Kraken Energy : Announces Financing

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Vancouver, British Columbia - May 27th, 2024 - Kraken Energy Corp. (CSE: UUSA; OTCQB: UUSAF; FSE: F2C) (the "Company" or "Kraken") is pleased to announce a non-brokered private placement of up to 11,200,000 units (the "Units") at a price of CDN$0.09 per Unit for gross proceeds of up to CDN$1,008,000 (the "Offering").

Each Unit will consist of one common share of the Company and one half of one transferable common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall entitle the holder to acquire one additional common share in the capital of the Company at a price of CDN$0.20 per share for a period of three years from the date of issuance.

The Company may pay finder's fees and/or commissions to eligible persons in connection with the Offering in accordance with applicable securities laws and the policies of the Canadian Securities Exchange (the "CSE").

The net proceeds of the Offering will be used for corporate purposes and on the Company's properties.

In accordance with applicable securities laws, all securities issued under the Offering will be subject to a four month and one day hold period from the date of issuance. Closing of the Offering is subject to certain conditions customary for transactions of this nature, including, but not limited to, the receipt of all necessary approvals, including the approval of the CSE. Closing of the Offering is anticipated to take place on or before July 26, 2024.

No securities regulatory authority has either approved or disapproved of the contents of this news

release. The securities of the Company have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any common shares in the United States, or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

About Kraken Energy Corp.

Kraken Energy Corp. is an energy company advancing its portfolio of high-grade uranium properties in the Unites States. The Company is advancing its 100%-owned Apex Uranium Property, located 280 km (174 miles) east from Reno, Nevada which is recognized as Nevada's largest past-producing uranium mine. The Company has additionally entered into an option agreement to earn 100% of the Garfield Hills Uranium Property. The past-producing Garfield Hills Uranium Property covers 1,238 ha (3,060 acres) and is located 19 km (12 miles) east of Hawthorne in Mineral County, Nevada. Kraken has also staked the Huber Hills Uranium Property, located 136 km (85 miles) north of Elko, Nevada which covers 1,044 ha (2,580 acres) and encompasses the historic Race Track open pit mine. The Company has entered into an option agreement to earn 75% of the Harts Point Uranium Property.

The Harts Point Uranium Property covers 2,622 ha (6,480 acres) and is located 49 km (30 miles) northwest of Monticello in San Juan County, Utah.

For more information about the Company, please visit: www.krakenenergycorp.com.

On Behalf of the Board of Kraken Energy Corp.

Matthew Schwab
President & Chief Executive Officer

Corporate Office:
Suite 907 - 1030 West Georgia Street
Vancouver, British Columbia
V6E 2Y3
T: [phone]

For investor relations inquiries, contact:
Kin Communications Inc.
T: [phone]
E: [e-mail]