Torrent Capital Reports 28% Year over Year NAV Growth in Q3 2021 Results and Appoints New Directors

Halifax, Nova Scotia--(Newsfile Corp. - November 29, 2021) - Torrent Capital Ltd. (TSXV: TORR) ("Torrent" or the "Company") released financial results for the quarter ended September 30, 2021. Additionally, Torrent is pleased to announce the appointment of Mr Wayne Myles and Mr Carl Sheppard to the Company's Board of Directors, effective November 30^th, 2021.

Recent Q3 2021 Highlights include:

• Net Asset Value ("NAV") per share of $1.20, this represents a 28% year-over-year ("YoY") increase from a NAV per share of $0.94 on September 30, 2020.
• Quarter over quarter increase in NAV of 5.3% to $1.20 at the end of Q3 2021 from $1.14 at the end of Q2 2021.
• Realized gain on investments of $3,936,189 for the nine months ended September 30, 2021
• Unrealized gain on investments of $871,811 for the nine months ended September 30, 2021
• A cumulative return of 375.3%, since the launching of Torrent as an Investment Issuer on June 30, 2017, representing a compound annual rate of return of 44%. For comparison, the compound annual return during the same period for the S&P/TSX Small-Cap index and S&P 500 were 4.6% and 14.5%, respectively.

*6 month period from the date the Company was fully invested on June 30, 2017.

The top-performing investments in Torrent's portfolio that contributed to its Q3 results were Wildbrain Ltd. and Kneat.com Inc. Wildbrain's management continues to progress its turnaround underpinned by refocusing corporate goals and de-risking the balance sheet and, as such, Investor confidence continues to improve reflected by a 16.2% increase in stock price during Q3. Kneat.com Inc. had another quarter of strong growth due to solid financial results, new customers onboarded, and an up-listing to the Toronto Stock Exchange. The stock price increased 45.9% through the quarter.

Companies in the clean technology sector listed on the Canadian markets underperformed during the third quarter following the strong growth from earlier in the year. Torrent views this underperformance as temporary in nature as the ESG sector is supported by powerful tailwinds as the adoption of clean technologies goes mainstream. Since repositioning its investments to include a portfolio of clean technology companies in 2020, Torrent remains confident in this sector and continues to research investment opportunities with sound business plans, solid IP, and realistic economic assumptions. Despite volatile market conditions in this sector, Torrent achieved positive quarter over quarter growth of 5.2% while the TSX SmallCap index returned -3%.

"In Q3 of 2021, the Canadian small-cap and venture markets experienced low volumes and a slight downward trend in prices, as is typical for the summer months. Torrent continued to demonstrate its ability to return value for shareholders despite unfavourable market conditions for small and micro-cap companies. The diversity of Torrent's portfolio and ability of the team to selectively source investment opportunities were critical to the Company's performance in the third quarter. I am confident in the positioning of our investment portfolio as we move into Q4, however, we are maintaining a cautious approach given the broad market risks that are currently present. Additionally, I welcome Carl Sheppard and Wayne Myles to the Company's board of directors." - Wade Dawe, CEO & President

Mr Wayne Myles, QC has been counsel to the law firm Cox and Palmer for NL, NS & NB since 2012. Mr Myles was named one of Canada's Top 25 Most Influential Corporate Commercial Lawyers by Canadian Lawyer Magazine, 2015. Similarly, based on peer reviews, he has been repeatedly recognized by numerous professional publications; including by the Canadian Legal Lexpert Directory as a leading practitioner in Transportation Law, Banking & Financial Institutions, and Mergers & Acquisitions.

Over the last 35 years, Mr Myles has been a co-investor and board member for a diversified group of private and public companies associated with commercial real estate development, retail and commercial sales and distribution businesses as well as a number of holding companies. He is also on the Board of the Insolvency Institute of Canada, where he chairs several committees, and recently completed terms as the Chairman of the Board for Newfoundland and Labrador Liquor Corporation and as a Director of CPA Newfoundland Labrador.

Mr Myles received a Bachelor of Commerce degree from Dalhousie University in 1977, a Bachelor of Laws degree from the University of New Brunswick in 1981. In 2002 he was appointed Queen's Counsel in Newfoundland.

Mr Carl Sheppard is President and Managing Partner of Strategic Concepts, Inc., a business consulting company. For the past thirty years he has provided consulting services to many of Canada's leading resource companies and organizations. He has participated in numerous economic studies, strategic plans, cost/benefit reports and business plans targeted at the identification of development opportunities. Mr Sheppard has served as an officer, Board member, and committee chair for a number of private and public companies, including NetBenefit Software Inc., Battery Road Capital Corp., and Duckworth Capital Corp.

Mr Sheppard has a Masters of Development Economics from Dalhousie University, where his area of concentration was regional development from a Canadian perspective. He also has a Bachelor of Arts Honours (Economics) degree from York University's Glendon College and a Bachelor of Arts degree from Memorial University.

Messrs. Myles and Sheppard will complement the continuing Board after the resignation of Mr Philip Armstrong, who is stepping away to focus on other investment ventures. Mr Armstrong has been a member of Torrent's Board since 2016 and was instrumental in guiding the Company through its change of business from a Resource Issuer to an Investment Issuer. Wade Dawe, CEO of Torrent, wishes to thank Mr Armstrong for his years of service and particularly his guidance as Torrent established itself as an Investment Issuer growing its investment portfolio from $5.6 million in 2016 to in excess of $30 million in 2021.

About Torrent Capital

Torrent is a publicly traded investment issuer that invests in the securities of private and publicly traded companies. The Company invests in companies that are due to experience accelerated growth or are trading at a discount to their intrinsic value. Torrent offers investors the potential to earn above market returns while providing transparency, daily liquidity and a modest fee profile compared to competing investment products. Currently, the Company is actively researching investment opportunities in the clean technology sector.

For further information, please contact:

Scott Gardner
Chief Investment Officer
(647) 446-7474

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This press release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Torrent disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The reader is referred the Company's annual financial reporting for a discussion of risks and uncertainties.

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