our Company or those tax considerations that depend upon circumstances specific to each investor. Accordingly, holders and prospective holders of our common shares should consult with their own tax advisors with respect to the income tax consequences to them of purchasing, owning and disposing of common shares in our Company.**

**Dividends**

The ITA provides that dividends and other distributions deemed to be dividends paid or deemed to be paid by a Canadian resident corporation (such as our Company) to a non-resident of Canada shall be subject to a non-resident withholding tax equal to 25% of the gross amount of the dividend of deemed dividend. Provisions in the ITA relating to dividend and deemed dividend payments to and gains realized by non-residents of Canada, who are residents of the United States, are subject to the Treaty. The Treaty may reduce the withholding tax rate on dividends as discussed below.

Article X of the Treaty as amended by the US-Canada Protocol ratified on November 9, 1995 provides a 5% withholding tax on gross dividends or deemed dividends paid to a United States corporation which beneficially owns at least 10% of the voting stock of the Company paying the dividend. In cases where dividends or deemed dividends are paid to a United States resident (other than a corporation) or a United States corporation which beneficially owns less than 10% of the voting stock of a company, a withholding tax of 15% is imposed on the gross amount of the dividend or deemed dividend paid. We would be required to withhold any such tax from the dividend and remit the tax directly to CRA for the account of the investor.

The reduction in withholding tax from 25%, pursuant to the Treaty, will not be available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the shares in respect to which the dividends are paid formed part of the business property or were otherwise effectively connected with a permanent establishment or fixed base that the holder has or had in Canada within the 12 months preceding the disposition, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the holder is a U.S. LLC which is not subject to tax in the U.S.

The Treaty generally exempts from Canadian income tax dividends paid to a religious, scientific, literary, educational, or charitable organization or to an organization exclusively administering a pension, retirement or employee benefit fund or plan, if the organization is resident in the U.S. and is exempt from income tax under the laws of the U.S.

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**Capital Gains**

A non-resident holder is not subject to tax under the ITA in respect to capital gains realized upon the disposition of one of our shares unless the share represents "taxable Canadian property" to the holder thereof. Our common shares will be considered taxable Canadian property of a non-resident holder only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the non-resident holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) persons with whom the non-resident holder did not deal at arm's length; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the non-resident holder and persons with whom he did not deal at arm's length;

owned not less than 25% of the issued shares of any class or series of our Company at any time during the five-year period preceding the disposition. In the case of a non-resident holder to whom shares of our Company represent taxable Canadian property and who is resident in the United States, no Canadian taxes will generally be payable on a capital gain realized on such shares by reason of the Treaty unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the value of such shares is derived principally from real property (including resource property) situated in Canada,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the holder was resident in Canada for 120 months during any period of 20 consecutive years preceding and at any time during the 10 years immediately preceding, the disposition and the shares were owned by him when he ceased to be a resident of Canada,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) they formed part of the business property or were otherwise effectively connected with a permanent establishment or fixed base that the holder has or had in Canada within the 12 months preceding the disposition, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the holder is a U.S. LLC which is not subject to tax in the U.S.

If subject to Canadian tax on such a disposition, the taxpayer's capital gain (or capital loss) from a disposition is the amount by which the taxpayer's proceeds of disposition exceed (or are exceeded by) the aggregate of the taxpayer's adjusted cost base of the shares and reasonable expenses of disposition. For Canadian income tax purposes, the "**taxable capital gain**" is equal to one-half of the capital gain.

**RRSP**

Not all securities are eligible for investment in a registered retirement savings plan (RRSP). You should consult your own professional advisers to obtain advice on the RRSP eligibility of these securities.

**U.S. Federal Income Tax Consequences**

The following is a discussion of the material United States Federal income tax consequences, under current law, applicable to a U.S. Holder (as defined below) of our common shares who holds such shares as capital assets. This discussion does not address all potentially relevant Federal income tax matters and it does not address consequences peculiar to persons subject to special provisions of Federal income tax law, such as those described below as excluded from the definition of a U.S. Holder. In addition, this discussion does not cover any state, local, or foreign tax consequences. (See "**Canadian Federal Income Tax Consequences**" above.)

The following discussion is based on the *Internal Revenue Code of 1986*, as amended (the "**Code**"), Treasury Regulations, published Internal Revenue Service ("**IRS**") rulings, published administrative positions of the IRS and court decisions that are currently applicable. Any or all of these could be materially and adversely changed (possibly on a retroactive basis) at any time. In addition, this discussion does not consider the potential effects (both adverse and beneficial) of any recently proposed legislation which, if enacted, could be applied (possibly on a retroactive basis) at any time.

The discussion below does not address potential tax effects relevant to our Company or those tax considerations that depend upon circumstances specific to each investor. In addition, this discussion does not address the tax consequences that may be relevant to particular investors subject to special treatment under certain U.S. Federal income tax laws, such as, dealers in securities, tax-exempt entities, banks, insurance companies and non-U.S. Holders. Purchasers of our common shares should therefore satisfy

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themselves as to the overall tax consequences of their ownership of our common shares, including the State, local and foreign tax consequences thereof (which are not reviewed herein) and should consult their own tax advisors with respect to their particular circumstances.

**U.S. Holders**

As used herein, a "**U.S. Holder**" includes a beneficial holder of common shares of our Company who is a citizen or resident of the United States, a corporation or partnership created or organized in or under the laws of the United States or of any political subdivision thereof, any trust if a US court is able to exercise primary supervision over the administration of the trust and one or more US persons have the authority to control all substantial decisions of the trust, any entity created or organized in the United States which is taxable as a corporation for U.S. tax purposes and any other person or entity whose ownership of common shares of our Company is effectively connected with the conduct of a trade or business in the United States. A U.S. Holder does not include persons subject to special provisions of Federal income tax law such as tax-exempt organizations, qualified retirement plans, financial institutions, insurance companies, real estate investment trusts, regulated investment companies, broker-dealers, non-resident alien individuals or foreign corporations whose ownership of our common shares is not effectively connected with the conduct of a trade or business in the United States and shareholders who acquired their shares through the exercise of employee stock options or otherwise as compensation.

**Dividend Distribution on Shares of our Company**

U.S. Holders receiving dividend distributions (including constructive dividends) with respect to the common shares of our Company are required to include in gross income for United States Federal income tax purposes the gross amount of such distributions to the extent that we have current or accumulated earnings and profits, without reduction for any Canadian income tax withheld from such distributions. Such Canadian tax withheld may be deducted or may be credited against actual tax payable, subject to certain limitations and other complex rules, against the U.S. Holder's United States Federal taxable income (see "**Foreign Tax Credit**" below). To the extent that distributions exceed our current or accumulated earnings and profits, these distributions will be treated first as a return of capital to the extent of the shareholder's basis in the common shares of our Company and thereafter as gain from the sale or exchange of the common shares of our Company. Preferential tax rates for net long-term capital gains may be applicable to a U.S. holder whether they be an individual, estate, or trust.

In general, dividends paid on our common shares will not be eligible for the dividends received deduction provided to corporations receiving dividends from certain United States corporations.

**Foreign Tax Credit**

A U.S. Holder who pays (or who has had withheld from distributions) Canadian income tax with respect to the ownership of our common shares may be entitled, at the election of the U.S. Holder, to either a deduction or a tax credit for such foreign tax paid or withheld. This election is made on a year-by-year basis and generally applies to all foreign income taxes paid by (or withheld from) the U.S. Holder during that year. There are significant and complex limitations which apply to the credit, among which is the general limitation that the credit cannot exceed the proportionate share of the U.S. Holder's United States income tax liability that the U.S. Holder's foreign source income bears to his or its world-wide taxable income. In determining the application of this limitation, the various items of income and deduction must be classified into foreign and domestic sources. Complex rules govern income such as "passive income", "**high withholding tax interest**", "**financial services income**", "**shipping income**" and certain other classifications of income. A U.S. Holder who is treated as a domestic U.S. corporation owning 10% or more of our voting stock is also entitled to a deemed paid foreign tax credit in certain circumstances for the underlying foreign tax of our Company related to dividends received or Subpart F income received from us. (See the discussion below of Controlled Foreign Corporations). The availability of the foreign tax credit and the application of the limitations on the foreign tax credit are fact specific and holders and prospective

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holders of our common shares should consult their own tax advisors regarding their individual circumstances.

**Disposition of Common Shares**

If a "U.S. Holder" is holding shares as a capital asset, a gain or loss realized on a sale of our common shares will generally be a capital gain or loss and will be long-term if the shareholder has a holding period of more than one year. However, gains realized upon sale of our common shares may, under certain circumstances, be treated as ordinary income if we were determined to be a "collapsible corporation" within the meaning of Code Section 341 based on the facts in existence on the date of the sale (See below for definition of "collapsible corporation"). The amount of gain or loss recognized by a selling U.S. Holder will be measured by the difference between (i) the amount realized on the sale and (ii) his tax basis in our common shares. Capital losses are deductible only to the extent of capital gains. However, in the case of taxpayers other than corporations (U.S.) $3,000 ($1,500 for married individuals filing separately) of capital losses are deductible against ordinary income annually. In the case of individuals and other non-corporate taxpayers, capital losses that are not currently deductible may be carried forward to other years. In the case of corporations, capital losses that are not currently deductible are carried back to each of the three years preceding the loss year and forward to each of the five years succeeding the loss year.

A "**collapsible corporation**" is a corporation that is formed or availed principally to manufacture, construct, produce, or purchase prescribed types or property that the corporation holds for less than three years and that generally would produce ordinary income on its disposition with a view to the shareholders selling or exchanging their stock and thus realizing gain before the corporation realizes two thirds of the taxable income to be derived from prescribed property. Prescribed property includes: stock in trade and inventory; property held primarily for sale to customers in the ordinary course of business; unrealized receivables or fees, consisting of rights to payment for noncapital assets delivered or to be delivered, or services rendered or to be rendered to the extent not previously included in income, but excluding receivables from selling property that is not prescribed; and property gain on the sale of which is subject to the capital gain/ordinary loss rule. Generally, a shareholder who owns directly or indirectly five percent or less of the outstanding stock of the corporation may treat gain on the sale of his shares as capital gain.

**Other Considerations for U.S. Holders**

In the following circumstances, the above sections of this discussion may not describe the United States Federal income tax consequences resulting from the holding and disposition of common shares of the Registrant. Our management is of the opinion that there is little, if not, any likelihood that we will be deemed a "**Foreign Personal Holding Company**", a "**Foreign Investment Company**" or a "**Controlled Foreign Corporation**" (each as defined below) under current and anticipated conditions.

***Foreign Personal Holding Company***

If at any time during a taxable year more than 50% of the total combined voting power or the total value of our outstanding shares is owned, actually or constructively, by five or fewer individuals who are citizens or residents of the United States and 60% or more of our gross income for such year was derived from certain passive sources (e.g., from dividends received from its subsidiaries), we would be treated as a "**foreign personal holding company**." In that event, U.S. Holders that hold common shares in our capital would be required to include in income for such year their allocable portion of our passive income which would have been treated as a dividend had that passive income actually been distributed.

**Foreign Investment Company**

If 50% or more of the combined voting power or total value of our outstanding shares are held, actually or constructively, by citizens or residents of the United States, United States domestic partnerships or corporations, or estates or trusts other than foreign estates or trusts (as defined by the Code Section 7701(a)(31)) and we are found to be engaged primarily in the business of investing, reinvesting, or trading in securities, commodities, or any interest therein, it is possible that we might be treated as a "foreign

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investment company" as defined in Section 1246 of the Code, causing all or part of any gain realized by a U.S. Holder selling or exchanging our common shares to be treated as ordinary income rather than capital gains.

**Passive Foreign Investment Company**

A U.S. Holder who holds stock in a foreign corporation during any year in which such corporation qualifies as a passive foreign investment company ("**PFIC**") is subject to U.S. federal income taxation of that foreign corporation under one of two alternative tax methods at the election of each such U.S. Holder.

Section 1297 of the Code defines a PFIC as a corporation that is not formed in the United States and, for any taxable year, either (i) 75% or more of its gross income is "**passive income**," which includes interest, dividends and certain rents and royalties or (ii) the average percentage, by value (or, if the Company is a controlled foreign corporation or makes an election, adjusted tax basis), of its assets that produce or are held for the production of "**passive income**" is 50% or more. For taxable years of U.S. persons beginning after December 31, 1997 and for tax years of foreign corporations ending with or within such tax years, the *Taxpayer Relief Act of 1997* provides that publicly traded corporations must apply this test on a fair market value basis only. We believe that we currently do not qualify as a PFIC because our passive income producing assets are less than 50% of our total assets.

As a PFIC, each U.S. Holder must determine under which of the alternative tax methods it wishes to be taxed. Under one method, a U.S. Holder who elects in a timely manner to treat the Registrant as a Qualified Electing Fund ("**QEF**"), as defined in the Code, (an "**Electing U.S. Holder**") will be subject, under Section 1293 of the Code, to current federal income tax for any taxable year in which we qualify as a PFIC on his pro-rata share of our (i) "**net capital gain**" (the excess of net long-term capital gain over net short-term capital loss), which will be taxed as long-term capital gain to the Electing U.S. Holder and (ii) "**ordinary earnings**" (the excess of earnings and profits over net capital gain), which will be taxed as ordinary income to the Electing U.S. Holder, in each case, for the U.S. Holder's taxable year in which (or with which) our taxable year ends, regardless of whether such amounts are actually distributed. Such an election, once made shall apply to all subsequent years unless revoked with the consent of the IRS.

A QEF election also allows the Electing U.S. Holder to (i) generally treat any gain realized on the disposition of his common shares (or deemed to be realized on the pledge of his common shares) as capital gain; (ii) treat his share of our net capital gain, if any, as long-term capital gain instead of ordinary income, and (iii) either avoid interest charges resulting from PFIC status altogether (see discussion of interest charge below), or make an annual election, subject to certain limitations, to defer payment of current taxes on his share of our annual realized net capital gain and ordinary earnings subject, however, to an interest charge. If the Electing U.S. Holder is an individual, such an interest charge would be not deductible.

The procedure a U.S. Holder must comply with in making a timely QEF election will depend on whether the year of the election is the first year in the U.S. Holder's holding period in which we are a PFIC. If the U.S. Holder makes a QEF election in such first year, (sometimes referred to as a "**Pedigreed QEF Election**"), then the U.S. Holder may make the QEF election by simply filing the appropriate documents at the time the U.S. Holder files its tax return for such first year. If, however, we qualified as a PFIC in a prior year, then the U.S. Holder may make an "**Unpedigreed QEF Election**" by recognizing as an "excess distribution" (i) under the rules of Section 1291 (discussed below), any gain that he would otherwise recognize if the U.S. Holder sold his stock on the qualification date (Deemed Sale Election) or (ii) if we are a controlled foreign corporation ("**CFC**"), the Holder's pro rata share of the corporation's earnings and profits (Deemed Dividend Election) (But see "Elimination of Overlap Between Subpart F Rules and PFIC Provisions"). The effect of either the deemed sale election or the deemed dividend election is to pay all prior deferred tax, to pay interest on the tax deferral and to be treated thereafter as a Pedigreed QEF as discussed in the prior paragraph. With respect to a situation in which a Pedigreed QEF election is made, if we no longer qualify as a PFIC in a subsequent year, normal Code rules and not the PFIC rules will apply.

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If a U.S. Holder has not made a QEF Election at any time (a "**Non-electing U.S. Holder**"), then special taxation rules under Section 1291 of the Code will apply to (i) gains realized on the disposition (or deemed to be realized by reason of a pledge) of his common shares and (ii) certain "**excess distributions**", as specially defined, by our Company. An "**excess distribution**" is any current-year distribution in respect of PFIC stock that represents a ratable portion of the total distributions in respect of the stock during the year that exceed 125% of the average amount of distributions in respect of the stock during the three preceding years.

A Non-electing U.S. Holder generally would be required to pro-rate all gains realized on the disposition of his common shares and all excess distributions over the entire holding period for the common shares. All gains or excess distributions allocated to prior years of the U.S. Holder (other than years prior to our first taxable year during such U.S. Holder's holding period and beginning after January, 1987 for which it was a PFIC) would be taxed at the highest tax rate for each such prior year applicable to ordinary income. The Non-electing U.S. Holder also would be liable for interest on the deferred tax liability for each such prior year calculated as if such liability had been due with respect to each such prior year. A Non-electing U.S. Holder that is an individual is not allowed a deduction for interest on the deferred tax liability. The portions of gains and distributions that are not characterized as "**excess distributions**" are subject to tax in the current year under the normal tax rules of the Internal Revenue Code.

If we are a PFIC for any taxable year during which a Non-electing U.S. Holder holds common shares, then we will continue to be treated as a PFIC with respect to such common Shares, even if it is no longer by definition a PFIC. A Non-electing U.S. Holder may terminate this deemed PFIC status by electing to recognize gain (which will be taxed under the rules discussed above for Non-Electing U.S. Holders) as if such common shares had been sold on the last day of the last taxable year for which it was a PFIC.

Under Section 1291(f) of the Code, the Department of the Treasury has issued proposed regulations that would treat as taxable certain transfers of PFIC stock by Non-electing U.S. Holders that are generally not otherwise taxed, such as gifts, exchanges pursuant to corporate reorganizations and transfers at death. If a U.S. Holder makes a QEF Election that is not a Pedigreed Election (i.e., it is made after the first year during which we are a PFIC and the U.S. Holder holds our shares) (a "**Unpedigreed Election**"), the QEF rules apply prospectively but do not apply to years prior to the year in which the QEF first becomes effective. U.S. Holders should consult their tax advisors regarding the specific consequences of making a Non-Pedigreed QEF Election.

Certain special, generally adverse, rules will apply with respect to the common shares while we are a PFIC whether or not it is treated as a QEF. For example, under Section 1297(b)(6) of the Code (as in effect prior to the Taxpayer Relief Act of 1997), a U.S. Holder who uses PFIC stock as security for a loan (including a margin loan) will, except as may be provided in regulations, be treated as having made a taxable disposition of such stock.

The foregoing discussion is based on currently effective provisions of the Code, existing and proposed regulations thereunder, and current administrative rulings and court decisions, all of which are subject to change. Any such change could affect the validity of this discussion. In addition, the implementation of certain aspects of the PFIC rules requires the issuance of regulations which in many instances have not been promulgated and which may have retroactive effect. There can be no assurance that any of these proposals will be enacted or promulgated, and if so, the form they will take or the effect that they may have on this discussion. Accordingly, and due to the complexity of the PFIC rules, U.S. Holders of the Registrant are strongly urged to consult their own tax advisors concerning the impact of these rules on their investment in our Company. For a discussion of the impact of the Taxpayer Relief Act of 1997 on a U.S. Holder of a PFIC, see "Mark-to-Market Election for PFIC Stock Under the *Taxpayer Relief Act of 1997*" and "Elimination of Overlap Between Subpart F Rules and PFIC Provisions" below.

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**Mark-to-Market Election for PFIC Stock under the Taxpayer Relief Act of 1997**

*The Taxpayer Relief Act of 1997* provides that a U.S. Holder of a PFIC may make a mark-to-market election with respect to the stock of the PFIC if such stock is marketable as defined below. This provision is designed to provide a current inclusion provision for persons that are Non-Electing Holders. Under the election, any excess of the fair market value of the PFIC stock at the close of the tax year over the Holder's adjusted basis in the stock is included in the Holder's income. The Holder may deduct any excess of the adjusted basis of the PFIC stock over its fair market value at the close of the tax year. However, deductions are limited to the net mark-to-market gains on the stock that the Holder included in income in prior tax years, or so called "**unreversed inclusions**." For purposes of the election, PFIC stock is marketable if it is regularly traded on (1) a national securities exchange that is registered with the SEC, (2) the national market system established under Section II A of the Exchange Act, or (3) an exchange or market that the IRS determines has rules sufficient to ensure that the market price represents legitimate and sound fair market value.

A Holder's adjusted basis of PFIC stock is increased by the income recognized under the mark-to-market election and decreased by the deductions allowed under the election. If a U.S. Holder owns PFIC stock indirectly through a foreign entity, the basis adjustments apply to the basis of the PFIC stock in the hands of the foreign entity for the purpose of applying the PFIC rules to the tax treatment of the U.S. owner. Similar basis adjustments are made to the basis of the property through which the U.S. persons hold the PFIC stock.

Income recognized under the mark-to-market election and gain on the sale of PFIC stock with respect to which an election is made is treated as ordinary income. Deductions allowed under the election and loss on the sale of PFIC with respect to which an election is made, to the extent that the amount of loss does not exceed the net mark-to-market gains previously included, are treated as ordinary losses. The U.S. or foreign source of any income or losses is determined as if the amount were a gain or loss from the sale of stock in the PFIC.

If PFIC stock is owned by a CFC (discussed below), the CFC is treated as a U.S. person that may make the mark-to-market election. Amounts includible in the CFC's income under the election are treated as foreign personal holding company income and deductions are allocable to foreign personal holding company income.

The above provisions apply to tax years of U.S. persons beginning after December 31, 1997, and to tax years of foreign corporations ending with or within such tax years of U.S. persons.

The rules of Code Section 1291 applicable to nonqualified funds as discussed above generally do not apply to a U.S. Holder for tax years for which a mark-to-market election is in effect. If Code Section 1291 is applied and a mark-to-market election was in effect for any prior tax year, the U.S. Holder's holding period for the PFIC stock is treated as beginning immediately after the last tax year of the election. However, if a taxpayer makes a mark-to-market election for PFIC stock that is a nonqualified fund after the beginning of a taxpayer's holding period for such stock, a co-ordination rule applies to ensure that the taxpayer does not avoid the interest charge with respect to amounts attributable to periods before the election.

**Controlled Foreign Corporation Status**

If more than 50% of the voting power of all classes of stock or the total value of the stock of our Company is owned, directly or indirectly, by U.S. Holders, each of whom own after applying rules of attribution 10% or more of the total combined voting power of all classes of stock of our Company, we would be treated as a "**controlled foreign corporation**" or "**CFC**" under Subpart F of the Code. This classification would bring into effect many complex results including the required inclusion by such 10% U.S. Holders in income of their pro rata shares of "**Subpart F income**" (as defined by the Code) of our Company and our earnings invested in "**U.S. property**" (as defined by Section 956 of the Code). In addition, under Section 1248 of the Code if we are considered a CFC at any time during the five-year period ending with the sale or exchange of its stock, gain from the sale or exchange of common shares of our Company by such a 10%

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U.S. Holder of our common shares at any time during the five-year period ending with the sale or exchange is treated as ordinary dividend income to the extent of our earnings and profits attributable to the stock sold or exchanged. Because of the complexity of Subpart F and because we may never be a CFC, a more detailed review of these rules is beyond the scope of this discussion.

**Elimination of Overlap between Subpart F Rules and PFIC Provisions**

Under the Taxpayer Relief Act of 1997, a PFIC that is also a CFC will not be treated as a PFIC with respect to certain 10% U.S. Holders. For the exception to apply, (i) the corporation must be a CFC within the meaning of section 957(a) of the Code and (ii) the U.S. Holder must be subject to the current inclusion rules of Subpart F with respect to such corporation (i.e., the U.S. Holder is a "**United States Shareholder**," see "**Controlled Foreign Corporation**," above). The exception only applies to that portion of a U.S. Holder's holding period beginning after December 31, 1997. For that portion of a United States Holder before January 1, 1998, the ordinary PFIC and QEF rules continue to apply.

As a result of this new provision, if we were ever to become a CFC, U.S. Holders who are currently taxed on their pro rata shares of Subpart F income of a PFIC which is also a CFC will not be subject to the PFIC provisions with respect to the same stock if they have previously made a Pedigreed QEF Election. The PFIC provisions will however continue to apply to U.S Holders for any periods in which Subpart F does not apply (for example he is no longer a 10% Holder or we are no longer a CFC) and to U.S. Holders that did not make a Pedigreed QEF Election unless the U.S. Holder elects to recognize gain on the PFIC shares held in our Company as if those shares had been sold.

**ALL PROSPECTIVE INVESTORS ARE ADVISED TO CONSULT THEIR OWN TAX ADVISORS WITH RESPECT TO THE SPECIFIC TAX CONSEQUENCES OF PURCHASING THE COMMON SHARES OF OUR COMPANY.**

**FATCA**

The U.S. *Foreign Account Tax Compliance Act* ("**FATCA**") will generally impose a 30% withholding tax on dividends on our common shares (and, beginning January 1, 2017, on the gross proceeds of a disposition of common shares) that are paid to: (i) a foreign financial institution (as that term is defined in Section 1471(d)(4) of the Code and the Treasury regulations thereunder) unless that foreign financial institution enters into an agreement with the U.S. Treasury Department to collect and disclose information regarding U.S. account holders of that foreign financial institution (including certain account holders that are foreign entities that have U.S. owners) and satisfies other requirements, or is otherwise exempt from FATCA withholding; and (ii) a "**non-financial foreign entity**" (as that term is defined in Section 1472(d) of the Code and the Treasury regulations thereunder) unless such entity certifies that it does not have any substantial U.S. owners or provides the name, address and taxpayer identification number of each substantial U.S. owner and such entity satisfies other specified requirements, or otherwise is exempt from FATCA withholding. Intergovernmental agreements entered into between the United States and a foreign jurisdiction may modify these requirements. A Non-U.S. Holder should consult its own tax advisor regarding the application of this legislation to it. FATCA withholding will apply to dividends paid on shares of our common shares and commencing January 1, 2017, to gross proceeds from the disposition of our common shares.

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**Pricing of the Offering**

Prior to the offering, there has been no public market for our securities. The initial public offering price was determined by negotiation between us and the placement agents. The principal factors considered in determining the initial public offering price include:

● the information set forth in this offering circular and otherwise available to the placement agents;

● our history and prospects and the history of and prospects for the industry in which we compete;

● our past and present financial performance;

● our prospects for future earnings and the present state of our development;

● the general condition of the securities markets at the time of this offering;

● the recent market prices of, and demand for, publicly traded securities of generally comparable companies; and

● other factors deemed relevant by the placement agents and us.

**Investment Limitations** 

As set forth in Title IV of the JOBS Act, there are limits on how many shares an investor may purchase if the offering does not result in a listing on a national securities exchange. The following would apply unless we are able to obtain a listing on a national securities exchange.

Generally, in the case of trading on the over-the-counter markets, no sale may be made to you in this offering if the aggregate purchase price you pay is more than 10% of the greater of your annual income or net worth. Different rules apply to accredited investors and non-natural persons. Before making any representation that your investment does not exceed applicable thresholds, we encourage you to review Rule 251(d)(2)(i)(C) of Regulation A. For general information on investing, we encourage you to refer to www.investor.gov.

Because this is a Tier 2, Regulation A offering, most investors in the case of trading on the over-the-counter markets must comply with the 10% limitation on investment in the offering. The only investor in this offering exempt from this limitation is an "accredited investor" as defined under Rule 501 of Regulation D under the Securities Act. If you meet one of the following tests you should qualify as an accredited investor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) You are a natural person who has had individual income in excess of $200,000 in each of the two most recent years, or joint income with your spouse in excess of $300,000 in each of these years, and have a reasonable expectation of reaching the same income level in the current year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) You are a natural person and your individual net worth, or joint net worth with your spouse, exceeds $1,000,000 at the time you purchase shares of our Common Stock in the offering;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) You are an executive officer or general partner of the issuer or a manager or executive officer of the general partner of the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) You are an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, or the Code, a corporation, a Massachusetts or similar business trust or a partnership, not formed for the specific purpose of acquiring the shares in this offering, with total assets in excess of $5,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) You are a bank or a savings and loan association or other institution as defined in the Securities Act, a broker or dealer registered pursuant to Section 15 of the Exchange Act, an insurance company as defined by the Securities Act, an investment company registered under the Investment Company Act of 1940, or a business development company as defined in that act, any Small Business Investment Company licensed by the Small Business Investment Act of 1958 or a private business development company as defined in the Investment Advisers Act of 1940;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) You are an entity (including an Individual Retirement Account trust) in which each equity owner is an accredited investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) You are a trust with total assets in excess of $5,000,000, your purchase of shares of our Common Stock in the offering is directed by a person who either alone or with his purchaser representative(s) (as defined in Regulation D promulgated under the Securities Act) has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of the prospective investment, and you were not formed for the specific purpose of investing in the shares in this offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) You are a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has assets in excess of $5,000,000.

**Offering Period and Expiration Date**

This offering will start on or after the date that the offering is qualified by the SEC and will terminate at the earlier of: (1) the date on which the maximum offering amount has been sold, (2) the date which is three years after this offering has been qualified by the SEC or (3) the date on which this offering is earlier terminated by us in our sole discretion.

**Procedures for Subscribing**

The placement agents intend to use their online platforms to provide technology tools to allow for the sales of securities in this offering. In addition, the placement agents may engage selling agents in connection with the offering to assist with the placement of securities.

In order to invest, you will subscribe to the offering via the online platform hosted by the placement agent and will agree to the terms of the offering, the subscription agreement and any other relevant exhibit attached thereto. When subscribing through the online platform, payment to the escrow account may be made by ACH electronic transfer, wire transfer of immediately available funds, and credit or debit cards. The minimum subscription amount is $300.

 

*Escrow Account*. We may close on investments on a "rolling" basis (so not all investors will receive their shares on the same date). Investors who participate in this offering will be required to deposit their subscription funds in an escrow account held at ________, which refer to as the escrow agent, and such

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funds that the escrow agent receives shall remain in escrow until a closing has occurred. Upon closing, funds tendered by investors will be made available to us for our use.

 

*Right to Reject Subscriptions*. After we receive your complete, executed subscription agreement and the funds required under the subscription agreement have been transferred to the escrow account, we have the right to review and accept or reject your subscription in whole or in part, for any reason or for no reason. The escrow agent will return all monies from rejected subscriptions immediately to you, without interest or deduction.

 

*Acceptance of Subscriptions*. Upon our acceptance of a subscription agreement, we will countersign the subscription agreement and issue the shares subscribed at closing. Once you submit the subscription agreement and it is accepted, you may not revoke or change your subscription or request your subscription funds. All accepted subscription agreements are irrevocable. Upon a closing, the subscription funds will be removed from the escrow account and transferred to our account and our transfer agent will make record of shares owned and deliver a statement to each investor.

Under Rule 251 of Regulation A, non-accredited, non-natural investors are subject to the investment limitation and may only invest funds which do not exceed 10% of the greater of the purchaser's revenue or net assets (as of the purchaser's most recent fiscal year end). As a result, a non-accredited, natural person may only invest funds which do not exceed 10% of the greater of the purchaser's annual income or net worth (please see below on how to calculate your net worth).

 

*How to Calculate Net Worth*. For the purposes of calculating your net worth, it is defined as the difference between total assets and total liabilities. This calculation must exclude the value of your primary residence and may exclude any indebtedness secured by your primary residence (up to an amount equal to the value of your primary residence). In the case of fiduciary accounts, net worth and/or income suitability requirements may be satisfied by the beneficiary of the account or by the fiduciary, if the fiduciary directly or indirectly provides funds for the purchase of the shares in this offering.

In order to purchase the shares in this offering and prior to the acceptance of any funds from an investor, an investor will be required to represent, to our satisfaction, that he is either an accredited investor or is in compliance with the 10% of net worth or annual income limitation on investment in this offering.

**Selling Shareholders**

The shares being offered for resale by the selling shareholders consist of 2,000,000shares of our common stock held by 2 shareholders. The shares being offered by the selling shareholders hereby are being qualified to permit public secondary trading and the sale of such shares by the placement agents, and the selling shareholders may offer all or part of the shares for resale from time to time. However, the selling shareholders are under no obligation to sell all or any portion of such shares nor are the selling shareholders obligated to sell any shares immediately upon effectiveness of this offering circular.

Dalmore has agreed to sell shares offered by the selling shareholders on a basis of 1 selling shareholder share for each 1.5 shares offered by the Company until such time as the resell shares have all been sold; provided, however, no shares held by the selling shareholders will be sold until the Company has sold shares in the amount of at least $8,000,000. After the Company has sold $8,000,000 in shares, Dalmore will sell shares on behalf of both the Company and the selling shareholders who desire to sell shares. If more than one selling shareholder desires to sell shares, such shares shall be offered on a pro-rata basis by Dalmore. In addition, the Company may use a portion of the proceeds to repurchase shares from one or more shareholders.

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**LEGAL MATTERS**

The validity of the shares of our Common Stock offered hereby will be passed upon for us by Kunzler Bean & Adamson, Salt Lake City, UT.

**EXPERTS**

The financial statements of the Company for the Period from Incorporation on November 5, 2021 to May 31, 2022 have been audited by Davidson & Company, LLP, an independent registered public accounting firm, as stated in their report appearing elsewhere herein, and are included in reliance upon such report and upon the authority of such firm as experts in accounting and auditing.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the Securities and Exchange Commission a Regulation A offering statement on Form 1-A under the Securities Act with respect to the shares of Common Stock offered hereby. This offering circular, which constitutes a part of the offering statement, does not contain all of the information set forth in the offering statement or the exhibits and schedules filed therewith. For further information about us and the common stock offered hereby, we refer you to the offering statement and the exhibits and schedules filed thereto. Statements contained in this offering circular regarding the contents of any contract or any other document that is filed as an exhibit to the offering statement are not necessarily complete, and each such statement is qualified in all respects by reference to the full text of such contract or other document filed as an exhibit to the offering statement. Upon the completion of this offering, we will be required to file periodic reports, proxy statements, and other information with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934. You may read and copy this information at the Public Reference Room of the Securities and Exchange Commission, 100 F Street, N.E., Room 1580, Washington, D.C. 20549. You may obtain information on the operation of the public reference rooms by calling the Securities and Exchange Commission at 1-800-SEC-0330. The Securities and Exchange Commission also maintains an Internet website that contains reports, proxy statements and other information about offerors, like us, that file electronically with the Securities and Exchange Commission. The address of that site is *www.sec.gov*.

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**FINANCIAL STATEMENTS**

***Audited Consolidated Financial Statements for the Period from Incorporation on November 5, 2021 to May 31, 2022.***

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**ATELIER MEATS CORP.** 

**(FORMERLY FUTURE BURGER CORP.) CONSOLIDATED FINANCIAL STATEMENTS**

For the period from incorporation on November 5, 2021 to May 31, 2022

(Expressed in Canadian dollars)

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![](atelier1a_2.jpg)

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**INDEPENDENT AUDITOR'S REPORT**

To the Directors of

Atelier Meats Corp. (formerly Future Burger Corp.)

***Opinion***

We have audited the accompanying consolidated financial statements of Atelier Meats Corp. (formerly Future Burger Corp.) (the "Company"), which comprise the consolidated statement of financial position as at May 31, 2022, and the consolidated statements of loss and comprehensive loss, changes in cash flows, and shareholders' equity for the period from incorporation on November 5, 2021 to May 31, 2022, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Company as at May 31, 2022, and its financial performance and its cash flows for the period from incorporation on November 5, 2021 to May 31, 2022 in accordance with International Financial Reporting Standards ("IFRS").

***Basis for Opinion***

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the consolidated Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained in our audit is sufficient and appropriate to provide a basis for our opinion.

***Material Uncertainty Related to Going Concern***

We draw attention to Note 1 of the consolidated financial statements, which indicates that the Company incurred a net loss of $8,682,215 during the period from incorporation on November 5, 2021 to May 31, 2022 and, as of that date, the Company has an accumulated deficit of $8,682,215. As stated in Note 1, these events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

***Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements***

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

------

![Picture 1](atelier1a_3.jpg)

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***Auditor's Responsibilities for the Audit of the Consolidated Financial Statements***

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

&nbsp;&nbsp;&nbsp;&nbsp;● Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

&nbsp;&nbsp;&nbsp;&nbsp;● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

&nbsp;&nbsp;&nbsp;&nbsp;● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

&nbsp;&nbsp;&nbsp;&nbsp;● Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;● Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

&nbsp;&nbsp;&nbsp;&nbsp;● Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Company to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

The engagement partner on the audit resulting in this independent auditor's report is Dylan Connelly.

![Picture 25](atelier1a_4.jpg)

Vancouver, CanadaChartered Professional Accountants

December 23, 2022

------

**ATELIER MEATS CORP. (FORMERLY FUTURE BURGER CORP.)**

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(Expressed in Canadian dollars)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Note** | **May 31, 2022** |
|  |  | **$** |
| &nbsp;&nbsp;**ASSETS** |  |  |
| &nbsp;&nbsp;**Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash |  | **2793040** |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and deposits |  | **19088** |
| &nbsp;&nbsp;&nbsp;&nbsp;GST receivable |  | **39273** |
| &nbsp;&nbsp;**Total assets** |  | **2851401** |
| &nbsp;&nbsp; <br> **LIABILITIES** |  |  |
| &nbsp;&nbsp;**Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 9 | **542593** |
| &nbsp;&nbsp;**Total liabilities** |  | **542593** |
| &nbsp;&nbsp;**EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5(b) | **10919028** |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserves | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5(b) | **71995** |
| &nbsp;&nbsp;&nbsp;&nbsp;Deficit |  | **(8682215)** |
| &nbsp;&nbsp;**Total equity** |  | **2308808** |
| &nbsp;&nbsp; <br> **Total liabilities and equity** |  | <br> **2851401** |

---

Nature of operations and going concern (Note 1) Events after the reporting period (Note 11)

These consolidated financial statements were approved and authorized for issue by the Director on December 23, 2022. They are signed on the Company's behalf by:

<u>"Signed" </u> <br> Leighton Bocking, Director

The accompanying notes are an integral part of these consolidated financial statements.

------

**ATELIER MEATS CORP. (FORMERLY FUTURE BURGER CORP.)**

CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

For the period from incorporation on November 5, 2021 to May 31, 2022 (Expressed in Canadian dollars, except share numbers)

------

---

| | | |
|:---|:---|:---|
|  |  | **2022** |
|  |  | **$** |
| &nbsp;&nbsp;**Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising |  | **72617** |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | **7671889** |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | **572000** |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative |  | **13773** |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees |  | **17743** |
| &nbsp;&nbsp;&nbsp;&nbsp;Research |  | **334193** |
|  |  | **8682215** |
| &nbsp;&nbsp;**Net loss and Comprehensive loss** |  | **(8682215)** |
| &nbsp;&nbsp; <br> **Net loss per share** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted |  | **(0.57)** |
| &nbsp;&nbsp; <br> **Weighted average number of shares outstanding** | &nbsp;&nbsp; <br> **Weighted average number of shares outstanding** | &nbsp;&nbsp; <br> **Weighted average number of shares outstanding** |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted |  | **15244488** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**ATELIER MEATS CORP. (FORMERLY FUTURE BURGER CORP.)**

CONSOLIDATED STATEMENT OF CASH FLOWS

For the period from incorporation on November 5, 2021 to May 31, 2022 (Expressed in Canadian dollars)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Note** | **2022** |
|  |  | **$** |
| &nbsp;&nbsp;**Operating activities** |  |  |
| &nbsp;&nbsp;Net loss |  | **(8682215)** |
| &nbsp;&nbsp;Adjustment for non-cash items: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition expense | 4 | **7671889** |
| &nbsp;&nbsp;**Changes in non-cash working capital items:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GST receivable |  | **(11435)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable payables and accrued liabilities |  | **348274** |
| &nbsp;&nbsp;**Net cash used in by operating activities** |  | **(673487)** |
| &nbsp;&nbsp; <br> **Investing activities** |  |  |
| &nbsp;&nbsp;Cash acquired in the Transaction | 4 | **1574104** |
| &nbsp;&nbsp;**Net cash provided by investing activities** |  | **1574104** |
| &nbsp;&nbsp; <br> **Financing activities** |  |  |
| &nbsp;&nbsp;Common shares issued for cash – incorporation | &nbsp;&nbsp;&nbsp;5(b) | **40** |
| &nbsp;&nbsp;Common shares issued for cash – private placement | &nbsp;&nbsp;&nbsp;5(b) | **1892383** |
| &nbsp;&nbsp;**Net cash provided by financing activities** |  | **1892423** |
| &nbsp;&nbsp; <br> Increase in cash |  | <br> **2793040** |
| &nbsp;&nbsp;Cash, beginning of period |  | **-** |
| &nbsp;&nbsp;**Cash, end of period** |  | **2793040** |

---

Supplemental cash flow disclosure (Note 10)

The accompanying notes are an integral part of these consolidated financial statements.

------

ATELIER MEATS CORP. (FORMERLY FUTURE BURGER CORP.)

CONSOLIDATED STATEMENT OF EQUITY

For the period from incorporation to May 31, 2022 (Expressed in Canadian dollars)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | <br> **Note** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Number of common shares** | <br> **Share capital** | <br> **Reserves** | <br> **Deficit** | <br> **Total equity** |
|  |  | # | $| $| $| $|
| &nbsp;&nbsp;**Balance, November 5, 2021** |  | - | - | - | - | - |
| &nbsp;&nbsp;Shares issued – incorporation | 5(b) | 5920001 | 40 | - | - | 40 |
| &nbsp;&nbsp;Shares issued – private placement | 5(b) | 34017462 | 1820388 | 71995 | - | 1892383 |
| &nbsp;&nbsp;Shares issued – Transaction | 4,5(b) | 4343486 | 9098600 | - | - | 9098600 |
| &nbsp;&nbsp;Net loss |  | - | - | - | (8682215) | (8682215) |
| &nbsp;&nbsp;**Balance, May 31, 2022** |  | **44280949** | **10919028** | **71995** | **(8682215)** | **2308808** |

---

The accompanying notes form an integral part of these consolidated financial statements.

------

**ATELIER MEATS CORP. (FORMERLY FUTURE BURGER CORP.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the period from incorporation on November 5, 2021 to May 31, 2022

(Expressed in Canadian dollars)

------

**1. NATURE OF OPERATIONS AND GOING CONCERN**

Atelier Meats Corp. (formerly "Future Burger Corp.") (the "Company") was incorporated on March 13, 2018, under the laws of British Columbia, Canada. On July 19, 2022, the Company received approval for continuance in British Columbia, Canada. The Company's head office is located at 1400-1199 West Hastings Street, Vancouver, British Columbia V6E 3T5. The Company changed its name from Lunar Blockchain Inc. to Future Burger Corp. on March 8, 2021, and on July 28, 2022, the Company changed its name to Atelier Meats Corp.

On May 18, 2022, the Company incorporated two wholly owned subsidiaries named 1363554 BC Ltd ("1363554") and 1363565 BC Ltd. ("1363565") for the purpose of acquiring Triumph Brands Corp. ("Triumph") and Atelier Meats Corp. ("Atelier") as further described in note 4. On May 31, 2022, the Company amalgamated 1363565 and Triumph and the name was changed to 1365362 BC Ltd. On May 31, 2022, the Company amalgamated 1363554 and Atelier and the name was changed to 1365359 BC Ltd. ("1365359").

On August 18, 2022, the Company consolidated its issued share capital on a ratio of 10 old common shares for every 1 new post-consolidated common share. All current and comparative references to the number of common shares, weighted average number of common shares, loss per share, and warrants have been restated to give effect to this share consolidation.

The Company is a biotechnology company in the business of developing lab grown meats.

**Reverse takeover**

On May 31, 2022, the Company acquired all of the issued and outstanding common shares of 1365359 by an Amalgamation Agreement (the "Transaction") by issuing 39,937,463 common shares of the Company. As a result of the Transaction, 1365359 obtained a majority interest of the issued and outstanding shares of the Company which constituted a reverse acquisition of the Company by 1365359 for accounting purposes with 1365359 being identified as the accounting acquirer, and accordingly, the Company is considered a continuation of 1365359. The net assets of the Company at the date of the reverse acquisition are deemed to have been acquired by 1365359 (Note 4). These consolidated financial statements include the results of operations of the Company from May 31, 2022. The share capital of 1365359 has been adjusted retroactively to reflect the capital of the Company.

**Going concern**

During the period from incorporation to May 31, 2022, the Company incurred a net loss of $8,682,215. As at May 31, 2022, the Company has an accumulated deficit of $8,682,215. The Company's ability to continue as a going concern is dependent upon the Company's ability to raise sufficient financing to acquire or develop a profitable business. The Company intends on financing its future development activities and operations from the sale of equity securities. These factors indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern.

These consolidated financial statements do not include any adjustments or disclosures that would be required if assets are not realized and liabilities and commitments are not settled in the normal course of operations. If the Company is unable to continue as a going concern, then the carrying value of certain assets and liabilities would require revaluation to a liquidation basis, which could differ materially from the values presented in the consolidated financial statements.

**COVID-19**

During the year ended May 31, 2022, the global outbreak of COVID-19 (coronavirus) continued, which has had a significant impact on businesses through the restrictions put in place by the Canadian, provincial and municipal governments regarding travel, business operations and isolation/quarantine orders. At this time, it is unknown the extent of the impact the COVID-19 outbreak may have on the Company as this will depend on future developments that are highly uncertain and that cannot be predicted with confidence. These uncertainties arise from the inability to predict the ultimate geographic spread of the disease, and the duration of the outbreak, including the duration of travel restrictions, business closures or disruptions, and quarantine/isolation measures that are currently, or may be put, in place by Canada and other countries to fight the virus.

------

**ATELIER MEATS CORP. (FORMERLY FUTURE BURGER CORP.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the period from incorporation on November 5, 2021 to May 31, 2022

(Expressed in Canadian dollars)

------

**2. BASIS OF PRESENTATION**

**(a) Statement of compliance**

These audited consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations issued by the International Financing Reporting Interpretations Committee ("IFRIC") for all years presented.

**(b) Basis of presentation**

The consolidated financial statements have been prepared using the historical cost basis, except for certain financial assets and liabilities which are measured at fair value, as specified by IFRS for each type of asset, liability, income and expense as set out in the accounting policies below. These consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information.

**(c) Functional and presentation currency**

These consolidated financial statements are presented in Canadian dollars, except as otherwise noted. The functional currency of the Company is the Canadian dollar ("CAD").

**(d) Basis of consolidation**

These consolidated financial statements include the financial statements of the Company and entities controlled by the Company. Control exists where the parent entity has power over the investee and is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are included in the consolidated financial statements from the date control commences until the date control ceases.

All inter-company balances, transactions, and expenses have been eliminated on consolidation. These consolidated financial statements incorporate the accounts of the Company and the following subsidiaries:

---

| | |
|:---|:---|
| **Name of Subsidiary** | **Percentage Ownership** |
| 1365359 BC Ltd. (1)<br> Canada | 100%<br> CAD |
| 1365362 BC Ltd. (2)<br> Canada | 100%<br> CAD |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)1365359 BC Ltd. was the result of the amalgamation of 1363554 and Atelier on May 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)1365362 BC Ltd. was the result of the amalgamation of 1363565 and Triumph on May 31, 2022.

------

**ATELIER MEATS CORP. (FORMERLY FUTURE BURGER CORP.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the period from incorporation on November 5, 2021 to May 31, 2022

(Expressed in Canadian dollars)

------

**3. SIGNIFICANT ACCOUNTING POLICIES**

**(a) Significant estimates and assumptions**

The preparation of the Company's consolidated financial statements in conformity with IFRS requires management to make estimates based on assumptions about future events that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period.

The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively in the period in which the estimate is revised.

Areas that require significant estimates and assumptions as the basis for determining the stated amounts include, but are not limited to, the following:

**i. Going concern**

Management assesses the Company's ability to continue as a going-concern at each reporting date, using all quantitative and qualitative information available. This assessment, by its nature, relies on estimates of future cash flows and other future events (as discussed in Note 1), whose subsequent changes could materially impact the validity of such an assessment.

**ii. Current and deferred income taxes**

The Company's provision for income taxes is estimated based on the expected annual effective tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The current and deferred components of income taxes are estimated based on forecasted movements in temporary differences. Changes to the expected annual effective tax rate and differences between the actual and expected effective tax rate and between actual and forecasted movements in temporary differences will result in adjustments to the Company's provision for income taxes in the period changes are made and/or differences are identified.

In assessing the probability of realizing income tax assets recognized, management makes estimates related to expectations of future taxable income, applicable tax planning opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative evidence that can be objectively verified. Estimates of future taxable income are based on forecasted cash flows from operations and the application of existing tax laws in each jurisdiction. Forecasted cash flows from operations are based on contractual revenues and expenses and planned expenses, which are internally developed and reviewed by management.

Weight is attached to tax planning opportunities that are within the Company's control, and are feasible and implementable without significant obstacles.

------

**ATELIER MEATS CORP. (FORMERLY FUTURE BURGER CORP.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the period from incorporation on November 5, 2021 to May 31, 2022

(Expressed in Canadian dollars)

------

**3. SIGNIFICANT ACCOUNTING POLICIES (continued)**

The likelihood that tax positions taken will be sustained upon examination by applicable tax authorities is assessed based on individual facts and circumstances of the relevant tax position evaluated in light of all available evidence.

**iii. Equity-settled share-based payments**

Share-based payments are measured at fair value. Options and warrants are measured using the Black-Scholes option pricing model based on estimated fair values of all share-based awards at the date of grant and are expensed to the consolidated statement of loss and comprehensive loss over each award's vesting period. The Black-Scholes option pricing model utilizes subjective assumptions such as expected price volatility, expected life of the option and likelihood of vesting. Changes in these input assumptions can significantly affect the fair value estimate.

**iv. The assessment of the Transaction as an asset acquisition**

Determination of whether a set of assets acquired and liabilities assumed constitute the acquisition of a business or asset requires the Company to make certain judgments as to whether or not the assets acquired and liabilities assumed include the inputs, processes and outputs necessary to constitute a business as defined in IFRS 3, *Business Combinations*. If an acquired set of assets and liabilities includes goodwill, the set is presumed to be a business. Based on an assessment of the relevant facts and circumstances, the Company concluded that the Transaction disclosed in Note 4 was an acquisition of assets. The values assigned to common shares issued and the allocation of the purchase price to the net assets in the Transaction are based on numerous estimates and judgements.

**(b) Cash**

Cash is comprised of cash at banks.

**(c) Share capital**

Common shares are classified as equity. Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity.

The Company records proceeds from share issuances net of issue costs and any tax effects. Common shares issued for non-monetary consideration are recorded at the fair value of goods or services received or the fair value of the common shares issued if it is determined that the fair value of the goods or services cannot be reliably measured. The fair market value of the common shares issued is based upon the most recent share price agreed between the Company and arm's length parties.

**(d) Share purchase warrants**

Share purchase warrants are classified as equity under the principles of IAS 32 - *Financial Instruments: Presentation* as the exercise price of the share purchase warrant is fixed in Canadian dollars and the functional currency of the Company is the Canadian dollar.

------

**ATELIER MEATS CORP. (FORMERLY FUTURE BURGER CORP.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the period from incorporation on November 5, 2021 to May 31, 2022

(Expressed in Canadian dollars)

------

**3. SIGNIFICANT ACCOUNTING POLICIES (continued)**

The share purchase warrants are recognized at fair value using the Black-Scholes option pricing model. Share purchase warrants are initially recorded into equity reserves and future changes in fair value are not recognized.

Upon exercise of the share purchase warrants, the initial value allocated to equity reserves in reversed and the residual of the cash proceeds over the initial fair value is recorded as to issued capital. On expiry, the equity reserve is reclassified from the warrant reserve to contributed surplus.

**(e) Financial instruments**

Classification of financial assets

*Amortized cost:*

Financial assets that meet the following conditions are measured subsequently at amortized cost:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. Interest income is recognized using the effective interest method.

The Company has classified GST receivable at amortized cost.

*Fair value through other comprehensive income ("FVTOCI"):*

Financial assets that meet the following conditions are measured at FVTOCI:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

The Company does not currently hold any financial instruments designated as FVTOCI.

*Equity instruments designated as FVTOCI:*

On initial recognition, the Company may make an irrevocable election (on an instrument-by-instrument basis) to designate investments in equity instruments that would otherwise be measured at fair value through profit or loss ("FVTPL") to present subsequent changes in fair value in other comprehensive income. Designation at FVTOCI is not permitted if the equity investment is held for trading or if it is contingent consideration recognized by an acquirer in a business combination. Investments in equity instruments at FVTOCI are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognized in other OCI. The cumulative gain or loss is not reclassified to the statement of loss and comprehensive loss on disposal of the equity instrument, instead, it is transferred to deficit.

------

**ATELIER MEATS CORP. (FORMERLY FUTURE BURGER CORP.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the period from incorporation on November 5, 2021 to May 31, 2022

(Expressed in Canadian dollars)

------

**3. SIGNIFICANT ACCOUNTING POLICIES (continued)**

The Company does not currently hold any equity instruments designated as FVTOCI.

*Financial assets measured subsequently at fair value through profit or loss:*

By default, all other financial assets are measured subsequently at FVTPL.

The Company, at initial recognition, may also irrevocably designate a financial asset as measured at FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases.

Financial assets measured at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized on the statement of loss and comprehensive loss to the extent they are not part of a designated hedging relationship.

The Company has classified cash at FVTPL.

Classification of financial liabilities

Financial liabilities that are not contingent consideration of an acquirer in a business combination, held for trading or designated as at FVTPL, are measured at amortized cost using effective interest method. The Company's financial liabilities measured at amortized cost are trade and other liabilities. The Company currently does not hold any financial liabilities at FVTPL.

**(f) Taxes**

*i. Current tax expense*

Current tax is the expected tax payable or receivable on the taxable earnings or loss for the period.

Current tax is based on the local taxable income at the local statutory tax rate enacted or substantively enacted at the reporting date and includes adjustments to tax payable or recoverable in respect of previous periods.

*ii. Deferred tax expense*

Deferred tax is accounted for using the balance sheet liability method, providing for the tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and their respective tax bases.

Deferred tax liabilities are recognized for all taxable temporary differences except where the deferred tax liability arises from the initial recognition of goodwill, or the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting earnings nor taxable earnings or loss.

Deferred tax assets are recognized for all deductible temporary differences, carry forwards of unused tax losses and tax credits, to the extent that it is probable that taxable earnings will be available against which the deductible temporary differences, and the carry forward of unused tax losses can be utilized, except where the deferred tax asset related to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting earnings nor taxable earnings or loss.

The carrying amounts of deferred tax assets are reviewed at each reporting date and are adjusted to the extent that it is no longer probable that sufficient taxable earnings will be available to allow all or part of the asset to be utilized. To the extent that an asset not previously recognized fulfills the criteria for recognition, a deferred tax asset is recorded.

------

**ATELIER MEATS CORP. (FORMERLY FUTURE BURGER CORP.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the period from incorporation on November 5, 2021 to May 31, 2022

(Expressed in Canadian dollars)

------

**3. SIGNIFICANT ACCOUNTING POLICIES (continued)**

Deferred tax is measured on an undiscounted basis using the tax rates that are expected to apply in the period when the liability is settled or the asset is realized, based on tax rates and tax laws enacted or substantially enacted at the reporting date. Current and deferred tax relating to items recognized directly in equity are recognized in equity and not in earnings or loss.

**(g) Research and development expenditures**

Research expenditures are expensed in the period incurred. Product development expenditures are expensed in the period incurred unless the expenditures meet specific criteria related to technical, market and financial feasibility for deferral and amortization. The Company's policy is to amortize deferred product development expenditures over the expected future life of the product. Any costs incurred to establish and maintain patents for intellectual property developed internally are expensed in the period incurred. No product development expenditures have been deferred to date.

**(h) Loss per share**

The Company presents basic and diluted loss per share data for its common shares, calculated by dividing the loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted loss per share does not adjust the loss attributable to the common shareholders or the weighted average number of common shares outstanding when the effect is anti-dilutive.

**(i) Related party transactions**

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or common significant influence, related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

**4. ACQUISITION OF ATELIER**

As described in Note 1, on May 31, 2022, the Company and 1365359 completed a Transaction which constituted a reverse acquisition.

As a result of the Transaction, the shareholders of 1365359 obtained control of the combined entity by obtaining control of the voting power of the combined entity and the resulting power to govern the financial and operating policies of the combined entities. The Transaction constitutes a reverse acquisition of the Company by 1365359 and has been accounted for as a reverse acquisition transaction in accordance with the guidance provided in IFRS 2, *Share-based Payments* and IFRS 3, *Business Combinations*. As the Company did not qualify as a business according to the definition in IFRS 3, this reverse acquisition does not constitute a business combination; rather it is treated as an issuance of shares by 1365359 for the net assets of the Company and the acquisition expense and 1365359 as the continuing entity. Accordingly, no goodwill or intangible assets were recorded with respect to the transaction as it does not constitute a business.

For accounting purposes, 1365359 was treated as the accounting parent company (legal subsidiary) and the Company has been treated as the accounting subsidiary (legal parent) in these consolidated financial statements. As 1365359 was deemed to be the acquirer for accounting purposes, its assets, liabilities and operations since incorporation are included in these consolidated financial statements at their historical carrying value. The Company's results of operations have been included from May 31, 2022.

The outstanding warrants of 1365359 as at the date of the Transaction were exchanged for warrants exercisable into common shares of the Company on equivalent terms. As part of the Transaction the Company also issued 14,776,869 performance warrants ("Performance Warrants"). The Company had no warrants or stock options outstanding as at the date of the Transaction.

------

**ATELIER MEATS CORP. (FORMERLY FUTURE BURGER CORP.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the period from incorporation on November 5, 2021 to May 31, 2022

(Expressed in Canadian dollars)

------

**4. ACQUISITION OF ATELIER (continued)**

The consideration and net assets acquired were as follows:

---

| | |
|:---|:---|
|  | **$** |
| &nbsp;&nbsp;**Consideration:** |  |
| &nbsp;&nbsp;Fair value of 4,343,486 common shares (1) | 9098600 |
| &nbsp;&nbsp;**Total consideration** | **9098600** |
| &nbsp;&nbsp;**Net assets acquired:** |  |
| &nbsp;&nbsp;Cash | 1574104 |
| &nbsp;&nbsp;Prepaid expenses and deposits | 19088 |
| &nbsp;&nbsp;GST receivable | 27838 |
| &nbsp;&nbsp;Accounts payable and accrued liabilities | (194319) |
| &nbsp;&nbsp;**Total net assets acquired** | **1426711** |
| &nbsp;&nbsp;**Acquisition expense** | **7671889** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Transaction was measured at the fair value of the shares that 1365359 would have had to issue to shareholders of the Company, to give shareholders of the Company the same percentage equity interest in the combined entity that results from the reverse acquisition had it taken the legal form of the 1365359 acquiring the Company.

Management has expensed the consideration in excess of the net assets acquired equal to $7,671,889 in accordance with IFRS 2, *Share-based Payments*.

**5. SHARE CAPITAL**

**(a) Authorized**

The Company is authorized to issue an unlimited number of common shares with no par value.

**(b) Issued**

On August 18, 2022, the Company consolidated its issued share capital on a ratio of 10 old common shares for every 1 new post-consolidated common share. All current and comparative references to the number of common shares, weighted average number of common shares, loss per share, warrants have been restated to give effect to this share consolidation.

The Company has the following common share transactions during the period from incorporation to May 31, 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On November 5, 2021, the Company issued 5,920,001 common shares of the Company at a subscription price of $0.00001 per share, raising gross proceeds of $40.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On November 19, 2021, the Company completed a non-brokered private placement and issued 29,600,000 units of the Company at a subscription price of $0.0135 per share, raising gross proceeds of $400,000. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole share purchase warrant entitles the subscriber to acquire one additional share at a price of $0.07 per share purchase warrant until 24 months from the date of listing on a Canadian stock exchange. A fair value of $71,995 was assigned to the warrants issued using the Black-Scholes valuation model (average volatility 100%, expected life 3.53 years, risk free rate 1.35%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On December 23, 2021, the Company completed a non-brokered private placement and issued 3,335,191 common shares of the Company at a subscription price of $0.34 per share, raising gross proceeds of $1,126,752.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On January 27, 2022, the Company completed a non-brokered private placement and issued 748,821 common shares of the Company at a subscription price of $0.34 per share, raising gross proceeds of $252,980.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On March 7, 2022, the Company completed a non-brokered private placement and issued 333,450 common shares of the Company at a subscription price of $0.34 per share, raising gross proceeds of $112,651.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On May 31, 2022, the Company issued 4,343,486 common shares pursuant to the Transaction (Note 4).

------

**ATELIER MEATS CORP. (FORMERLY FUTURE BURGER CORP.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the period from incorporation on November 5, 2021 to May 31, 2022

(Expressed in Canadian dollars)

------

**5. SHARE CAPITAL (continued)**

**(c) Share purchase warrants**

A summary of share purchase warrant activity is as follows:

---

| | | |
|:---|:---|:---|
|  | <br> **Number of Warrants** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average Exercise Price** |
|  | # | $|
| &nbsp;&nbsp;Balance, November 5, 2021 | - | - |
| &nbsp;&nbsp;Issued (1) | 14800016 | 0.07 |
| &nbsp;&nbsp;**Balance, May 31, 2022** | **14800016** | **0.07** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Share purchase warrants were issued in connection with the November 19, 2021 non-brokered private placements as described above.

The share purchase warrants outstanding and exercisable at May 31, 2022 have the following expiry date and exercise prices:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Expiry Date** | **May 31, 2022** |
|  | $# |
| &nbsp;&nbsp;24 months from the date of listing on a Canadian stock exchange | 14800016 |
| &nbsp;&nbsp;**Total** | **14800016** |

---

**(d) Performance Warrants**

On May 31, 2022, the Company issued 14,776,869 performance warrants. Each performance warrant is exercisable into one common share of the Company at an exercise price of $0.17.

The following table summarizes performance warrants outstanding as at May 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Grant date** | &nbsp;&nbsp;**Expiry date** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of performance warrants** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of exercisable performance warrants** | **Weighted average remaining life** |
|  |  | # | # | $Years |
| &nbsp;&nbsp;May 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;May 30, 2023 | 14776869 | - | 1.00 |
| &nbsp;&nbsp;**Total** |  | **14776869** | **-** | **1.00** |

---

The Company recognized $nil with respect to the performance warrants as the performance warrants vest if the Company successfully produces a structured-cultured meat prototype, as deemed to be "successful" at the sole and absolute discretion of the Directors of the Company. Due to uncertainty surrounding the ultimate vesting of the performance warrants, the Company has assigned $nil fair value until vesting occurs. Management will assess the probability of vesting at each reporting period and amend the valuation based upon the results of this assessment.

------

**ATELIER MEATS CORP. (FORMERLY FUTURE BURGER CORP.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the period from incorporation on November 5, 2021 to May 31, 2022

(Expressed in Canadian dollars)

------

**6. INCOME TAXES**

A reconciliation of income taxes at statutory rates with the reported taxes for the period from incorporation to May 31, 2022 is as follows:

---

| | |
|:---|:---|
|  | **2022** |
|  | **$** |
| &nbsp;&nbsp;Net loss before income taxes | **(8682215)** |
| &nbsp;&nbsp;Canadian statutory income tax rate | **27%** |
| &nbsp;&nbsp;Expected income tax recovery | **(2344000)** |
| &nbsp;&nbsp;Permanent differences and other | **1858000** |
| &nbsp;&nbsp;Change in unrecognized deductible temporary differences | **486000** |
| &nbsp;&nbsp;Total income tax recovery | **-** |

---

The significant components of the Company's deferred tax assets that have not been included on the consolidated statement of financial position are as follows:

---

| | |
|:---|:---|
|  | **May 31, 2022** |
|  | **$** |
| &nbsp;&nbsp;Deferred tax assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-capital losses available for future periods | **453000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share issuance costs | **33000** |
| &nbsp;&nbsp;Deferred income tax assets | **486000** |
| &nbsp;&nbsp;Unrecognized deferred tax assets | **(486000)** |
| &nbsp;&nbsp;Net deferred tax assets | **-** |

---

As at May 31, 2022, the Company has approximately $1,700,000 of Canadian non-capital income tax losses (unrecognized) which will expire over 2041 to 2042.

------

**ATELIER MEATS CORP. (FORMERLY FUTURE BURGER CORP.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the period from incorporation on November 5, 2021 to May 31, 2022

(Expressed in Canadian dollars)

------

**7. FINANCIAL RISK MANAGEMENT**

**(a) Fair value measurement of financial assets and liabilities**

The Company has established a fair value hierarchy that reflects the significance of inputs of valuation techniques used in making fair value measurements as follows:

Level 1 – quoted prices in active markets for identical assets or liabilities;

Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. from derived prices); and

Level 3 – inputs for the asset or liability that are not based on observable market data.

The carrying values of cash and accounts payable and accrued liabilities approximate their carrying values due to their short-term nature.

As at May 31, 2022, there were no financial assets or liabilities measured and recognized in the consolidated statements of financial position at fair value that would be categorized as Level 2 or Level 3 in the fair value hierarchy.

**(b) Risk Management**

The Company examines its various financial risks to which it is exposed and assesses the impact and likelihood of occurrence. The risks may include credit risk, currency risk, liquidity risk and interest rate risk.

*i. Credit risk*

Counterparty credit risk is the risk that the financial benefits of contracts with a specific counterparty will be lost if a counterparty defaults on its obligations under the contract. This includes amounts owed to the Company by these counterparties, less and amounts owed to the counterparty by the Company where a legal right of offset exists and also includes the fair values of contracts with individual counterparties which are recorded in the financial statements.

The Company's credit risk is predominantly related to cash balances held in financial institutions and GST receivables. The maximum exposure to the credit risk is equal to the carrying value of such financial assets. The objective of managing counterparty credit risk is to minimize potential losses in financial assets. Cash is only deposited with or held by major financial institutions where the Company conducts its business. GST receivables are due from the government of Canada.

The Company does not have significant credit risk.

*ii. Currency risk*

Currency risk arises from transactions that are denominated in a foreign currency. The Company's functional currency is the Canadian dollar and the Company has exposure to foreign exchange risk from the United States dollars because various vendors are located and operate in the United States. The Company does not use derivative instruments to reduce its exposure to foreign exchange risk. The transactions in US dollars are subject to fluctuations as a result of exchange rate variations to the extent that transactions are made in this currency.

At May 31, 2022, a 10% increase or decrease in the US Dollar relative to the Canadian Dollar would result in a $36,706 increase or decrease in the Company's net loss for the year.

------

**ATELIER MEATS CORP. (FORMERLY FUTURE BURGER CORP.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the period from incorporation on November 5, 2021 to May 31, 2022

(Expressed in Canadian dollars)

------

**7. FINANCIAL RISK MANAGEMENT (continued)**

*iii. Liquidity risk*

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company has a planning and budgeting process in place to help determine the funds required to support the Company's normal operating requirements and its expansion plans. In the normal course of business, the Company enters into contracts and performs business activities that give rise to commitments for future minimum payments. The Company has no concentrations of liquidity risk.

As at May 31, 2022, the Company had a cash balance of $2,793,040 and current liabilities of $542,593. The Company's current cash resources are sufficient to settle its current liabilities.

*iv. Interest rate risk*

Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates. The Company's is not exposed to interest rate risk.

**8. CAPITAL RISK MANAGEMENT**

The Company manages its capital structure and adjusts in light of economic conditions. The Company, upon approval from its Board of Directors, will balance its overall capital structure through new share issues or by undertaking other activities as deemed appropriate under the specific circumstances.

The Company is not subject to externally imposed capital requirements as at May 31, 2022.

**9. RELATED PARTY TRANSACTIONS**

Key management personnel include those persons having the authority and responsibility of planning, directing and executing the activities of the Company. The Company has determined that its key management personnel consist of executive and non-executive members of the Company's Board of Directors and corporate officers.

During the period from incorporation to May 31, 2022, the Company incurred $15,000 in consulting costs to a director.

**10. SUPPLEMENTAL CASH FLOW INFORMATION**

During the period from incorporation to May 31, 2022, the Company paid $nil cash interest and $nil income taxes.

During the period from incorporation to May 31, 2022, the Company issued 4,343,486 common shares with a fair value of $9,098,600 as consideration for the Transaction (Note 4).

------

**ATELIER MEATS CORP. (FORMERLY FUTURE BURGER CORP.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the period from incorporation on November 5, 2021 to May 31, 2022

(Expressed in Canadian dollars)

------

**11. EVENTS AFTER THE REPORTING PERIOD**

On October 18, 2022, the Company issued 418,408 units pursuant to a non-brokered private placement at $1.00 per unit for gross proceeds of $418,408. Each unit consists of one common share and one common share purchase warrant. Each whole share purchase warrant entitles the subscriber to acquire one additional share at a price of $2.00 per share purchase warrant until October 18, 2024.

On June 7, 2022, the Company issued 87,000 common shares as settlement of trade payables in the amount of $384,000. On July 28, 2022, the Company amalgamated with 1365359 and 1365362.

On August 12, 2022, the Company adopted a stock option plan (the "Plan") for its directors, officers, employees and consultants to acquire common shares of the Company at a price determined by the fair market value of the shares at the date immediately preceding the date on which the option is granted. The terms and conditions of the stock options are determined by the Board of Directors. The cumulative available incentive awards to be issued under the stock option plan shall not exceed 10% of the aggregate issued and outstanding common shares of the Company, with no one individual being granted more than 5% of the issued and outstanding common shares. In addition, the exercise price of stock options granted under the Plan shall not be lower than the exercise price permitted by the Canadian Securities Exchange, and all stock options granted under the Plan will have a maximum term permitted by the Canadian Securities Exchange.

------

**ATELIER MEATS CORP.(FORMERLY FUTURE BURGER CORP.)**

**Condensed Interim Financial Statements**

**For the six months ended November 30, 2022 and the period from incorporation on November 5, 2021 to November 30, 2021**

(Unaudited)

------

**ATELIER MEATS CORP. (formerly Future Burger Corp.)**

**Condensed Interim Statement of Financial Position**

(Unaudited - Expressed in Canadian dollars)

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **November 30, 2022** | May 31,<br> 2022 |
|  |  | **$** | $|
| **ASSETS** |  |  |  |
| **Current** |  |  |  |
| &nbsp;&nbsp;Cash |  | **2309132** | 2793040 |
| &nbsp;&nbsp;Prepaid expenses and deposits |  | **30937** | 19088 |
| &nbsp;&nbsp;GST receivable |  | **19415** | 39273 |
| **Total assets** |  | **2359484** | 2851401 |
| **LIABILITIES**  |  |  |  |
| **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | **906124** | 542593 |
| **Total liabilities** |  | **906124** | 542593 |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Share capital | 5(b) | **11648981** | 10919028 |
| Reserves | 5(b) | **71995** | 71995 |
| Deficit |  | **(10267616)** | (8682215) |
| **Total shareholders' equity** |  | **1453360** | 2308808 |
| **Total liabilities and shareholders' equity**  |  | **2359484** | 2851401 |

---

Nature of operations and going concern (Note 1)

Events after the reporting period (Note 10)

Approved and authorized for issue on behalf of the Board of Directors.

<u>"Signed" </u> <br> Leighton Bocking, Director

*The accompanying notes are an integral part of these condensed interim financial statements.*

------

**ATELIER MEATS CORP. (formerly Future Burger Corp.)**

**Condensed Interim Statement of Loss and Comprehensive Loss**

(Unaudited - Expressed in Canadian dollars, except number of shares)

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Six months ended November 30, | Period from incorporation on November 5, 2021, to November 30, |
|  | Note | **2022** | 2021 |
|  |  | **$** | $|
| **Operating expenses** |  |  |  |
| Advertising |  | **47373** | 4862 |
| Consulting | 6 | **922852** | - |
| General and administrative |  | **70971** | 3496 |
| Professional fees |  | **88801** | 3149 |
| Research |  | **496138** | - |
| **Operating loss** |  | **1626135** | 11507 |
| Gain on debt settlement | 5(b) | **(40000)** | - |
| Other income |  | **(734)** | - |
| **Net loss**  |  | **1585401** | 11507 |
| **Net loss per share** |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted |  | **0.03** | 0.00 |
| **Weighted average number of shares outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted |  | **44575504** | 6735539 |

---

------

**ATELIER MEATS CORP. (formerly Future Burger Corp.)**

**Condensed Interim Statement of Cash Flows**

(Unaudited - Expressed in Canadian dollars)

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Six months ended<br> November 30, | Period from incorporation on November 5, 2021 to November 30, |
|  | Note | **2022** | 2021 |
|  |  | **$** | $|
| **Operating activities** |  |  |  |
| Net loss |  | **(1585401)** | (11507) |
| Adjustment for non-cash items: |  |  |  |
| &nbsp;&nbsp;&nbsp;Gain on debt settlement | 4,5(b) | **(40000)** | - |
| Changes in non-cash working capital items: |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  | **(11849)** | - |
| &nbsp;&nbsp;&nbsp;GST receivable |  | **19858** | - |
| &nbsp;&nbsp;&nbsp;Accounts payable payables and accrued liabilities |  | **777531** | 11467 |
| **Net cash used in operating activities** |  | **(839861)** | (40) |
| **Financing activities** |  |  |  |
| Common shares issued for cash - incorporation | 5(b) | **-** | 40 |
| Shares issued for cash - private placement | 5(b) | **418408** | - |
| Share issuance cost |  | **(62455)** | - |
| **Net cash provided by financing activities** |  | **355953** | 40 |
| Decrease in cash |  | **(483908)** | - |
| Cash, beginning of period |  | **2793040** | - |
| **Cash, end of period** |  | **2309132** | - |

---

Supplemental cash flow disclosure (Note 9)

------

**ATELIER MEATS CORP. (formerly Future Burger Corp.)**

**Condensed Interim Statement of Shareholders' equity**

(Unaudited - Expressed in Canadian dollars, except share numbers)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Note** | **Number of common shares** | **Share capital** | **Reserves** | **Subscription receivable** | **Deficit** | **Total shareholders' equity** |
|  |  | # | $| $| $| $| $|
| Balance, November 5, 2021 |  | -  | - | -  |  | -  | -  |
| Shares issued - incorporation | 5(b) | 5920001 | 40 | - | - | - | 40 |
| Shares issued - private placement | 5(b) | 1853496 | 20539 | 4508 | (25047) | - | - |
| Net loss for the period |  | - | - | - | - | (11507) | (11507) |
| Balance, November 30, 2021 |  | 7773497 | 20579 | 4508 | (25047) | (11507) | (11467) |
| Shares issued - private placement | 5(b) | 32163966 | 1799849 | 67487 | 25047 | - | 1892383 |
| Shares issued - Transaction | 4 | 4343486 | 9098600 | - | - | - | 9098600 |
| Net loss for the period |  | - | - | - | - | (8670708) | (8670708) |
| Balance, May 31, 2022 |  | 44280949 | 10919028 | 71995 | - | (8682215) | 2308808 |
| Shares issued - private placement | 5(b) | 418408 | 418408 | - | - | - | 418408 |
| Shares issued for debt settlement | 5(b) | 187000 | 374000 | - | - | - | 374000 |
| Share issuance cost | 5(b) | - | (62455) | - | - | - | (62455) |
| Net loss for the period |  | - | - | - | - | (1585401) | (1585401) |
| **Balance, November 30, 2022** |  | **44886357** | **11648981** | **71995** | **-** | **(10267616)** | **1453360** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**1. NATURE OF OPERATIONS AND GOING CONCERN**

Atelier Meats Corp. (formerly "Future Burger Corp.") (the "Company") was incorporated on March 13, 2018, under the laws of British Columbia, Canada. On July 19, 2022, the Company received approval for continuance in British Columbia, Canada. The Company's head office is located at 1400-1199 West Hastings Street, Vancouver, British Columbia V6E 3T5. The Company changed its name from Lunar Blockchain Inc. to Future Burger Corp. on March 8, 2021, and on July 28, 2022, the Company changed its name to Atelier Meats Corp.

On May 18, 2022, the Company incorporated two wholly owned subsidiaries named 1363554 BC Ltd ("1363554") and 1363565 BC Ltd. ("1363565") for the purpose of acquiring Triumph Brands Corp. ("Triumph") and Atelier Meats Corp. ("Atelier") as further described in note 4. On May 31, 2022, the Company amalgamated 1363565 and Triumph and the name was changed to 1365362 BC Ltd. On May 31, 2022, the Company amalgamated 1363554 and Atelier and the name was changed to 1365359 BC Ltd. ("1365359").

On July 28, 2022, the Company amalgamated with 1365359 and 1365362. As a result of the amalgamation, the Company has no subsidiaries.

On August 18, 2022, the Company consolidated its issued share capital on a ratio of 10 old common shares for every 1 new post-consolidated common share. All current and comparative references to the number of common shares, the weighted average number of common shares, loss per share, and warrants have been restated to give effect to this share consolidation.

The Company is a biotechnology company in the business of developing lab-grown meats.

**Reverse takeover**

On May 31, 2022, the Company acquired all of the issued and outstanding common shares of 1365359 by an Amalgamation Agreement (the "Transaction") by issuing 39,937,463 common shares of the Company. As a result of the Transaction, 1365359 obtained a majority interest of the issued and outstanding shares of the Company which constituted a reverse acquisition of the Company by 1365359 for accounting purposes with 1365359 being identified as the accounting acquirer, and accordingly, the Company is considered a continuation of 1365359. The net assets of the Company at the date of the reverse acquisition are deemed to have been acquired by 1365359 (Note 4). These condensed interim financial statements ("interim financial statements") include the results of operations of the Company from May 31, 2022. The share capital of 1365359 has been adjusted retroactively to reflect the capital of the Company.

**Going concern**

As at November 30, 2022, the Company has an accumulated deficit of $10,267,616 (May 31, 2022 - $8,682,215). The Company's ability to continue as a going concern is dependent upon the Company's ability to raise sufficient financing to acquire or develop a profitable business. The Company intends on financing its future development activities and operations from the sale of equity securities. These factors indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern.

These interim financial statements do not include any adjustments or disclosures that would be required if assets are not realized, and liabilities and commitments are not settled in the normal course of operations. If the Company is unable to continue as a going concern, then the carrying value of certain assets and liabilities would require revaluation to a liquidation basis, which could differ materially from the values presented in the interim financial statements.

------

**2. BASIS OF PRESENTATION**

**·** **Statement of compliance**

These interim financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting, using accounting policies consistent with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the International Financial Reporting Interpretations Committee ("IFRIC"). As such, these interim financial statements do not contain all the disclosures required by IFRS for annual financial statements and should be read in conjunction with the Company's audited annual financial statements for the period from incorporation on November 5, 2021 to May 31, 2022.

These interim financial statements were approved by the Company's Board of Directors and authorized for issue on February 16, 2023.

**·** **Basis of presentation**

The interim financial statements have been prepared using the historical cost basis, except for certain financial assets and liabilities which are measured at fair value, as specified by IFRS for each type of asset, liability, income and expense as set out in the accounting policies below. These interim financial statements have been prepared using the accrual basis of accounting, except for cash flow information.

**·** **Functional and presentation currency**

These interim financial statements are presented in Canadian dollars, except as otherwise noted. The functional currency of the Company is the Canadian dollar ("CAD").

**3. SIGNIFICANT ACCOUNTING POLICIES**

In the preparation of these interim financial statements, the Company used the same accounting policies as in the most recent audited annual financial statements for the Company for the period from incorporation on November 5, 2021 to May 31, 2022.

**4. ACQUISITION OF ATELIER**

As described in Note 1, on May 31, 2022, the Company and 1365359 completed a Transaction which constituted a reverse acquisition.

As a result of the Transaction, the shareholders of 1365359 obtained control of the combined entity by obtaining control of the voting power of the combined entity and the resulting power to govern the financial and operating policies of the combined entities. The Transaction constitutes a reverse acquisition of the Company by 1365359 and has been accounted for as a reverse acquisition transaction in accordance with the guidance provided in IFRS 2, *Share-based Payments* and IFRS 3, *Business Combinations*. As the Company did not qualify as a business according to the definition in IFRS 3, this reverse acquisition does not constitute a business combination; rather it is treated as an issuance of shares by 1365359 for the net assets of the Company and the acquisition expense and 1365359 as the continuing entity. Accordingly, no goodwill or intangible assets were recorded with respect to the transaction as it does not constitute a business.

For accounting purposes, 1365359 was treated as the accounting parent company (legal subsidiary) and the Company has been treated as the accounting subsidiary (legal parent) in these financial statements. As 1365359 was deemed to be the acquirer for accounting purposes, its assets, liabilities, and operations since incorporation are included in these financial statements at their historical carrying value. The Company's results of operations have been included from May 31, 2022.

------

**4. ACQUISITION OF ATELIER (continued)**

The outstanding warrants of 1365359 as at the date of the Transaction were exchanged for warrants exercisable into common shares of the Company on equivalent terms. As part of the Transaction the Company also issued 14,776,869 performance warrants ("Performance Warrants"). The Company had no warrants or stock options outstanding as at the date of the Transaction.

The consideration and net assets acquired were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**$** |
| **Consideration:** |  |
| Fair value of 4,343,486 common shares <sup>(1)</sup> | &nbsp;&nbsp;9098600 |
| **Total consideration** | &nbsp;&nbsp;**9098600** |
| **Net assets acquired:** |  |
| Cash | &nbsp;&nbsp;1574104 |
| Prepaid expenses and deposits | &nbsp;&nbsp;19088 |
| GST receivable | &nbsp;&nbsp;27838 |
| Accounts payable and accrued liabilities | &nbsp;&nbsp;(194319) |
| **Total net assets acquired** | &nbsp;&nbsp;**1426711** |
| **Acquisition expense** | &nbsp;&nbsp;**7671889** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Transaction was measured at the fair value of the shares that 1365359 would have had to issue to shareholders of the Company, to give shareholders of the Company the same percentage equity interest in the combined entity that results from the reverse acquisition had it taken the legal form of the 1365359 acquiring the Company.

Management has expensed the consideration in excess of the net assets acquired equal to $7,671,889 in accordance with IFRS 2, *Share-based Payments.*

**5. SHARE CAPITAL**

**·** **Authorized**

The Company is authorized to issue an unlimited number of common shares with no par value.

**·** **Issued**

On August 18, 2022, the Company consolidated its issued share capital on a ratio of 10 old common shares for every 1 new post-consolidated common share. All current and comparative references to the number of common shares, weighted average number of common shares, loss per share, warrants have been restated to give effect to this share consolidation.

------

**5. SHARE CAPITAL (continued)**

During the six months ended November 30, 2022, the Company had the following common share transactions:

1. On June 7, 2022, the Company issued 87,000 common shares with a fair value of $174,000 at $2.00 per share as settlement of trade payables in the amount of $384,000. As a result of the debt settlement, the Company recorded a gain on debt settlement of $210,000 to the condensed interim statement of loss and comprehensive loss.

2. On August 19, 2022, the Company issued 100,000 common shares with a fair value of $200,000 at $2.00 per share as settlement of trade payables in the amount of $30,000. As a result of the agreement, the Company recorded a reduction in gain on debt settlement of $170,000 to the condensed interim statement of loss and comprehensive loss.

3. On October 18, 2022, the Company issued 418,408 units pursuant to a non-brokered private placement at $1.00 per unit for gross proceeds of $418,408. Each unit consists of one common share and one common share purchase warrant. Each whole share purchase warrant entitles the subscriber to acquire one additional share at a price of $2.00 per share purchase warrant until 24 months from the date of listing on a Canadian stock exchange. The Company allocated the gross proceeds to the common shares as the common shares were considered the more easily measurable component. There was no residual value to allocate to warrant reserve.

4. During the six months ended November 30, 2022, the Company incurred $62,455 related to share issuance costs.

The Company had the following common share transactions during the period from incorporation to May 31, 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On November 5, 2021, the Company issued 5,920,001 common shares of the Company at a subscription price of $0.00001 per share, raising gross proceeds of $40.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On November 19, 2021, the Company completed a non-brokered private placement and issued 1,853,496 units of the Company at a subscription price of $0.0135 per share, raising gross proceeds of $25,047. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole share purchase warrant entitles the subscriber to acquire one additional share at a price of $0.07 per share purchase warrant until 24 months from the date of listing on a Canadian stock exchange. A fair value of $4,508 was assigned to the warrants issued using the Black-Scholes option pricing model with the following key inputs: share price of $0.02, volatility of 100%, expected life of 3.53 years, risk-free rate of 1.35% and a dividend yield of 0.00%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On December 23, 2021, the Company completed a non-brokered private placement and issued 3,335,191 common shares of the Company at a subscription price of $0.34 per share, raising gross proceeds of $1,126,752.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On January 27, 2022, the Company completed a non-brokered private placement and issued 748,821 common shares of the Company at a subscription price of $0.34 per share, raising gross proceeds of $252,980.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·In relation to the November 19, 2021, financing, on January 31, 2022, the Company issued 27,746,509 units of the Company at a subscription price of $0.0135 per share, raising gross proceeds of $374,953. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole share purchase warrant entitles the subscriber to acquire one additional share at a price of $0.07 per share purchase warrant until 24 months from the date of listing on a Canadian stock exchange. A fair value of $67,487 was assigned to the warrants issued using the Black-Scholes option pricing model with the following key inputs: share price of $0.02, volatility of 100%, expected life of 3.53 years, risk-free rate of 1.35% and a dividend yield of 0.00%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On March 7, 2022, the Company completed a non-brokered private placement and issued 333,450 common shares of the Company at a subscription price of $0.34 per share, raising gross proceeds of $112,651.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On May 31, 2022, the Company issued 4,343,486 common shares pursuant to the Transaction (Note 4).

------

**5. SHARE CAPITAL (continued)**

**Share purchase warrants**

A summary of the Company's share purchase warrant is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Number of Warrants** | &nbsp;&nbsp;**Weighted Average**<br>**Exercise Price** |
|  | &nbsp;&nbsp;# | &nbsp;&nbsp;$ |
| Balance, November 5, 2021 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| Issued <sup>(1)</sup> | &nbsp;&nbsp;14800016 | &nbsp;&nbsp;0.07 |
| Balance, May 31, 2022 | &nbsp;&nbsp;14800016 | &nbsp;&nbsp;0.07 |
| Issued <sup>(2)</sup> | &nbsp;&nbsp;418408 | &nbsp;&nbsp;2.00 |
| **Balance, November 30, 2022** | &nbsp;&nbsp;**15218424** | &nbsp;&nbsp;**0.12** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Share purchase warrants were issued in connection with the November 19, 2021 non-brokered private placements as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Share purchase warrants were issued in connection with the October 18, 2022 non-brokered private placements as described above.

A summary of the Company's share purchase warrants outstanding at November 30, 2022 is as follows:

---

| | | |
|:---|:---|:---|
| **Expiry date** | &nbsp;&nbsp;**Outstanding** | &nbsp;&nbsp;**Weighted Average Exercise Price** |
|  | &nbsp;&nbsp;# | &nbsp;&nbsp;$ |
| 24 months from the date of listing on a Canadian stock exchange | &nbsp;&nbsp;**15218424** | &nbsp;&nbsp;**0.12** |

---

**Performance Warrants**

On May 31, 2022, the Company issued 14,776,869 performance warrants. Each performance warrant is exercisable into one common share of the Company at an exercise price of $0.17.

A summary of the Company's performance warrants outstanding at November 30, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Grant date** | &nbsp;&nbsp;&nbsp;&nbsp; <br> **Expiry date** | &nbsp;&nbsp;**Number of performance warrants** | &nbsp;&nbsp;**Number of exercisable performance warrants** | &nbsp;&nbsp;**Weighted average remaining life** |
|  |  | &nbsp;&nbsp;# | &nbsp;&nbsp;# | $&nbsp;&nbsp;Years |
| May 30, 2022 | &nbsp;&nbsp;May 30, 2023 | &nbsp;&nbsp;14776869 | &nbsp;&nbsp;- | &nbsp;&nbsp;0.50 |

---

The Company recognized $nil with respect to the performance warrants as the performance warrants vest if the Company successfully produces a structured-cultured meat prototype, as deemed to be "successful" at the sole and absolute discretion of the Directors of the Company. Due to uncertainty surrounding the ultimate vesting of the performance warrants, the Company has assigned $nil fair value until vesting occurs. Management will assess the probability of vesting at each reporting period and amend the valuation based upon the results of this assessment.

------

**5. SHARE CAPITAL (continued)**

**Stock Option plan**

The Company has a stock option plan that allows the Company to grant options to its employees, directors, consultants and officers for a maximum of up to 10% of outstanding shares to be issued.

Options will have a maximum term permitted by a Canadian stock exchange and terminate up to 90 days following the date on which an optionee ceases to be an employee, director, consultant or officer of the Company. In the case of death, the option terminates 12 months after the date of death.

As at November 30, 2022, the Company has no stock options outstanding.

**6. RELATED PARTY TRANSACTIONS**

Key management personnel include those persons having the authority and responsibility of planning, directing and executing the activities of the Company. The Company has determined that its key management personnel consist of executive and non-executive members of the Company's Board of Directors and corporate officers.

During the six months ended November 30, 2022, the Company incurred $30,000 (2021 - $nil) in consulting costs to a director. As at November 30, 2022, the Company has $12,000 (May 31, 2022 - $nil) included in accounts payable and accrued liabilities due to the director for consulting fees. The amounts are unsecured and due on demand.

**7. FINANCIAL INSTRUMENT** 

Fair value measurement of financial assets and liabilities

The Company has established a fair value hierarchy that reflects the significance of inputs of valuation techniques used in making fair value measurements as follows:

Level 1 - quoted prices in active markets for identical assets or liabilities;

Level 2 - inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. from derived prices); and

Level 3 - inputs for the asset or liability that are not based on observable market data.

The carrying values of cash and accounts payable and accrued liabilities approximate their carrying values due to their short-term nature.

As at November 30, 2022, there were no financial assets or liabilities measured and recognized in the interim financial statements of financial position at fair value that would be categorized as Level 2 or Level 3 in the fair value hierarchy.

**8. CAPITAL RISK MANAGEMENT**

The Company's capital structure consists of all components of shareholders' equity. The Company manages its capital structure and adjusts in light of economic conditions. The Company, upon approval from its Board of Directors, will balance its overall capital structure through new share issues or by undertaking other activities as deemed appropriate under specific circumstances.

The Company is not subject to externally imposed capital requirements as at November 30, 2022.

------

**9. SUPPLEMENTAL CASH FLOW INFORMATION**

During the six months ended November 30, 2022, the Company paid $nil cash interest and $nil income taxes (2021 - $nil and $nil).

During the six months ended November 30, 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)The Company issued 87,000 common shares with a fair value of $174,000 at $2.00 per share as settlement of trade payables in the amount of $384,000. As a result of the debt settlement, the Company recorded a gain on debt settlement of $210,000 to the condensed interim statement of loss and comprehensive loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)The Company issued 100,000 common shares with a fair value of $200,000 at $2.00 per share as settlement of trade payables in the amount of $30,000. As a result of the agreement, the Company recorded a reduction in gain on debt settlement of $170,000 to the condensed interim statement of loss and comprehensive loss.

During the period from incorporation to November 30, 2021, there were no non-cash transactions.

**10. EVENTS AFTER THE REPORTING PERIOD**

On December 1, 2022, the Company incorporated a wholly owned subsidiary named 1389495 BC Ltd ("Subco") for the purpose of acquiring Dinamic IP Holdings Inc ("Dinamic").

On December 31, 2022, the Company issued 40,000 shares as a settlement of trades payable of $12,000 due to a director.

On January 13, 2023, Subco acquired Dinamic through the issuance of 2,000,256 common shares of the Company to Dinamic's shareholders. Immediately upon acquisition by Subco, the Company amalgamated Subco and Dinamic and the name of the amalgamated entity is 1395992 BC Ltd.

------

**PART III**

**INDEX TO EXHIBITS**

**PART III**

**INDEX TO EXHIBITS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Exhibit**<br> **Number** | **Description** | **Filed/ Furnished/**<br> **Incorporated by**<br> **Reference from**<br> **Form** | **Incorporated by**<br> **Reference from**<br> **Exhibit No.** | **Date Filed** |
| 1.1 | [Placement Agent Agreement](atelier_ex1z1.htm) | Filed herewith |  |  |
| 2.1 | [Notice of Articles](atelier_ex2z1.htm) | Filed herewith |  |  |
| 2.2 | [Articles](atelier_ex2z2.htm) | Filed herewith |  |  |
| 4.1 | [Subscription Agreement](atelier_ex4z1.htm) | Filed herewith |  |  |
| 6.1 | [Material Contract](atelier_ex6z1.htm) | Filed herewith |  |  |
| 8.1 | Form of Escrow Agreement |  |  |  |
| 11.1 | [Consent of Auditor](atelier_ex11z1.htm) | Filed herewith |  |  |
| 12.1 | [Opinion of Kunzler Bean & Adamson](atelier_ex12z1.htm) | Filed herewith |  |  |

---

------

**SIGNATURES**

Pursuant to the requirements of Regulation A, the issuer certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form 1-A and has duly caused this offering statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Vancouver, British Columbia, on March 13, 2023.

**Atelier Meats Corp.**

---

| | |
|:---|:---|
| By: | /s/ Kelsey Leigh Ramsden  |
|  | Kelsey Leigh Ramsden |
|  | Chief Executive Officer |

---

This offering statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Leighton Bocking |
|  | Leighton Bocking |
|  | Director |
| Date: | March 13, 2023 |
| By: | /s/ Michael Petter |
|  | Michael Petter |
|  | Director |
| Date: | March 13, 2023 |
| By: | /s/ George Scorsis |
|  | George Scorsis |
|  | Director |
| Date: | March 13, 2023 |
| By: | /s/ Richard Steed |
|  | Richard Steed |
|  | Director |
| Date: | March 13, 2023 |
| By: | /s/ Nilesh Paray |
|  | Nilesh Paray |
|  | Chief Financial Officer, Principal Accounting Officer |
| Date: | March 13, 2023 |
| By: | /s/ Dr. Mohit Bhatia |
|  | Dr. Mohit Bhatia |
|  | Chief Scientific Officer  |
| Date: | March 13, 2023 |
| By: | /s/ Maghsoud Dariani |
|  | Maghsoud Dariani |
|  | Chief Operating Officer |
| Date: | March 13, 2023 |

---

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## Ex1A-1

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## Ex1A-4

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**ATELIER MEATS CORP.**

**COMMON STOCK SUBSCRIPTION AGREEMENT**

This COMMON STOCK SUBSCRIPTION AGREEMENT, dated as of the date set forth below (this "Agreement"), is by and among ATELIER MEATS CORP., a British Columbia corporation (the "Company"), and the undersigned purchaser ("Purchaser").

WHEREAS, the Company desires to issue and sell to the Purchaser, and Purchaser desires to purchase from the Company, certain shares of the Company's Common Stock (the "Common Shares"), in accordance with the provisions of this Agreement.

NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and each of the Purchaser, severally and not jointly, hereby agree as follows:

**ARTICLE I**

**DEFINITIONS**

Section 1.1 Definitions. As used in this Agreement, and unless the context requires a different meaning, the following terms have the meanings indicated:

"Affiliate" means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term "control" means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise.

"Agreement" has the meaning set forth in the introductory paragraph.

"Closing" has the meaning specified in Section 2.2.

"Closing Date" has the meaning specified in Section 2.2.

"Commission" means the United States Securities and Exchange Commission.

"Common Stock" has the meaning specified in Section 3.2.

"Company" has the meaning set forth in the introductory paragraph.

"Company Financial Statements" has the meaning specified in Section 3.9.

"Common Shares" has the meaning specified in the recitals.

"GAAP" has the meaning specified in Section 3.9.

"Governmental Authority" means, with respect to a particular Person, any country, state, county, city and political subdivision in which such Person or such Person's Property is located or that exercises valid jurisdiction over any such Person or such Person's Property, and any court, agency, department, commission, board, bureau or instrumentality of any of them and any monetary authority that exercises valid jurisdiction over any such Person or such Person's Property. Unless otherwise specified, all references to Governmental Authority herein with respect to the Company mean a Governmental Authority having jurisdiction over the Company, its Subsidiaries or any of their respective Properties.

"Indemnified Party" has the meaning specified in Section 6.3.

"Indemnifying Party" has the meaning specified in Section 6.3.

------

"Law" means any federal, state, local or foreign order, writ, injunction, judgment, settlement, award, decree, statute, law, rule or regulation.

"Lien" means any interest in Property securing an obligation owed to, or a claim by, a Person other than the owner of the Property, whether such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent, and including the lien or security interest arising from a mortgage, encumbrance, pledge, security agreement, conditional sale or trust receipt or a lease, consignment or bailment for security purposes. For the purpose of this Agreement, a Person shall be deemed to be the owner of any Property that it has acquired or holds subject to a conditional sale agreement, or leases under a financing lease or other arrangement pursuant to which title to the Property has been retained by or vested in some other Person in a transaction intended to create a financing.

"Material Adverse Effect" means a material adverse effect on the management, condition (financial or otherwise), results of operations, business or properties of the Company and its Subsidiaries, taken as a whole; provided, however, that a Material Adverse Effect shall not include any material and adverse effect on the foregoing to the extent such material and adverse effect results from, arises out of, or relates to (x) a general deterioration in the economy or changes in the general state of the industries in which the Company operates, except to the extent that the Company, taken as a whole, is adversely affected in a disproportionate manner as compared to other industry participants, (y) the outbreak or escalation of hostilities involving the United States, the declaration by the United States of a national emergency or war or the occurrence of any other calamity or crisis, including acts of terrorism, or (z) any change in accounting requirements or principles imposed upon the Company and its Subsidiaries or their respective businesses or any change in any applicable Law, or the interpretation thereof.

"Operative Documents" means, collectively, this Agreement, the Company's incorporation documents and any amendments, supplements, continuations or modifications thereto.

"Person" means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization, association, government agency or political subdivision thereof or other form of entity.

"Property" means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible.

"Purchase Price" is the amount set forth on the signature page based upon the price of $3.00 per share.

"Purchased Securities" means the Purchased Shares

"Purchased Shares" means, with respect to a particular Purchaser, the number of Common Shares set forth on the Purchaser's signature page.

"Purchaser" and "Purchaser" have the meanings set forth in the introductory paragraph.

"Purchaser Related Parties" has the meaning specified in Section 6.1.

"Representatives" of any Person means the Affiliates, officers, directors, managers, employees, agents, counsel, accountants, investment bankers, investment advisers and other representatives of such Person.

"Securities Act" means the Securities Act of 1933, as amended from time to time, and the rules and regulations of the Commission promulgated thereunder.

"Subsidiary" has the meaning set forth in Rule 405 of the rules and regulations promulgated under the Securities Act.

------

"U.S. Persons" as defined Rule 902(k)(1), which are (1) any natural person resident in the United States; (2) any partnership or corporation organized or incorporated under the laws of the United States; (3) any estate of which any executor or administer is a U.S. person; (4) any trust or which any trustee is a U.S. person; (5) any agency or branch of a U.S. person located outside the United States; (6) any non-discretionary or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. person; (7) a discretionary or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated or, if an individual, resident in the United States; and (8) an partnership or corporation if (a) organized or incorporated under the laws of any foreign jurisdiction, and (b) formed by a U.S. person principally for the purpose of investing in securities not registered under the Securities Act, unless it is organized or incorporated and owned by accredited investors under Rule 501(a) of the Securities Act who are not natural persons, estates or trusts.

**ARTICLE II**

**AGREEMENT TO SELL AND PURCHASE**

Section 2.1 Sale and Issuance of Common Shares. Subject to the terms and conditions of this Agreement, Purchaser hereby subscribes for and agrees to purchase of the Purchased Shares and the Company hereby agrees to sell to Purchaser the Purchased Shares in a number of equal to Purchaser's investment amount at a share price of US$3.00 per share as stated in the investment application completed and signed by Purchaser electronically at [INSERT URL].

Section 2.3 Closing. Pursuant to the terms of this Agreement, the consummation of the purchase and sale of the Purchased Shares hereunder (the "Closing") shall take place at such time and place as the Company and Purchaser determine (the date of such closing, the "Closing Date"). The parties agree that the Closing may occur via delivery of facsimiles, electronic copies or photocopies of the Operative Documents and the closing deliverables contemplated hereby and thereby. Unless otherwise provided herein, all proceedings to be taken and all documents to be executed and delivered by all parties at the Closing will be deemed to have been taken and executed simultaneously, and no proceedings will be deemed to have been taken nor documents executed or delivered until all have been taken.

Section 2.4 Purchaser's Conditions. The obligation of Purchaser to consummate the purchase of the Purchased Securities shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of which may be waived by Purchaser on behalf of itself in writing with respect to its Purchased Shares, in whole or in part, to the extent permitted by applicable Law):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall have performed and complied with the covenants and agreements contained in this Agreement that are required to be performed and complied with by the Company on or prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all representations and warranties of the Company shall be true and correct in all material respects when made and as of the Closing Date, in each case as though made at and as of the Closing Date (except that representations and warranties made as of a specific date shall be required to be true and correct as of such date only); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Company shall have delivered, or caused to be delivered, to such Purchaser at the Closing, the Company's closing deliveries described in Section 2.5.

Section 2.5 Company's Conditions. The obligation of the Company to consummate the issuance and sale of the Purchased Securities to Purchaser shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions with respect to such Purchaser (any or all of which may be waived by the Company in writing, in whole or in part, to the extent permitted by applicable Law):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the representations and warranties of such Purchaser contained in this Agreement that are qualified by materiality shall be true and correct when made and as of the Closing Date and all other representations and warranties of such Purchaser shall be true and correct in all material respects as of the Closing Date (except that representations of such Purchaser made as of a specific date shall be required to be true and correct as of such date only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Purchaser shall have performed and complied with the covenants and agreements contained in this Agreement that are required to be performed and complied with by that Purchaser on or prior to the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Purchaser shall have delivered, or caused to be delivered, to the Company at the Closing such

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Purchaser's closing deliveries described in Section 2.6,

**ARTICLE III**

**REPRESENTATIONS AND WARRANTIES OF THE COMPANY**

The Company represents and warrants to Purchaser as follows:

Section 3.1 Existence. The Company has been duly incorporated and is existing and in good standing under the laws of British Columbia, with corporate power and authority to own its properties and conduct the businesses in which it is currently engaged and the Company is duly qualified to do business as a foreign corporation in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification, except where the failure to be duly qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

Section 3.2 Capitalization. The authorized capital stock of the Company consists of an unlimited number of shares of common stock, no par value ("Common Stock") and an unlimited number of shares of Preferred Stock, no par value ("Preferred Stock").

Section 3.3 Subsidiaries. The Company has no Subsidiaries.

.

Section 3.4 No Conflict. The execution, delivery and performance of this Agreement and the issuance and sale of the Purchased Securities will not result in a breach or violation of any of the terms and provisions of, or constitute, or with the giving of notice or lapse of time, would constitute, a default under, or result in the imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to, (i) its certificate of formation, limited liability company agreement, limited partnership agreement, charter, or by-laws or similar organizational documents of the Company, (ii) any statute, rule, regulation or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction over the Company or any of its properties, or (iii) any agreement or instrument to which the Company is a party or by which the Company or any of its Subsidiaries is bound or to which any of the properties of the Company or any of its Subsidiaries is subject, except in the case of clauses (ii) and (iii) as would not reasonably be expected to have a Material Adverse Effect.

Section 3.5 Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Operative Documents has been or will be validly executed and delivered by the Company and, assuming due authorization, execution and delivery by Purchaser or its Affiliate, as applicable (if either such Purchaser or its Affiliate is a party thereto), constitutes, or will constitute, the legal, valid and binding obligations of the Company enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting creditors' rights and by general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchased Securities have been duly authorized and, when the Purchased Securities have been delivered and paid for in accordance with this Agreement on the Closing Date, such Purchased Securities will be validly issued, fully paid and nonassessable; the stockholders of the Company have no preemptive rights with respect to the Purchased Securities; and none of the outstanding shares of capital stock of the Company have been issued in violation of any preemptive or similar rights of any security holder.

Section 3.6 Approvals. No consent, approval, authorization, or order of, or filing or registration with, any person (including any governmental agency or body or any court) is required to be obtained or made by the Company for the consummation of the transactions contemplated by this Agreement, except (i) such as have been obtained, (ii) where the failure of the Company to obtain or make any such consent, approval, authorization, order, filing or registration would not reasonably be expected to have a Material Adverse Effect, or (iii) such as have been made or as may be required under state or foreign securities laws.

Section 3.7 Compliance with Laws. Neither the Company nor any of its Subsidiaries is in violation of any Law applicable to the Company or its Subsidiaries, except as would not, individually or in the aggregate, have a Material Adverse Effect. The Company and its Subsidiaries possess all certificates, authorizations and permits issued by the

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appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not, individually or in the aggregate, have a Material Adverse Effect, and neither the Company nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit, except where such potential revocation or modification would not, individually or in the aggregate, have a Material Adverse Effect.

Section 3.8 Certain Fees. The Company has agreed to pay Dalmore a commission of 1% with respect to the sale of the Purchased Securities or the consummation of the transaction contemplated by this Agreement. The Company agrees that it will indemnify and hold harmless the Purchaser from and against any and all claims, demands, or liabilities for broker's, finder's, placement, or other similar fees or commissions incurred by the Company in connection with the sale of the Purchased Securities or the consummation of the transactions contemplated by this Agreement.

Section 3.9 No Side Agreements. There are no agreements by, among or between the Company or any of its Affiliates, on the one hand, and any Purchaser or any of their Affiliates, on the other hand, with respect to the transactions contemplated hereby other than the Operative Documents nor promises or inducements for future transactions between or among any of such parties.

Section 3.10 No Registration Required. Assuming the accuracy of the representations and warranties of Purchaser contained in Article IV, the issuance and sale of the Purchased Securities pursuant to this Agreement is exempt from registration requirements of the Securities Act, and neither the Company nor, to the knowledge of the Company, any authorized Representative acting on its behalf has taken or will take any action hereafter that would cause the loss of such exemption.

Section 3.11 No Integration. Neither the Company nor any of its Affiliates have, directly or indirectly through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any "security" (as defined in the Securities Act of 1933, as amended) that is or will be integrated with the sale of the Purchased Securities in a manner that would require registration under the Securities Act.

**ARTICLE IV**

**REPRESENTATIONS AND WARRANTIES OF THE PURCHASER**

Purchaser, severally and not jointly, hereby represents and warrants to the Company that:

Section 4.1 Existence. Such Purchaser is duly organized and validly existing and in good standing under the Laws of its jurisdiction of organization, with all requisite power and authority to own, lease, use and operate its Properties and to conduct its business as currently conducted.

Section 4.2 Authorization, Enforceability. Such Purchaser has all necessary corporate, limited liability company or partnership power and authority to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated thereby, and the execution, delivery and performance by such Purchaser of this Agreement has been duly authorized by all necessary action on the part of such Purchaser; and this Agreement constitute the legal, valid and binding obligations of such Purchaser, enforceable in accordance with their terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer and similar laws affecting creditors' rights generally or by general principles of equity, including principles of commercial reasonableness, fair dealing and good faith.

Section 4.3 No Breach. The execution, delivery and performance of this Agreement by such Purchaser and the consummation by such Purchaser of the transactions contemplated hereby and thereby will not (a) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any material agreement to which such Purchaser is a party or by which such Purchaser is bound or to which any of the property or assets of such Purchaser is subject, (b) conflict with or result in any violation of the provisions of the organizational documents of such Purchaser, or (c) violate any statute, order, rule or regulation of any court or governmental agency or body having jurisdiction over such Purchaser or the property or assets of such Purchaser, except in the cases of clauses (a) and (c), for such conflicts, breaches, violations or defaults as would not prevent the consummation of the transactions contemplated by this Agreement.

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Section 4.4 Certain Fees. No fees or commissions are or will be payable by such Purchaser to brokers, finders, or investment bankers with respect to the purchase of any of the Purchased Securities or the consummation of the transaction contemplated by this Agreement. Such Purchaser agrees that it will indemnify and hold harmless the Company from and against any and all claims, demands, or liabilities for broker's, finder's, placement, or other similar fees or commissions incurred by such Purchaser in connection with the purchase of the Purchased Securities or the consummation of the transactions contemplated by this Agreement.

Section 4.5 No Side Agreements. There are no other agreements by, among or between such Purchaser and any of its Affiliates, on the one hand, and the Company or any of its Affiliates, on the other hand, with respect to the transactions contemplated hereby other than the Operative Documents nor promises or inducements for future transactions between or among any of such parties.

Section 4.6 Investment. The Purchased Securities are being acquired for such Purchaser's own account, the account of its Affiliates, or the accounts of clients for whom such Purchaser exercises discretionary investment authority, not as a nominee or agent, and with no present intention of distributing the Purchased Securities or any part thereof, and such Purchaser has no present intention of selling or granting any participation in or otherwise distributing the same in any transaction in violation of the securities laws of the United States or any state or country, without prejudice, however, to such Purchaser's right at all times to sell or otherwise dispose of all or any part of the Purchased Securities under a registration statement under the Securities Act and applicable state securities laws or under an exemption from such registration available thereunder (including, without limitation, if available, Rule 144 promulgated thereunder). If such Purchaser should in the future decide to dispose of any of the Purchased Securities, the Purchaser understands and agrees (a) that it may do so only in compliance with the Securities Act and applicable state securities law, as then in effect, including a sale contemplated by any registration statement pursuant to which such securities are being offered, or pursuant to an exemption from the Securities Act, and (b) that stop-transfer instructions to that effect will be in effect with respect to such securities.

Section 4.7 Nature of Purchaser. Such Purchaser or its Representatives have been furnished with materials relating to the business, finances and operations of the Company, the Fund and relating to the offer and sale of the Purchased Securities that have been requested by such Purchaser. Such Purchaser or its Representatives has been afforded the opportunity to ask questions of the Company or its Representatives. Neither such inquiries nor any other due diligence investigations conducted at any time by such Purchaser or its Representatives shall modify, amend or affect such Purchaser's right (i) to rely on the Company's representations and warranties contained in Article III above or (ii) to indemnification or any other remedy based on, or with respect to the accuracy or inaccuracy of, or compliance with, the representations, warranties, covenants and agreements in this Agreement. Such Purchaser understands and acknowledges that its purchase of the Purchased Securities involves a high degree of risk and uncertainty. Such Purchaser has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its investment in the Purchased Securities.

Section 4.8 Reliance Upon such Purchaser's Representations and Warranties. Such Purchaser understands and acknowledges that the Purchased Securities are being offered and sold in reliance on a transactional exemption from the registration requirements of federal and state securities laws, and that the Company is relying in part upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of such Purchaser set forth in this Agreement in (i) concluding that the issuance and sale of the Purchased Securities is a "private offering" and, as such, is exempt from the registration requirements of the Securities Act, and (ii) determining the applicability of such exemptions and the suitability of such Purchaser to purchase the Purchased Securities.

**ARTICLE V**

**COVENANTS**

Section 5.1 Taking of Necessary Action. Each of the parties hereto shall use its commercially reasonable efforts promptly to take or cause to be taken all action and promptly to do or cause to be done all things necessary, proper or advisable under applicable Law and regulations to consummate and make effective the transactions between the Company and the Purchaser contemplated by this Agreement related specifically to the acquisition of the Purchased Securities. Without limiting the foregoing, each of the Company and Purchaser shall use its commercially reasonable efforts to make all filings and obtain all consents of Governmental Authorities that may be necessary or, in the reasonable opinion of the other parties, as the case may be, advisable for the consummation of the transactions contemplated by the Operative

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Documents. Purchaser agrees that its trading activities, if any, with respect to Company's securities will be in compliance with all applicable state and federal securities laws, rules and regulations. The Company shall promptly and accurately respond, and shall use its commercially reasonable efforts to cause its transfer agent to respond, to reasonable requests for information (which is otherwise not publicly available) made by a Purchaser or its auditors relating to the actual holdings of such Purchaser or its accounts; provided that, the Company shall not be obligated to provide any such information that could reasonably result in a violation of applicable law or conflict with the Company's insider trading policy or a confidentiality obligation of the Company.

Section 5.2 Non-Public Information. On or before 9:30 a.m., Florida local time, on the Business Day immediately following the date hereof, the Company may issue a press release (the "Press Release") announcing the entry into this Agreement and describing the terms of the transactions contemplated by the Operative Documents and any other material, nonpublic information that the Company may have provided any Purchaser at any time prior to the issuance of the Press Release.

Section 5.3 Transfer Procedure; Stop-Transfer Notices; Refusal to Transfer. Prior to transferring any Purchased Securities, Purchaser shall deliver to the Company a written notice stating: (i) Purchaser's bona fide intention to make a permitted transfer of its Purchased Securities; (ii) the name, address and phone number of each proposed transferee; (iii) the aggregate number of Purchased Securities to be transferred to each proposed transferee; and (iv) the exemptions under applicable state and federal securities laws upon which Purchaser is relying in making the proposed transfer. Purchaser shall also deliver to the Company a written agreement executed by the transferee or other recipient of Purchased Securities pursuant to which such transferee agrees to be bound by the transfer restrictions set forth herein as was Purchaser. Purchaser agrees that to ensure compliance with the restrictions referred to herein, the Company may issue appropriate "stop transfer" instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. The Company shall not be required (a) to transfer on its books any Purchased Securities that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (b) to treat as owner of such Purchased Securities or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Purchased Securities shall have been so transferred.

**ARTICLE VI**

**INDEMNIFICATION**

Section 6.1 Indemnification by the Company. The Company agrees to indemnify Purchaser and its Representatives (collectively, "Purchaser Related Parties") from costs, losses, liabilities, damages, or expenses of any kind or nature whatsoever, and hold each of them harmless against, any and all actions, suits, proceedings (including any investigations, litigation or inquiries), demands, and causes of action, and, in connection therewith, and promptly upon demand, pay or reimburse each of them for all costs, losses, liabilities, damages, or expenses of any kind or nature whatsoever, including, without limitation, the reasonable fees and disbursements of counsel and all other reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them as a result of, arising out of, or in any way related to the breach of any of the representations, warranties or covenants of the Company contained herein, provided that such claim for indemnification relating to a breach of the representations or warranties is made prior to the expiration of such representations or warranties to the extent applicable; and provided further, that no Purchaser Related Party shall be entitled to recover special, consequential or punitive damages under this Section 6.1.

Section 6.2 Indemnification by Purchaser. Purchaser agrees, severally and not jointly, to indemnify the Company and its respective Representatives (collectively, "Company Related Parties") from, and hold each of them harmless against, any and all actions, suits, proceedings (including any investigations, litigation or inquiries), demands, and causes of action, and, in connection therewith, and promptly upon demand, pay or reimburse each of them for all costs, losses, liabilities, damages, or expenses of any kind or nature whatsoever, including, without limitation, the reasonable fees and disbursements of counsel and all other reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them as a result of, arising out of, or in any way related to the breach of any of the representations, warranties or covenants of such Purchaser contained herein, provided that such claim for indemnification relating to a breach of the representations and warranties is made prior to the expiration of such representations and warranties; and provided further, that no Company Related Party shall be entitled to recover special, consequential or punitive damages.

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Section 6.3 Indemnification Procedure. Promptly after any Company Related Party or Purchaser Related Party (hereinafter, the "Indemnified Party") has received notice of any indemnifiable claim hereunder, or the commencement of any action, suit or proceeding by a third person, which the Indemnified Party believes in good faith is an indemnifiable claim under this Agreement, the Indemnified Party shall give the indemnitor hereunder (the "Indemnifying Party") written notice of such claim or the commencement of such action, suit or proceeding, but failure to so notify the Indemnifying Party will not relieve the Indemnifying Party from any liability it may have to such Indemnified Party hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure. Such notice shall state the nature and the basis of such claim to the extent then known. The Indemnifying Party shall have the right to defend and settle, at its own expense and by its own counsel who shall be reasonably acceptable to the Indemnified Party, any such matter as long as the Indemnifying Party pursues the same diligently and in good faith. If the Indemnifying Party undertakes to defend or settle, it shall promptly notify the Indemnified Party of its intention to do so, and the Indemnified Party shall cooperate with the Indemnifying Party and its counsel in all commercially reasonable respects in the defense thereof and the settlement thereof. Such cooperation shall include, but shall not be limited to, furnishing the Indemnifying Party with any books, records and other information reasonably requested by the Indemnifying Party and in the Indemnified Party's possession or control. Such cooperation of the Indemnified Party shall be at the cost of the Indemnifying Party. After the Indemnifying Party has notified the Indemnified Party of its intention to undertake to defend or settle any such asserted liability, and for so long as the Indemnifying Party diligently pursues such defense, the Indemnifying Party shall not be liable for any additional legal expenses incurred by the Indemnified Party in connection with any defense or settlement of such asserted liability; provided, however, that the Indemnified Party shall be entitled (i) at its expense, to participate in the defense of such asserted liability and the negotiations of the settlement thereof and (ii) if (A) the Indemnifying Party has failed to assume the defense or employ counsel reasonably acceptable to the Indemnified Party or (B) if the defendants in any such action include both the Indemnified Party and the Indemnifying Party and counsel to the Indemnified Party shall have concluded that there may be reasonable defenses available to the Indemnified Party that are different from or in addition to those available to the Indemnifying Party or if the interests of the Indemnified Party reasonably may be deemed to conflict with the interests of the Indemnifying Party, then the Indemnified Party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the expenses and fees of such separate counsel and other expenses related to such participation to be reimbursed by the Indemnifying Party as incurred. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not settle any indemnified claim without the consent of the Indemnified Party, unless the settlement thereof imposes no liability or obligation on, and includes a complete release from liability of, and does not include any admission of wrongdoing or malfeasance by, the Indemnified Party. The remedies provided for in this Section 6 are cumulative and are not exclusive of any remedies that may be available to a party at law or in equity or otherwise.

**ARTICLE VII**

**MISCELLANEOUS**

Section 7.1 Interpretation and Survival of Provisions. Article, Section, Schedule, and Exhibit references are to this Agreement, unless otherwise specified. All references to instruments, documents, contracts, and agreements are references to such instruments, documents, contracts, and agreements as the same may be amended, supplemented, and otherwise modified from time to time, unless otherwise specified. The word "including" shall mean "including but not limited to." Whenever any party has an obligation under the Operative Documents, the expense of complying with that obligation shall be an expense of such party unless otherwise specified. Whenever any determination, consent, or approval is to be made or given by any Purchaser, such action shall be in such Purchaser's sole discretion unless otherwise specified in this Agreement. If any provision in the Operative Documents is held to be illegal, invalid, not binding, or unenforceable, such provision shall be fully severable and the Operative Documents shall be construed and enforced as if such illegal, invalid, not binding, or unenforceable provision had never comprised a part of the Operative Documents, and the remaining provisions shall remain in full force and effect. The Operative Documents have been reviewed and negotiated by sophisticated parties with access to legal counsel and shall not be construed against the drafter.

Section 7.2 Survival of Provisions. The representations, warranties, covenants and agreements contained in this Agreement shall survive the Closing for a period of twelve (12) months following the Closing Date regardless of any investigation made by or on behalf of the Company or any Purchaser. All indemnification obligations of the Company and the Purchaser pursuant to this Agreement and the provisions of Article VI shall remain operative and in full force and effect unless such obligations are expressly terminated in a writing by the parties, regardless of any purported general termination of this Agreement.

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Section 7.3 No Waiver; Modifications in Writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delay. No failure or delay on the part of any party in exercising any right, power, or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power, or remedy preclude any other or further exercise thereof or the exercise of any other right, power, or remedy. The remedies provided for herein are cumulative and are not exclusive of any remedies that may be available to a party at law or in equity or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amendments and Waivers. Except as otherwise provided herein, no amendment, waiver, consent, modification, or termination of any provision of this Agreement or any other Operative Document shall be effective unless signed by each of the parties hereto or thereto affected by such amendment, waiver, consent, modification, or termination. Any amendment, supplement or modification of or to any provision of this Agreement or any other Operative Document, any waiver of any provision of this Agreement or any other Operative Document, and any consent to any departure by the Company from the terms of any provision of this Agreement or any other Operative Document shall be effective only in the specific instance and for the specific purpose for which made or given. Except where notice is specifically required by this Agreement, no notice to or demand on the Company in any case shall entitle the Company to any other or further notice or demand in similar or other circumstances.

Section 7.4 Binding Effect; Assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Binding Effect. This Agreement shall be binding upon the Company, the Purchaser, and their respective successors and permitted assigns. Except as expressly provided in this Agreement, this Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assignment of Rights. All or any portion of the rights and obligations of any Purchaser under this Agreement may be transferred by such Purchaser to any Affiliate of such Purchaser without the consent of the Company by delivery of an agreement to be bound to the terms of this Agreement and a revised signature page. No portion of the rights and obligations of any Purchaser under this Agreement may be transferred by such Purchaser to a non-Affiliate without the written consent of the Company (which consent shall not be unreasonably withheld by the Company).

Section 7.5 Confidentiality. Notwithstanding anything herein to the contrary, to the extent that any Purchaser has executed or is otherwise bound by a confidentiality agreement in favor of the Company, such Purchaser shall continue to be bound by such confidentiality agreement.

Section 7.6 Communications. All notices and demands provided for hereunder shall be in writing and shall be given by registered or certified mail, return receipt requested, telecopy, air courier guaranteeing overnight delivery or personal delivery to the following addresses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to any Purchaser:

To the respective address listed on the applicable signature page

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to the Company:

Atelier Meats Corp,

666 Burrard Street, Unit 500, Vancouver, BC, Canada, V6C 3P6.

with a copy to:

Kunzler Bean & Adamson, PC

50 W Broadway, Suite 1000

Salt Lake City, Utah 84101

Attention: J. Martin Tate

Email: mtate@kba.law

or to such other address as the Company or such Purchaser may designate in writing. All notices and communications

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shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; when notice is sent to the sender that the recipient has read the message, if sent by electronic mail; upon actual receipt if sent by certified mail, return receipt requested, or regular mail, if mailed; when receipt acknowledged, if sent via facsimile; and upon actual receipt when delivered to an air courier guaranteeing overnight delivery.

Section 7.7 Entire Agreement. This Agreement, the other Operative Documents and the other agreements and documents referred to herein are intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein or the other Operative Documents with respect to the rights granted by the Company or any of its Affiliates or any Purchaser or any of its Affiliates set forth herein or therein. This Agreement, the other Operative Documents and the other agreements and documents referred to herein or therein supersede all prior agreements and understandings between the parties with respect to such subject matter.

Section 7.8 Governing Law. This Agreement, and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement), will be construed in accordance with and governed by the laws of the British Columbia without regard to principles of conflicts of laws. Any action against any party relating to the foregoing shall be brought in the Province of British Columbia, and the parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of any court located within British Columbia over any such action. The parties hereby irrevocably waive, to the fullest extent permitted by applicable Law, any objection that they may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum for the maintenance of such dispute. Each of the parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Notwithstanding any of the foregoing to the contrary, the Company acknowledges for the avoidance of doubt that this Section 7.8 shall not apply to claims arising under the Securities Act and the Exchange Act, and by agreeing to the provisions of this Section 7.8, the Purchaser will not be deemed to have waived compliance with US federal securities laws and the rules and regulations promulgated thereunder.

Section 7.9 Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement.

Section 7.10 Termination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything herein to the contrary, this Agreement shall automatically terminate at any time at or prior to the Closing if a statute, rule, order, decree or regulation shall have been enacted or promulgated, or if any action shall have been taken by any Governmental Authority of competent jurisdiction that permanently restrains, permanently precludes, permanently enjoins or otherwise permanently prohibits the consummation of the transactions contemplated by this Agreement or makes the transactions contemplated by this Agreement illegal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything herein to the contrary, this Agreement may be terminated at any time by any Purchaser (with respect to the obligations of such Purchaser) or the Company, upon written notice to the other party, if the Closing shall not have occurred on or before December 31, 2024 (the "***Outside Date***"); *provided, however*, that the right to terminate this Agreement under this Section 7.11(b) shall not be available to any party whose (i) breach of any provision of this Agreement, (ii) failure to comply with their obligations under this Agreement or (iii) actions not taken in good faith, shall have been the cause of, or shall have resulted in, the failure of the Closing to occur on or prior to the Outside Date or the failure of a condition in Section 2.3 or Section 2.4 to be satisfied at such time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of the termination of this Agreement as provided in this Section 7.11, (1) this Agreement shall forthwith become null and void and (2) there shall be no liability on the part of any party hereto, except as set forth in Article VI of this Agreement and except with respect to the requirement to comply with any confidentiality agreement in favor of the Company; *provided* that nothing herein shall relieve any party from any liability or obligation with respect to any willful breach of this Agreement.

Section 7.11 Recapitalization, Exchanges, Etc. Affecting the Common Stock. The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all equity interests of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect

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of, in exchange for or in substitution of, the Common Stock, and shall be appropriately adjusted for combinations, recapitalizations and the like occurring after the date of this Agreement and prior to the Closing.

**[*Signature pages follow*]**

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| |
|:---|
| ATELIER MEATS CORP. |
| Name: Kelsey Ramsden |
| Title: Chief Executive Officer |

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*(Signature and Information of Purchaser(s) on the following page)*

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The foregoing Subscription Agreement is hereby agreed to by the undersigned as of the date indicated below.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Registered Account Name (Please Print) |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered Account Address (Street, City, State/Province, Postal Code, Country) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mailing Address (Fill in Mailing Address only if different from Registered Account Address) |

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Email Address:   Primary Phone:  

Please "initial" to confirm Form 1A Offering Circular received and reviewed. Subscriber or Authorized Representative (if not an individual).

Please "initial" if applicable to authorize the Company to discuss your investment directly with your investment advisor.

TOTAL INVESTMENT AMOUNT $

SHARE PRICE: _____________

TOTAL NUMBER OF SHARES: ____________

Nationality ____________

Passport Number _______________ Issuing Country ________________

Taxpayer I.D. No. (Must be completed) _____________

By: Date: Signature of Subscriber or Authorized Representative and Title (if not an individual)

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**EXHIBIT A TO**

**SUBSCRIPTION AGREEMENT**

CERTIFICATE TO BE GIVEN BY ANY PURCHASER THAT IS A PARTNERSHIP OR LIMITED LIABILITY COMPANY

CERTIFICATE OF   (the "*Partnership*") <br> (Name of Company)

The undersigned, constituting all of the partners/members of the Partnership that must consent to the proposed investment by the Partnership hereby certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. &nbsp;&nbsp;&nbsp;&nbsp; That the Partnership commenced business on and was established under the laws of the State of on and is governed by a Partnership/Operating Agreement dated .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp; That, as the partners/members of the Partnership, we have the authority to determine, and have determined, (i) that the investment in, and the purchase of, the COMMON SHARES in ATELIER MEATS CORP. is of benefit to the Partnership, and (ii) to make such investment on behalf of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. &nbsp;&nbsp;&nbsp;&nbsp; That is authorized to execute all necessary

documents in connection with our investment in ATELIER MEATS CORP.

IN WITNESS WHEREOF, we have executed this certificate as the partners of the Partnership effective as of , 2023, and declare that it is truthful and correct.

---

| | |
|:---|:---|
| (Name of Partnership) | (Name of Partnership) |
| By: |  |
|  | Name: |
|  | Title:  |
| By: |  |
|  | Name: |
|  | Title:  |

---

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**EXHIBIT B TO**

**SUBSCRIPTION AGREEMENT**

CERTIFICATE TO BE GIVEN BY ANY PURCHASER THAT IS A TRUST

---

| | | |
|:---|:---|:---|
| CERTIFICATE OF |  | ***(the "Trust")*** |
|  | (Name of Trust) |  |

---

The undersigned, constituting all of the trustees of the Trust, hereby certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. &nbsp;&nbsp;&nbsp;&nbsp; That the Trust was established pursuant to a Trust Agreement dated ,

(the "*Agreement*").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp; That, as the trustee(s) of the Trust, we have determined that the investment in, and the purchase of, the COMMON SHARES in ATELIER MEATS CORP. is of benefit to the Trust and have determined to make such investment on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. &nbsp;&nbsp;&nbsp;&nbsp; That is authorized to execute, on behalf of the Trust, any and all documents in connection with the Trust's investment in ATELIER MEATS CORP.

IN WITNESS THEREOF, we have executed this certificate as the trustee(s) of the Trust this

day of , 2023, and declare that it is truthful and correct.

(Name of Trust)

By: Trustee

By: Trustee

By: Trustee

------

**EXHIBIT C**

**TO SUBSCRIPTION AGREEMENT**

CERTIFICATE TO BE GIVEN BY ANY PURCHASE THAT IS A CORPORATION

CERTIFICATE OF   (the "*Corporation*") <br> (Name of Corporation)

The undersigned, being the duly elected and acting Secretary or Assistant Secretary of the Corporation, hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; That the Corporation commenced business on and was incorporated under the laws of the State of on .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp; That the Board of Directors of the Corporation has determined, or appropriate officers under authority of the Board of Directors have determined, that the investment in, and purchase of, the COMMON SHARES in ATELIER MEATS CORP. is of benefit to the Corporation and has determined to make such investment on behalf of the Corporation. Attached hereto is a true, correct and complete copy of resolutions of the Board of Directors (or an appropriate committee thereof) of the Corporation duly authorizing this investment, and said resolutions have not been revoked, rescinded or modified and remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. &nbsp;&nbsp;&nbsp;&nbsp; That the following named individuals are duly elected officers of the Corporation, who hold the offices set opposite their respective names and who are duly authorized to execute any and all documents in connection with the Corporation's investment in ATELIER MEATS CORP. and that the signatures written opposite their names and titles are their correct and genuine signatures.

Name Title Signature

IN WITNESS WHEREOF, I have executed this certificate this day of 2023, and declared that it is truthful and correct.

---

| |
|:---|
| (Name of Corporation) |
| By: |
| Name: |
| Title:  |

---

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## Ex1A-6

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## Ex1A-11

![](atelierex11z1_1.jpg)

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**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the inclusion in this Registration Statement on Form 1-A of our report dated December 23, 2022, of Atelier Meats Corp. relating to the audit of the consolidated financial statements for the period from Incorporation on November 5, 2021, to May 31, 2022 and unaudited consolidated financial statements for six months ended November 30, 2022 and the reference to our firm under the caption "Experts" in the Registration Statement.

**/s/ DAVIDSON & COMPANY LLP**

Vancouver, Canada Chartered Professional Accountants <br>March 13, 2023

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![Picture 2](atelierex11z1_2.jpg)

## Ex1A-12

![](atelierex12z1_1.jpg)

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March 13, 2023

Atelier Meats Corp.

666 Burrard Street, Unit 500

Vancouver British Columbia V6C3P6

604-343-3889

Ladies and Gentlemen:

We have acted as counsel to Atelier Meats Corp., a company organized under the laws of British Columbia (the "**Company**"), in connection with the Offering Statement on Form 1-A (as amended, the "**Offering Statement**") being filed by the Company with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "**Securities Act**"), and Regulation A thereunder. The Offering Statement relates to the issuance and sale by the Company of up to 10,333,333 shares of its common stock (the "**Shares**").

As such counsel, we have examined such documents and such matters of fact and law that we have deemed necessary for the purpose of rendering the opinion set forth herein. As to questions of fact material to this opinion, we have relied on certificates or comparable documents of public officials and of officers and representatives of the Company. In rendering the opinion expressed below, we have assumed without verification the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to the originals of all documents submitted to us as copies and the authenticity of the originals of such copies.

Based on the foregoing, and subject to the qualifications, assumptions and limitations stated herein, we are of the opinion that the Shares have been duly authorized and, when the Shares have been duly issued and delivered against payment therefore in accordance with the terms of the Subscription Agreement, the Shares will be validly issued, and purchasers of the Shares will have no obligation to make payments to the Company or its creditors (other than the purchase price for the Shares) or contributions to the Company or its creditors solely by reason of the purchasers' ownership of the Shares.

Our opinion that any document is legal, valid and binding is qualified as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;limitations imposed by bankruptcy, insolvency, reorganization, arrangement, fraudulent conveyance, moratorium or other laws relating to or affecting the rights of creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;rights to indemnification and contribution, which may be limited by applicable law or equitable principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;general principles of equity, including without limitation concepts of materiality, reasonableness, good faith and fair dealing, and the possible unavailability of specific performance or injunctive relief and limitation of rights of acceleration, regardless of whether such enforceability is considered in a proceeding in equity or at law.

We hereby consent to the filing of this opinion letter as Exhibit 12.1 to the Offering Circular included in the Offering Statement. In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act. We consent to the reference to Kunzler Bean & Adamson under the caption "Legal Matters" in the Offering Statement.

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This opinion letter is given as of the date hereof, and we express no opinion as to the effect of subsequent events or changes in law occurring or becoming effective after the date hereof. We assume no obligation to update this opinion letter or otherwise advise you with respect to any facts or circumstances or changes in law that may hereafter occur or come to our attention (even though the change may affect the legal conclusions stated in this opinion letter).

---

| |
|:---|
| Respectfully submitted, |
| /s/ Kunzler Bean & Adamson |
| Kunzler Bean & Adamson |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 1-A

### REGULATION A OFFERING STATEMENT
### UNDER THE SECURITIES ACT OF 1933

### Item 1. Issuer Information

**Exact name of issuer:** Atelier Meats Corp.

**Jurisdiction of Incorporation/Organization:** A1

**Year of Incorporation:** 2018

**CIK:** 0001968237

**I.R.S. Employer Identification Number:** 00-0000000

**Primary Standard Industrial Classification Code:** 2000

**Total number of full-time employees:** 1

**Total number of part-time employees:** 0

**Address of Principal Executive Offices:** 666 Burrard Street, Unit 500, Vancouver, A1 V6C3P6

**Company Phone:** 604-343-3889

**Person to contact:** J Martin Tate

### Financial Statements

**Balance Sheet Information**

| Metric                                   | Amount      |
|:---|:---|
| Cash and Cash Equivalents                | $2309132.00 |
| Investment Securities                    | $0.00       |
| Accounts and Notes Receivable            | $50352.00   |
| Property, Plant and Equipment (PP&E)     | $0.00       |
| Total Assets                             | $2359484.00 |
| Accounts Payable and Accrued Liabilities | $906124.00  |
| Long-Term Debt                           | $0.00       |
| Total Liabilities                        | $906124.00  |
| Total Stockholders' Equity               | $1453360.00 |
| Total Liabilities and Equity             | $2359484.00 |

**Statement of Comprehensive Income Information**

| Metric                                    | Amount       |
|:---|:---|
| Total Revenues                            | $0.00        |
| Costs and Expenses Applicable to Revenues | $0.00        |
| Depreciation and Amortization             | $0.00        |
| Net Income                                | $-1585401.00 |
| Earnings Per Share - Basic                | -0.03        |
| Earnings Per Share - Diluted              | -0.03        |

**Auditor Information**

| Metric          | Amount                 |
|:---|:---|
| Name of Auditor | Davidson & Company LLP |

### Outstanding Securities

| Class   |   Outstanding | CUSIP   | Publicly Traded   |
|:---|---:|:---|:---|
|  |             0 |  |  |
|  |             0 |  |  |
|  |             0 |  |  |

### Item 2. Issuer Eligibility
- [x] The issuer certifies that all of the statements in this part are true.

### Item 3. Application of Rule 262
- [x] The issuer certifies that it is not disqualified and has not been involved in any disqualifying event.

### Item 4. Summary Information Regarding the Offering

**Tier:** Tier2

**Financial Statement Status:** Audited

**Type of Securities Offered:** Equity (common or preferred stock)

**Is this a delayed or continuous offering?** Yes

**Was or is the offering to take place within one year after qualification?** Yes

**Was or is the offering to commence within two days after qualification?** No

**Is this a best efforts offering?** Yes

**Was there any solicitation of interest?** No

**Are there any resale securities by affiliates of the issuer?** No

**Offering Amounts**

| Description                                                     | Amount       |
|:---|:---|
| Number of securities offered                                    | 10333333     |
| Number of securities outstanding                                | 46926613     |
| Price per security                                              | $3.00        |
| Issuer's aggregate offering price                               | $25000000.00 |
| Aggregate offering price of securities held by security holders | $6000000.00  |
| Aggregate price of securities offered concurrently              | $0.00        |
| Total aggregate offering price                                  | $31000000.00 |

**Anticipated Fees**

| Service Provider   | Name                    | Fees      |
|:---|:---|:---|
| Auditor            | Davidson & Company, LLP | $10000.00 |
| Legal              | Kunzler Bean & Adamson  | $75000.00 |
| Promoters          |  |  |

**Estimated Net Proceeds to the Issuer:** $24665000.00

### Item 5. Jurisdictions in Which Securities are to be Offered

AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY, A0, A1, A2, A3, A4, A5, A6, A7, A8, A9, B0, Z4