Mr. Mark Upsdell reports

RAPID DOSE ANNOUNCES PAYMENT IN SHARES FOR QUARTERLY INTEREST ON SECURED DEBT AND PROPOSED ISSUANCE OF SHARES AS PAYMENT OF ACCRUED DIRECTOR FEES

Rapid Dose Therapeutics Corp., pursuant to the terms of its amended and restated secured convertible notes dated Dec. 1, 2025, intends to issue common shares in satisfaction of the accrued interest payable on Sept. 30, 2026. The company expects to issue the common shares no later than Oct. 15, 2026.

The notes were issued as a result of an extension to the promissory notes that were originally issued by the company pursuant to its private placement financing that closed in 2023. The financing was an offering of units at a price of $1 per unit. Each unit consisted 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.

As previously disclosed, the company agreed with noteholders holding an aggregate of $3,084,445 of promissory notes to extend the maturity date for one year on their respective notes to Nov. 30, 2026, and extend the expiry date for one year on their accompanying 15,422,225 warrants to Nov. 30, 2026. The notes bear interest at 18 per cent per annum, calculated and compounded monthly, and 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 on the last trading day of each calendar quarter. The company is permitted to prepay the notes on 10 days of advance notice without notice or bonus.

Therefore, in accordance with the terms of the notes, the company intends to issue a total of 1,092,821 common shares to the holders of the notes at a deemed issue price of 13 cents per common share, being the closing market price of the common shares on the CSE on Sept. 30, 2026 (the last trading day of the quarter), in satisfaction of the aggregate of $142,067.63 of accrued interest owing on the notes.

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.

Rapid Dose Therapeutics announces that it has agreed with its non-management directors to issue common shares to such directors in exchange for the cancellation of director fees owing. In accordance with the company's compensation policies, each of the five directors is owed $10,000 in director fees for each of the five fiscal quarters ended Aug. 31, 2025, Nov. 30, 2025, Feb. 28, 2026, May 31, 2026, and Aug. 31, 2026, for an aggregate total amount of $250,000 owing to the directors. The debt shares to be issued in payment of the debt will be issued in accordance with the policies of the Canadian Securities Exchange at a deemed price of 13 cents, which was the closing market price of the company's common shares on the CSE on Sept. 30, 2026. The company expects to issue the debt shares on or around July 15, 2026.

The company is completing this share-for-debt transaction to improve its financial position by reducing its existing liabilities. All debt shares issued will be subject to a four-month hold period from the date of issuance, as applicable. No new control person of the company is expected to be created pursuant to this transaction.

The issuance of the debt shares will be a related party transaction within the meaning of Multilateral Instrument 61-101. The company will be relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Section 5.5(b) (company is listed on the Canadian Securities Exchange) and Section 5.7(1)(a) (fair market value of the transaction insofar as it involves related parties does not exceed 25 per cent of the company's market capitalization) in respect of such transaction. A resolution of the board of directors of the company was passed to approve this shares for debt transaction. There was no materially contrary view by any director.

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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