Toronto, Ontario--(Newsfile Corp. - March 18, 2021) - Parkit Enterprise Inc. (TSXV: PKT) (OTC: PKTEF) ("Parkit" or the "Company"), is pleased to announce that it has closed its previously announced (see press releases dated March 1, 2021) bought deal private placement (the "Bought Deal Offering") and the concurrent non-brokered private placement (the "Non-Brokered Offering" and together with the Bought Deal Offering, the "Offerings") of an aggregate of 27,507,332 common shares of the Company ("Common Shares") at a price of $1.50 per Common Share.

The Bought Deal Offering consisted of 26,841,000 Common Shares for aggregate gross proceeds of approximately $40.3 million. The Bought Deal Offering was co-led by Stifel GMP and Scotiabank. The Non-Brokered Offering consisted of 666,332 Common Shares for aggregate gross proceeds of approximately $1.0 million issued to a president's list on the same terms as the Bought Deal Offering.

The Company plans to use the net proceeds from the sale of Common Shares for future acquisitions and for general corporate purposes.

The Common Shares are subject to a hold period under applicable Canadian securities laws expiring on July 19, 2021.

Update on Ottawa Property Purchase

The Company is also pleased to announce that it has completed its previously announced (see press release dated March 11, 2021) purchase (the "Acquisition") of a fully tenanted 180,000 square feet Class A industrial building on 7 acres of land located in Ottawa, Ontario (the "Property"). The purchase price for the Property was $28,500,000, subject to adjustments, and was satisfied through the issuance of an aggregate of 2,667,000 Common Shares at a deemed price of $1.50 per share with the remainder of the purchase price being satisfied with funds on hand. The Common Shares issued in connection with the Acquisition are subject to a hold period under applicable Canadian securities laws expiring on July 19, 2021.

Related Party Transaction Disclosure

Pursuant to the Non-Brokered Offering, Parkit issued 56,667 Common Shares to a purchaser that is considered to be a "related party" (within the meaning of Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions ("MI 61-101")) and TSXV Policy 5.9, making the Non-Brokered Offering a "related party transaction" (within the meaning of MI 61-101) (the "Related Party Subscription"). Parkit was exempt from obtaining a formal valuation for, and minority approval of, the Related Party Subscription pursuant to Section 5.5(b) and 5.7(1)(a) of MI 61-101, respectively.

In addition, as the vendor of the Property, Access Self Storage Inc. (the "Vendor"), is a related party to Parkit, the Acquisition is considered to be a "related party transaction" under MI 61-101 and TSXV Policy 5.9. Parkit was exempt from obtaining a formal valuation for, and minority approval of, the Acquisition pursuant to Section 5.5(b) and 5.7(1)(a) of MI 61-101, respectively.

The Non-Brokered Offering and the Acquisition were approved by the independent members of the Company's board of directors with no contrary views or abstentions by any director. The material change report to be filed in relation to the Offerings and the Acquisition will not be filed at least 21 days prior to the issuance of the Common Shares under the Related Party Subscription and the Acquisition, as contemplated by MI 61-101. Parkit believes that this shorter period is reasonable and necessary in the circumstances as the completion of the Offerings and the Acquisition occurred shortly before the issuance of the news release and the upcoming filing of the material change report in relation to the Offerings and the Acquisition.

About Parkit Enterprise Inc.

Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing industrial real estate and parking facilities across Canada and the United States. Parkit's Common Shares are listed on TSX-V (Symbol: PKT) and on the OTC (Symbol: PKTEF).

For more information, please contact Mr. Steven Scott:

Investor Relations
Contact Number: 604-424-8700
Email:

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the 1933 Act and applicable state securities laws or an exemption from such registration is available.

Forward-Looking Information: This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", "may" or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this press release contains forward-looking information in relation to: statements as to the use of proceeds from the sale of Common Shares. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. These risks, uncertainties, and factors may include, but are not limited to general business uncertainties, and in particular uncertainties relating to the impact and duration of COVID-19 on future financial performance. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what impacts they will have on the Company. A description of additional risk factors that may cause actual results to differ materially from forward looking information can be found in Parkit's disclosure documents on the SEDAR website at . Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this press release is expressly qualified by this cautionary statement. The forward-looking information contained in this press release represents the expectations of Parkit as of the date of this press release and, accordingly, are subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

To view the source version of this press release, please visit