Mr. Ahmad Doroudian reports

BETTERLIFE PHARMA INC. ANNOUNCES PRICING OF US$100 MILLION PUBLIC OFFERING OF COMMON SHARES AND PREFUNDED WARRANTS

Betterlife Pharma Inc. has priced its previously announced public offering of common shares of the company and/or prefinanced common share purchase warrants of the company in lieu of common shares. The company intends to issue up to 555 million common shares at a price of 25 cents per common share for aggregate gross proceeds of up to $100-million (U.S.) ($138.75-million). In lieu of common shares, purchasers may elect to purchase prefinanced warrants at a price of 24.999 cents per prefinanced warrant. Each prefinanced warrant will entitle the holder thereof to acquire, subject to adjustment in certain circumstances, one common share. The prefinanced warrants will have a nominal exercise price of 0.001 cent per warrant share. In respect of the foregoing, the company will file an amended and restated preliminary short form prospectus with securities regulatory authorities.

The offering is expected to be completed on a commercially reasonable efforts agency basis pursuant to an agency agreement to be entered into between the company, Bloom Burton Securities Inc. and Haywood Securities Inc.

The company has granted the agents an option, exercisable in whole or in part at any time for a period of 30 days following the closing date (as defined below), to offer for sale such number of additional common shares and prefinanced warrants, together representing 15 per cent of the number of common shares and prefinanced warrants, solely to cover overallotments, if any.

In connection with the offering, the agents will be paid a cash commission equal to 7.0 per cent of the aggregate gross proceeds (including any proceeds raised through the exercise of the overallotment option). In addition, the company will issue to the agents' broker warrants to purchase such number of common shares as is equal to 7.0 per cent of the aggregate number of securities issued pursuant to the offering (including any securities issued pursuant to the exercise of the overallotment option).

The company intends to use the net proceeds from the offering to: (i) conduct phase 1A studies in healthy humans; (ii) conduct phase 1B clinical trials for cluster headache and migraine in parallel, rather than sequentially; (iii) conduct phase 2 clinical trials for cluster headache and migraine; and (iv) initiate a postphase 2 registration study for cluster headache. The company also intends to use the net proceeds for working capital and other general corporate purposes.

The offering is expected to close on or about Sept. 15, 2026 (the closing date), or such later date as may be agreed upon by the company and the agents. The offering is subject to the company and the agents entering into a definitive agency agreement, and subject to satisfaction of customary closing conditions, including the receipt of all necessary regulatory and stock exchange approvals, including approval of the Canadian Securities Exchange (CSE).

The company has received a waiver from the CSE of the shareholder approval requirements set out in Section 4.6(2)(a)(i)(2) of CSE Policy 4, which would otherwise apply in connection with the level of dilution that may result from completion of the offering.

In addition, the securities are anticipated to be offered by way of private placement in certain jurisdictions outside of Canada pursuant to and in compliance with applicable securities laws.

About Betterlife Pharma Inc.

Betterlife is an emerging biotechnology company primarily focused on developing and commercializing BETR-001 to treat various neurological disorders. BETR-001, which is in preclinical and IND-enabling studies, is a non-hallucinogenic and non-controlled LSD derivative in development and is unique in that it is unregulated and therefore can be self administered. Betterlife's synthesis patent for BETR-001 eliminates controlled substance manufacturing hurdles and its pending patent, for composition and method of use, covers treatment of various neurological disorders, until around 2042. Betterlife also owns a drug candidate for the treatment of viral infections and is in the process of seeking strategic alternatives for further development.

We seek Safe Harbor.