ZEB Announces the Issuance of Shares to Settle Debt

Vancouver, British Columbia--(Newsfile Corp. - February 23, 2023) ZEB Nickel Corp. (TSXV: ZBNI) (OTCQB: ZBNIF) ("ZEB" or the "Company") is pleased to announce that, further to its announcement on February 7, 2023, it has issued an aggregate of 743,944 common shares of the Company (the “Shares”) to a creditor to settle aggregate debt in the amount of $200,865 at a deemed price of $0.27 per Share.

The Shares are subject to a contractual hold period expiring on August 21, 2023, 180 days from the issuance of the Shares.

For further information, please visit http://www.zebnickel.com/ or contact:

ZEB Nickel Corp.

Wayne Isaacs (Chief Executive Officer)

email: [email protected] phone: +1 416 628 3100

TSX Venture Exchange Disclaimer

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.

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