Emerald Isle Resources Inc. Announces Closing of Private Placement and Change in Director

Toronto, Ontario--(Newsfile Corp. - December 7, 2022) - Emerald Isle Resources Inc. ("Emerald" or the "Company") is pleased to announce that it has completed a non-brokered private placement of 86,296,468 common shares of the Company ("Common Shares") at a price of $0.001 per Common Share raising aggregate gross proceeds of $86,296.46 (the "Offering"). The Offering was completed pursuant to two partial revocation orders (each, a "Partial Revocation Order") issued by the British Columbia Securities Commission ("BCSC") and the Alberta Securities Commission ("ASC"), on March 15, 2021.

In connection with the Private Placement, Capital Leasing Investment Corp., of Calgary, Alberta, acquired 43,148,234 Common Shares and now holds an aggregate of 43,148,234 Common Shares, representing 43.14% of the issued and outstanding Common Shares on a non-diluted basis. The Common Shares acquired pursuant to the Private Placement were acquired by Capital Leasing Investment Corp. for investment purposes, and depending on market and other conditions, it may from time to time in the future increase or decrease its ownership, control or direction over securities of the Company through market transactions, private agreements, or otherwise. Prior to the Private Placement, Capital Leasing Investment Corp. did not beneficially own, or exercise control or direction over, any securities of the Company. For the purposes of NI 62-103, the address of Capital Leasing Investment Corp. is 50 Arbour Estates, N.W, Calgary, AB T36 4E2.

In connection with the Private Placement, Enrico Paolone, of Oakville, Ontario acquired 43,148,234 Common Shares and now holds an aggregate of 43,148,234 Common Shares, representing 43.14% of the issued and outstanding Common Shares on a non-diluted basis. The Common Shares acquired pursuant to the Private Placement were acquired by Mr. Paolone for investment purposes, and depending on market and other conditions, it may from time to time in the future increase or decrease its ownership, control or direction over securities of the Company through market transactions, private agreements, or otherwise. Prior to the Private Placement, Mr. Paolone did not beneficially own, or exercise control or direction over, any securities of the Company. For the purposes of NI 62-103, the address of Enrico Paolone. is 2138 Brays Lane, Oakville, ON L6M 2S9.

Copies of the respective early warning reports that will be filed by Capital Leasing Investment Corp. and Enrico Paolone may be obtained on the Company's SEDAR profile or by contacting the Company at 416-258-3059.

All Common Shares issued pursuant to the Private Placement are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.

CHANGES IN DIRECTORS

In addition, the Company announces that Michael Lerner has resigned as a director of the Company on July 28, 2021, and Gregory Paolone was appointed to serve as a director on July 28, 2021 to fill the vacancy left by Mr. Lerner's resignation.

Gregory Paolone is an Honours BA in Economics Candidate from Wilfrid Laurier University. Greg has experience in capital markets related to the natural resource sector. Greg is also a director of other reporting issuers in Canada.

ABOUT EMERALD ISLE

The Company is focused on identifying suitable assets or businesses to acquire or merge with, with a view to maximizing value for shareholders.

Additional Information

For additional information on the Company:

Emerald Isle Resources Inc.
Richard Paolone
Chief Executive Officer, Chief Financial Officer and Director
T: 416-258-3059
E: richard@paolonelaw.ca

Cautionary Statements

This press release may contain forward-looking statements including, but not limited to, comments regarding the timing and content of the Offering as well as the issuance, and if issued, the timing and content of, an order for the full revocation of the Cease Trade Orders. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statement.

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