MANDALA CAPITAL INC. ANNOUNCES CHANGES TO DIRECTORS AND OFFICERS AND TRANSFER OF ESCROWED SHARES

TSX-V: MAN.P

VANCOUVER, BC, July 12, 2023 /CNW/ - Mandala Capital Inc. (the "Company") announces changes to the directors and officers of the Company and a transfer of escrowed shares (the "Transfers") pursuant to the Company's escrow share transfer agreement dated August 11, 2022 (the "Escrow Agreement").

Michael Williams and Harry Tian have been appointed as directors of the Company. John-Mark Staude has been appointed as Vice President, Corporate Development of the Company. Jonson Sun has resigned from his position as a director of the Company. The Company would like to thank Mr. Sun for his services and wishes him all the best in his future endeavours.

Pursuant to the Escrow Agreement, former directors, officers and certain other shareholders of the Company will transfer their escrowed shares to the new directors and officers of the Company. An aggregate of 1,400,000 common shares of the Company within escrow will be transferred.

The Transfers have been approved by the TSX Venture Exchange (the "TSXV").

About Mandala Capital Inc.

The Company is designated as a Capital Pool Company under Policy 2.4 of the TSXV. The Company has not commenced commercial operations and has no assets other than cash. The Company with use the funds raised from its initial public offering to identify and evaluate businesses or assets with a view to completing a Qualifying Transaction (as defined in the amended and restated prospectus dated November 25, 2022). Any proposed Qualifying Transaction must be approved by the TSXV and, in the case of a non-arm's length Qualifying Transaction, must also receive majority approval of the minority shareholders. Until the completion of a Qualifying Transaction, the Company will not carry on any business other than the identification and evaluation of businesses or assets with a view to completing a proposed Qualifying Transaction.

A copy of this press release will appear on the Company's SEDAR profile at www.sedar.com. For further information regarding the Company, the Escrow Agreement, and the Company's management team, please contact Patrick Sapphire, Chief Executive Officer, at [phone].

Neither 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.

SOURCE Mandala Capital Inc.

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