Shogun Capital Corp. Announces TSXV Conditional Approval, SEDAR Filing of Filing Statement and Further Details on the Proposed Acquisition of International Cannabis Corp

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 21, 2016) - Shogun Capital Corp. (the "Corporation") (NEX:SHO.H) is pleased to announce that it has received conditional approval from the TSX Venture Exchange (the "TSXV") relating to its previously announced proposed qualifying transaction (the "Proposed Transaction") with International Cannabis Corp ("ICC"). The Proposed Transaction is currently scheduled to close on or about November 23, 2016. The Corporation will issue a further announcement when the Corporation expects its shares to resume trading. A filing statement prepared in accordance with the requirements of the TSXV in connection with the Proposed Transaction has been filed with the TSXV and the applicable Canadian securities regulators on SEDAR and is available at www.sedar.com.

For additional information about the Proposed Transaction, please see the Corporation's press releases dated August 9, 2016, August 22, 2016 and September 8, 2016, which are available at www.sedar.com.

The Corporation also notes that it has filed today amended and restated interim financial statements and management's discussion and analysis for the three months ended June 30, 2016 to reflect, among other things, changes following completion of a review by the Corporation's auditors, Saturna Group Chartered Professional Accountants LLP, as well as comments received from the TSXV.

ABOUT INTERNATIONAL CANNABIS CORP

ICC has operations in Uruguay, and is focused on the licensed production, development and sale of recreational cannabis, cannabinoid extracts and by-productions for medicinal uses and industrial hemp. For more information, please see intcannabiscorp.com.

ABOUT SHOGUN CAPITAL CORP.

The Corporation is a capital pool company formed under the TSXV capital pool company program.

Completion of the Proposed Transaction is subject to a number of conditions, including but not limited to, negotiation and execution of definitive transaction documentation, obtaining any necessary governmental and third party approvals and final TSXV acceptance. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the filing statement prepared in connection with the Proposed Transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this press release.

Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in filings by the Corporation with the Canadian securities regulators, which filings are available at www.sedar.com.

The Corporation's common shares will remain halted until such time as permission to resume trading has been obtained from the TSXV. The Corporation is a reporting issuer in Alberta, British Columbia and Ontario.

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.