Australis Capital Inc C.AUSA

AUSA Update

[ESRESR]

AUDACIOUS PROVIDES UPDATE August 16, 2022, Edmonton, AB Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) (AUSA, AUDACIOUS, or the Company), today announced that the Company is providing a default status report in accordance with the alternative information guidelines set out in National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"). As previously announced on August 1, 2022, (the "Announcement"), the Company applied for a management cease trade order ("MCTO") in filing of the audited consolidated financial statement for the year ended March 31, 2022, annual management's discussion and analysis for the same period and management certifications of annual filings (collectively, the "Annual Filings") beyond the deadline of July 29, 2022 prescribed by Canadian securities laws. The MCTO was granted on August 2, 2022. The MCTO stops the Companys Chief Executive Officer and Chief Financial Officer from trading in the securities of the Company until such time as the Annual Filings are filed. The MCTO does not affect regular trading of the Companys shares. AUDACIOUS and its auditors continue to work diligently toward completing the Annual Filings as soon as possible. The ongoing auditor review is primarily addressing non-operational derivative accounting. Upon completion of the auditor's internal review process, the Annual Filings will be filed on SEDAR (www.sedar.com). In line with exchange regulations, the Company is confident it will publish its fully audited results no later than September 30, 2022, but endeavours, together with its auditors, to complete the current audit in advance of that timeline. The Company confirms that since the date of the Announcement: (i) there has been no material change to the information set out in the Announcement that has not been generally disclosed; (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the "alternative information guidelines" under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Annual Filings is continuing, each of which will be issued in the form of a news release; (iii) there has not been any other specified default by the Company under NP 12-203; (iv) the Company is not subject to any insolvency proceedings; and (v) there is no material info

[Bano1122]

good bye ausa glad i sold @.6