Mr. Mark Upsdell reports

RAPID DOSE ANNOUNCES CLOSING OF SECOND TRANCHE OF EQUITY PRIVATE PLACEMENT FINANCING

Rapid Dose Therapeutics Corp. has closed on $200,000 in a second tranche of its previously announced equity private placement financing, bringing the total amount raised to $1.3-million. The financing contemplated up to $7-million of gross proceeds, consisting of up to 41,176,470 units at a price of 17 cents per unit. Each unit consists of one common share of the company and one common share purchase warrant of the company. Each warrant is exercisable to acquire one common share at a price of 20 cents per common share for a term of two years from the date of issuance of such warrant.

On this second-tranche closing of the financing, 1,176,470 units were purchased; and, accordingly, the company issued 1,176,470 common shares and 1,176,470 warrants.

In accordance with the company's agreement with Meadowbank Asset Management Inc. in respect of the financing, the agent is entitled to a cash commission equal to 6 per cent of the aggregate gross proceeds raised pursuant to the financing from investors introduced to the company by the agent. The company shall also issue such number of non-transferable agent warrants as is equal to 6 per cent of the number of units issued to investors in the financing that were introduced to the company by the agent. Each agent warrant will be exercisable to acquire one common share at a price of 20 cents per common share for a term of two years from the date of issuance of such agent warrant. On this second-tranche closing of the financing, the company paid a commission of $12,000 and issued 70,588 agent warrants to the agent. The agent shall also have a one-time right to nominate two independent directors to the company's board of directors.

To clarify the company's press release dated Feb. 16, 2024, the company raised gross proceeds of $1.1-million and issued the following securities on the first-tranche closing of the financing on Feb. 16, 2024: 6,470,586 common shares, 6,470,586 warrants and 388,235 agent warrants.

The company intends to use the proceeds from the financing for research and development, capital expansion, and working capital purposes. The financing may close in one or more tranches. All securities issued on the financing will be subject to a four-month hold from the applicable date of closing. The company has received an extension from the Canadian Securities Exchange allowing it to close subsequent tranches of the financing until April 15, 2024.

About Rapid Dose Therapeutics Corp.

Rapid Dose Therapeutics is a Canadian biotechnology company revolutionizing drug delivery through innovation. The company's flagship product, QuickStrip, is a thin, orally dissolvable film that can be infused with an infinite list of active ingredients, including nutraceuticals, pharmaceuticals and vaccines, that are delivered quickly into the bloodstream, resulting in rapid onset of the active ingredient.

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