An anonymous director reports

THERALASE ANNOUNCES CLOSING OF PROSPECTUS OFFERING FOR GROSS PROCEEDS OF $17,250,000

Theralase Technologies Inc. has closed its marketed short form prospectus offering, pursuant to which the company issued 57.5 million units of the company (including the exercise in full of the overallotment option) at a price of 30 cents per unit for gross proceeds of $17.25-million. Each unit consisted of one common share of the company and one common share purchase warrant of the company. Each warrant shall be exercisable to acquire one common share at a price of 35 cents until Aug. 22, 2024.

The offering was led by Mackie Research Capital Corp., as the lead agent and sole bookrunner, on behalf of a syndicate, including Maxim Group LLC, a United States-registered broker-dealer, as subagent for any sales of the units in the United States only.

The company intends to use the net proceeds of the offering for: (i) research and development related to the company's phase 2 anti-cancer therapy non-muscle invasive bladder cancer clinical study; (ii) the TLC-2000 rework; and (iii) general corporate and working capital purposes, as further described in the final short form prospectus of the company dated Aug. 19, 2019.

In consideration for the services to be rendered by the agents in connection with the offering, the agents received a cash fee equal to 6.0 per cent of the gross proceeds of the offering (other than in respect of certain "president's list" purchasers, on which a cash fee equal to 3.0 per cent was paid) and compensation options equal to 6 per cent of the units sold pursuant of the offering (other than in respect of certain president's list purchasers, on which compensation options equal to 2.0 per cent of such sales were issued). Each compensation option is exercisable to acquire one unit at the issue price until Aug. 22, 2024.

It is anticipated that the warrants will commence trading on the TSX Venture Exchange under the symbol TLT.WT on or about Aug. 26, 2019.

About Theralase Technologies Inc.

Theralase is a clinical-stage pharmaceutical company dedicated to the research and development of light-activated photodynamic compounds and their associated drug formulations intended to safely and effectively destroy various cancers.

We seek Safe Harbor.