Vancouver, British Columbia--(Newsfile Corp. - July 5, 2022) - Aurora Solar Technologies Inc. (TSXV: ACU) ("Aurora", the "Company") is pleased to announce that the acquisition of BT Imaging Pty Ltd. (the "Acquisition") (please refer to the Company's news releases dated March 3, 2022 and May 31, 2022) has significantly progressed with respect to due diligence and acceptances. It is now expected to close on or before July 29, 2022.

"With this Acquisition, Aurora gains a best-in-class business with accretive annual sales and positive net cash flow", said Gordon Deans, Aurora's President and CEO. "Furthermore, as previously stated, the Acquisition will accelerate Aurora's growth by combining complementary quality control tools with Aurora's Insight data science platform. This provides for enhancement of Insight's value via new features for better production process optimization and control."

The Company also announces a concurrent non-brokered private placement of units (the "Unit") of the Company at a price of $0.10 per Unit for gross proceeds of up to $2,000,000 (the "Offering"). Each Unit will consist of one common share of the Company (the "Share") and one share purchase warrant to acquire a Share at an exercise price of $0.20 for a period of one year. The net proceeds of this Offering will be used in connection with the Acquisition and associated transaction costs. As such, all proceeds will be held by the Company in trust in a segregated account until immediately prior to the closing of the Acquisition at which time the Offering will close and the funds will be released from trust. If the Offering does not close within 30 days from the targeted closing date of the Acquisition, all proceeds will be released back to the subscribers to the Offering. The Offering may be increased at the discretion of the Company by up to 25% as an overallotment option.

In connection with the Offering, finders may be paid a cash commission of 7.5% and a number of finder's warrants equal to 7.5% of the Units sold to investors introduced by the finder, each such finder's warrant entitling the holder to purchase one common share of the Company at a price of $0.20 for a term of one year.

The Units will be offered on a private placement basis in all provinces of Canada pursuant to applicable prospectus exemptions. This press release does not constitute an offer to sell or a solicitation of an offer to buy the Units in any jurisdiction, nor will there be any offer or sale of the Units in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Units have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws and, therefore, may not be offered or sold to, or for the benefit or account of, persons within the United States or "U.S. persons" (as such term is defined in Regulation S under the U.S. Securities Act) except pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws.

All securities issued in connection with the Offering will be subject to a four month and one day statutory hold period.

The Acquisition and the Offering is subject to compliance with applicable securities laws and approval of the TSX Venture Exchange.

About Aurora Solar Technologies:

Aurora Solar Technologies is a leader in the development and delivery of inline process control and yield management solutions for solar cell manufacturers. We believe that solar power will be a dominant element in the renewable energy field, and our mission is to bring quality and profitability to every customer through superior control of critical processes during solar cell manufacturing.

Aurora's products are used by some of the world's most advanced and respected solar cell manufacturers. With headquarters near Vancouver, Canada, Aurora has operations in Shanghai, China, and partners in all major solar manufacturing markets. Aurora is a public company, traded on the TSX Venture Exchange (ACU) and is a two-time TSX-V Top 50 winner. Aurora's website is located at .

For further information contact:

Jake Bouma
Corporate Development
Phone: +1 (604) 317-3936
corpcomm@aurorasolartech.com

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.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

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