Canadian Premium Sand Announces Amendment and Extension of Previously Announced Convertible Debenture Offering

NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION OVER UNITED STATES NEWSWIRE SERVICES.

CALGARY, Alberta, Feb. 12, 2020 (GLOBE NEWSWIRE) -- Canadian Premium Sand Inc. (“CPS” or the “Company”) (TSXV: CPS) has amended the pricing and extended the closing for its previously announced non-brokered private placement (the "Offering") of secured convertible debentures (the "Convertible Debentures").

The price at which the Convertible Debentures are convertible into common shares ("Common Shares") has been reduced from $1.25 to $0.75 per Common Share and the volume weighted average trading price of the Common Shares at which the Company may redeem the Convertible Debentures has been reduced from $2.00 to $1.20 per Common Share (collectively, the "Amendments"). The Amendments are being done to more accurately reflect the current market conditions for the Company's Common Shares. The closing of the Offering has also been extended to February 28, 2020 (the "Extension"). Other than the Amendments and Extension, all other terms of the Offering remain the same. The TSX Venture Exchange has approved the Amendments and Extension.

The securities of the Company have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Canadian Premium Sand Inc.

The Company is an exploration stage company which is developing its Wanipigow Sand Resource in Manitoba, and a reporting issuer in Ontario, Alberta and British Columbia. Its shares trade on the TSX Venture Exchange under the symbol "CPS".

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.

CONTACT INFORMATION:

Canadian Premium Sand Inc.

Glenn Leroux

President and Chief Executive Officer

587.350.5772

Investor Relations