Mr. Mark Upsdell reports

PAYMENT IN SHARES FOR INTEREST ON SECURED DEBT

As contemplated in the secured convertible notes previously issued on Rapid Dose Therapeutics Corp.'s private placement financing, the company intends to issue common shares in satisfaction of the accrued interest payable on March 31, 2024, under the terms of the financing and the notes, and expects to issue the common shares no later than April 12, 2024.

The financing allowed for up to $5-million of gross proceeds, consisting of up to five million units at a price of $1 per unit. Each unit consists of $1 principal amount of notes and five common share purchase warrants of the company. The company closed all four tranches of the financing in 2023, issuing an aggregate of $3,134,445 principal amount of notes and 15,672,225 warrants.

The notes have a maturity date of Nov. 30, 2025, and bear interest from their date of issue at 12 per cent per annum, calculated monthly, accrued, added to principal and payable quarterly in arrears in common shares at a price per share equal to the closing market price of the common shares on the Canadian Securities Exchange (the CSE) on the last trading day of each calendar quarter.

In accordance with the terms of the notes and the financing, the company intends to issue 520,968 common shares to the holders of the notes at a deemed issue price of 18 cents per common share, being the closing market price of the common shares on the CSE on March 28, 2024, in satisfaction of the aggregate of $93,775.72 of accrued interest owing on the notes.

Furthermore, the company intends to issue 41,968 common shares to Madison Partners Corp. in connection with the $250,000 of secured debt with a maturity date of Sept. 22, 2024, held by Madison Partners. Madison Partners is a holding company of John McKimm, a director of the company.

Interest on the Madison debt is 12 per cent per annum calculated monthly, compounded, accrued, added to the principal amount and payable quarterly in arrears on a calendar quarter basis until the Madison debt is fully repaid. Interest is payable in common shares at the price per share equivalent to the closing market price of a common share on the CSE on the last trading day immediately preceding the end of the relevant interest payment date.

Accordingly, in accordance with the terms of the Madison debt, the company intends to issue 41,968 common shares to Madison Partners at a deemed issue price of 18 cents per common share, being the closing market price of the common shares on the CSE on March 28, 2024, in satisfaction of the $7,554.25 of accrued interest owing on the Madison debt.

All common shares issued as payment for accrued interest will be subject to a hold period expiring four months and one day from the date of issue of the common shares.

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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