British Columbia - Valencia Capital Inc. (TSXV: VAL.P) (the 'Company' or 'Valencia') announces that in addition to the 605,000 currently outstanding stock options, the Company has granted additional stock options to directors and officers of the Company to purchase up to an aggregate of 533,390 common shares in accordance with Valencia's stock option plan.

Each option is exercisable into one common share of the Company at a price of $0.10 per common share and will expire five years from the date of grant. The stock options granted are subject to the acceptance of the TSX Venture Exchange.

About the Company

The Company is a capital pool company pursuant to Policy 2.4 of the TSX Venture Exchange (the 'Exchange') created for the purpose of identifying and evaluating companies, businesses or assets with a view to completing a proposed Qualifying Transaction, as defined in the policies of the Exchange.

On December 16, 2020, the Company announced that it has entered into a letter of intent for the acquisition of 1250598 B.C. Ltd., a private company formed pursuant to the laws of British Columbia, and which owns 100% of the shares of Tera Balkanika D.O.O. Beograd - Stari Grad ('Tera'), a corporation existing under the laws of Serbia (the 'Proposed Transaction').

Tera is a mineral exploration company focused on polymetallic mineralization, which owns and has options on mineral exploration licenses in the Western Balkans. The Proposed Transaction will constitute a Qualifying Transaction and Reverse Takeover of Valencia, as such terms are defined in the Policies of the Exchange.

Contact:

John D. MacPhail

Tel: +1-778-688-7411

This news release does not constitute an offer to sell and is not a solicitation of an offer to buy any securities in the United States. The securities of the Company and 1250598 B.C. Ltd. 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 unless pursuant to an exemption from such registration.

Cautionary Note Regarding Forward Looking Statements

This news release contains forward-looking statements relating to the timing and completion of the Proposed Transaction, the future operations of the Company and the resulting issuer and other statements that are not historical facts. Forward-looking statements are often identified by terms such as 'will', 'may', 'should', 'anticipate', 'expects' and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Proposed Transaction and the future plans and objectives of the Company and the resulting issuer, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the failure to satisfy the conditions to completion of the Proposed Transaction.

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