Michael Stein Announces Acquisition of Shares of Majesta Minerals Inc.

Toronto, Ontario--(Newsfile Corp. - January 27, 2021) - Michael Stein, a director and Chief Executive Officer ("Acquiror") of Majesta Minerals Inc. ("Majesta" or the "Company") announced today that, WFE Investments Corp. ("WFE"), a company controlled by him, acquired 1,915,220 units ("Units") in the capital of Majesta in connection with the conversion of all of the principal and interest owing pursuant to a convertible debenture dated July 31, 2019, as amended, at a price of $0.05 per common share. Each Unit consists of one common share and one common share purchase warrant (each a "Warrant"). Each Warrant is exercisable for one common share at an exercise price of $0.06 per common share for a period of two years form the date of issuance. WFE then exercised 1,050,000 Warrants for an additional 1,050,000 common shares. Mr. Stein has also exercised options to acquire 250,000 common shares in the capital of the Majesta at a price of $0.05 per common share.

Prior to the above noted transactions, Mr. Stein held directly and indirectly through WFE, 3,099,679 common shares, 250,000 stock options and a convertible debenture in the principal amount of $85,000 of the Company, representing approximately 19.3% of the issued and outstanding common shares of the Company on an undiluted basis. Following the acquisition of the shares, Mr. Stein currently has direct and indirect ownership through WFE of a total of 6,314,899 common shares on an undiluted basis, representing approximately 31.6% and 865,220 Warrants.

The common shares were acquired for investment purposes. The Acquiror has a long-term view of the investment and may acquire additional shares of the Company either on the open market or through private acquisitions or sell the shares on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

This news release is being issued as required by National Instrument 62-104 - Take-Over Bids and Issuer Bids and relates to the Company and to the Acquiror. A copy of the Early Warning Report can be obtained at www.sedar.com under the Company's company profile. For further information please contact Michael Stein at Tel: 416-410-7722 or Michael.stein@rogers.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/72971