Caracara Silver Inc. Shareholders Approve All Matters at Special Meeting

Toronto, July 23, 2019 - Caracara Silver Inc. ("Caracara" or the "Company") (NEX-SILV.H) is pleased to announce its shareholders approved all items of business at the special meeting of its shareholders held on July 22, 2019 (the "Meeting") as set out in the Company's management information circular dated June 20, 2019 delivered in connection with the meeting (the "Circular"). All matters were approved by a margin of at least 99% and the resolution to authorize the Company to delist from the TSX Venture Exchange (the "TSXV") was also approved by a majority of the minority shareholders of the Company by a margin of at least 99%.

As previously announced, the Company and Xtraction Services, Inc. ("Xtraction") have entered into a definitive merger agreement dated March 22, 2019 (the "Merger Agreement") to complete a proposed business combination (the "Transaction"), upon completion of which the resulting issuer will carry on the business of Xtraction. Pursuant to the Merger Agreement, the Company agreed to call the Meeting to seek shareholder approval of the matters set out in the Circular, which was necessary in order for the Company to be able to satisfy certain conditions to the completion of the Transaction.

The closing of the Transaction remains subject to the receipt of all necessary regulatory approvals, including without limitation, approval of the Canadian Securities Exchange (the "CSE") for the listing of the common shares of the resulting issuer on the CSE and the approval of the TSX Venture Exchange (the "TSXV") for the concurrent delisting of the common shares of Caracara from the TSXV. The Transaction also remains subject to the approval of Xtraction's shareholders.

Caracara and Xtraction will provide further details in respect of the Transaction in due course. Investors are cautioned that, except as disclosed in the Circular and in the CSE filing statement to be prepared in connection with the 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 shares of Caracara has been halted pursuant to the policies of the TSXV. There can be no assurance that the Transaction will be completed as proposed or at all.


About Xtraction

Xtraction partners with leading extraction and lab equipment manufactures to provide purchasing options for end-use customers. This allows Xtraction to supply mission critical equipment, service, and expertise, to a growing network of high-volume hemp and cannabis brands. Xtraction is working to democratize state-of-the-art equipment by minimizing up-front costs in today's capital constrained environment. This dynamic provides recurring revenues in order to maximize returns for shareholders, as well as to provide an end-to-end solution for the largest brands in the industry.

Xtraction is currently working with a number cannabis and hemp processors, to scale their operations and quickly provide access to large scale industrial equipment to benefit from the rapidly expanding concentrates market. Xtraction's management team has a successful track record of creating shareholder value and in scaling high growth businesses, product development, finance, and operational best practices.



For more information, please contact:

Nick Tintor, President of Caracara Silver Inc.
Tel: +1 (416) 953-4244

David Kivitz, Chief Executive Officer of Xtraction Services Inc.
Tel: +1 (407) 900-4737



Forward-Looking Information

This news release contains certain forward-looking statements that reflect the current views and/or expectations of management of Caracara and Xtraction with respect to performance, business and future events, including but not limited to express or implied statements and assumptions regarding the intention of Caracara and Xtraction to complete the Transaction. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which Caracara and Xtraction operate. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. In particular, there is no guarantee that the parties will successfully complete the Transaction contemplated herein, including that the parties will obtain any required regulatory approvals, including the listing of the resulting issuer's shares on the CSE and the concurrent delisting of Caracara's shares from the TSXV. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement. Neither Caracara nor Xtraction undertakes any obligation to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Not for distribution to U.S. newswire services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws.

All information contained in this press release with respect to Xtraction, its business and proposed corporate reorganization and financing was supplied by Xtraction for inclusion herein. Caracara has not conducted due diligence on the information provided and does not assume any responsibility for the accuracy or completeness of such information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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