Clearly Canadian Announces Completion of Private Placement of Debenture Units.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 3, 2002

Clearly Canadian Beverage Corporation (OTCBB:CCBC) (TSX:CLV) today announced the completion of the private placement of 670 debenture units, raising gross proceeds of $670,000. As previously announced (News Release dated October 25, 2002), each debenture unit consists of a secured convertible debenture in the principal amount of $1,000 and 1,250 share purchase warrants of the Company. The debentures are repayable after one year from closing, subject to acceleration in the event of a default and subject to the Company's right to prepay the debentures at any time. Interest on the debentures is calculated and payable monthly in arrears at a rate of 10% per annum. The debentures are convertible into common shares of the Company at the election of the holder at any time prior to repayment, based on a conversion price of $0.80. As security for the debentures, the Company granted the investors a general security interest, which security is subordinate to existing secured indebtedness. Each warrant issued as part of the debenture units entitles its holder to purchase one common share of the Company at a price of $0.80 for a period of two years. Certain directors and officers of the Company subscribed for 345 of the 670 debenture units (which was the maximum number of units that such non-arms-length parties were permitted to acquire under applicable Toronto Stock Exchange rules and policies), with the remaining 325 units being acquired by arms-length parties. Proceeds from the financing will be used for working capital purposes.

Based in Vancouver, B.C., the Company markets premium alternative beverages and products, including Clearly Canadian(R) sparkling flavoured water, Clearly Canadian O+2(R) and Tre Limone(TM), which are distributed in the United States, Canada and various other countries. The Company also holds the exclusive license to manufacture, distribute and sell certain Reebok beverage products in the United States, Canada and the Caribbean. Additional information on the Company may be obtained on the world wide web at www.clearly.ca.

CLEARLY CANADIAN BEVERAGE CORPORATION

Bruce E. Morley, Chief Legal Officer

CLEARLY CANADIAN BEVERAGE CORPORATION is the registered holder of various trademarks, including CLEARLY CANADIAN(R). CLEARLY CANADIAN BEVERAGE CORPORATION, and its wholly owned subsidiaries, produce, distribute and market CLEARLY CANADIAN(R), CANADIAN O+2(R), TRE LIMONE(TM) and certain Reebok beverage products. Reebok is the registered trademark of Reebok International Ltd. and its affiliated companies.