Agrinam Acquisition Corporation Confirms Extension to Permitted Timeline and Reports Results of Special Meeting of Shareholders

Toronto, Ontario--(Newsfile Corp. - September 15, 2023) - Agrinam Acquisition Corporation (TSX: AGRI.U) (the "Company") announced today that it has exercised its three-month extension option to extend its permitted timeline by depositing an additional U.S.$400,000 in cash into escrow and extended its permitted timeline to complete a qualifying acquisition to December 15, 2023 (the "Extension"). The Extension occurred following approval by the shareholders of the Company of a special resolution (the "Special Resolution") to amend the amended and restated articles of the Company (the "Articles") at a special meeting of the holders of Class A Restricted Voting Shares of the Company ("Class A Restricted Voting Shares") and Class B Shares of the Company ("Class B Shares") held on September 14, 2023 (the "Meeting").

The amendment to the Articles provided for an amendment to the definition of "Three-Month Extension Option" contained in Section 28.2 of the Articles in order to permit the Company to deposit an aggregate of U.S.$400,000 in cash into the escrow account instead of U.S.$0.10 per Class A Restricted Voting Share each time the Company wishes to exercise a Three-Month Extension Option to extend the permitted timeline within which the Company must consummate its qualifying acquisition by three months (from 15 months up to 18 months and from 18 months up to 21 months), up to a maximum of two successive three-month periods.

At the Meeting, a total of 9,079,106 of the votes, or 81.3% of the votes cast at the Meeting by holders of Class A Restricted Voting Shares present or represented by proxy were cast in favour of the Special Resolution. Additionally, a total of 12,494,607 votes, or 90.15% of the votes cast at the Meeting by holders of Class A Restricted Voting Shares and by holders of Class B Shares, voting as a single class, were cast in favour of the Special Resolution. The Special Resolution was to be passed by: (a) at least two-thirds of the votes cast at the Meeting by holders of Class A Restricted Voting Shares present or represented by proxy and entitled to vote at the Meeting; and (b) at least two-thirds of the votes cast at the Meeting by holders of Class A Restricted Voting Shares and by holders of Class B Shares, voting as a single class present or represented by proxy and entitled to vote at the Meeting. Details of the voting results will be filed under the Company's profile on SEDAR+ at www.sedarplus.com.

About Agrinam Acquisition Corporation

Agrinam Acquisition Corporation is a special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purpose of effecting, directly or indirectly, an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, share exchange, asset acquisition, share purchase, reorganization, or any other similar business combination within a specified period of time.

Forward Looking Information

This press release may contain forward looking information within the meaning of applicable securities legislation, which reflects the Corporation's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Corporation's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the risk that a qualifying acquisition may not be completed within the Corporation's permitted timeline or the potential failure to obtain an extension of the qualifying acquisition deadline if sought by the Corporation, the failure to satisfy the conditions to the consummation of any proposed qualifying acquisition, and the factors discussed under "Risk Factors" in the Corporation's prospectus dated June 10, 2022. The Corporation does not undertake any obligation to update such forward looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

For further information contact:

Agustin Tristan Aldave

Chief Executive Officer
Agrinam Acquisition Corporation
agustin.tristan@agrinamspac.com

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