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Peninsula Capital Raises $13.3 Million in Equity to Facilitate its 2022 Growth Plans

TORONTO, Feb. 22, 2022 (GLOBE NEWSWIRE) -- Peninsula Capital Corp. ("PCC" or "Peninsula"), a private Canadian corporation, is pleased to announce that it has closed its latest accretive financing, a brokered and concurrent private placement of approximately $13.3 million on the same terms. The brokered capital raise was led by Echelon Capital Markets, who also provided advisory services. The concurrent financing was co-led by Capital Canada and LaurelCrest Partners as part of the total financing. These funds, coupled with our existing aggregation line of credit and long-term financing, are sufficient to facilitate our 2022 strategy of acquiring 500 additional single-family rentals ("SFR").

Peninsula CEO Mike Appelton said, "We are pleased to have raised this capital, which is expected to meaningfully accelerate PCC's accretive growth throughout 2022." He adds, "Our direct to seller, off-market acquisition program is exceptionally robust and together with our reputation, which is becoming better known in the marketplace, are expected to drive significant acquisition opportunities."

This transaction is the first capital raise completed by PCC in 2022 and when added to our two previous successful raises in 2021, the total equity raised in the past 14 months exceeds $20,000,000. Miller Thomson LLP provides corporate and capital markets counsel to PCC and DickinsonWright LLP acted as counsel to Echelon.

About Peninsula Capital Corporation.
Peninsula Capital Corp. owns, acquires, and manages Single Family Rental ("SFR") housing presently focused in upstate New York. PCC was formed to provide a differentiated investment opportunity by investing in affordable residential properties that provide stabilized high cash flow in markets with a high proportion of renters. We provide affordable, quality, safe and secure housing to our tenants. PCC is focused on growth and specializes in identifying and acquiring stabilized and near stabilized houses with a strong tenant base. Approximately 95% of houses are acquired off-market via private sale and sourced using PCC's deep market knowledge and experience. Fully vertically integrated, with the internalization of property management in 2019, PCC has significant "boots on the ground" and a back office firmly in place, to manage both local and regional growth from a central location. PCC chose to initially invest in Buffalo, NY and is considering other similar markets that are attractively priced and cash flow rich. Our investments are underwritten solely based on the merits of cashflow ? house value appreciation is pure upside. PCC's existing portfolio consists of 340 houses (550 rental units in total), which along with an additional 210 houses (270 rental units) under contract will bring our current portfolio to more than 550 SFRs (820 rental units).

For further information on Peninsula:

Mike Appelton Robert Macdonald
President and CEO Director
Peninsula Capital Corp Peninsula Capital Corp
(226) 668-6670 (289) 217-1203
mike.appelton@peninsulacapitalcorp.com rmacdonald@peninsulacapitalcorp.com

Forward-Looking Information
This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information may relate to the Company's future financial outlook and anticipated events or results and may include information regarding the Company's financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding the Company's expectations of future results, performance, achievements, prospects or opportunities or the markets in which the Company operates is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects", "budgets", "scheduled", "estimates", "outlook", "forecasts", "projects", "prospects", "strategy", "intends", "anticipates", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" occur. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances.

Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, risks and uncertainties associated with market conditions and the satisfaction of all applicable regulatory requirements, as well as risks and uncertainties associated with the Company's business.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in such forward-looking information.

Readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.


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