Mr. John Davies reports

GEMINA ANNOUNCES FILING OF PROSPECTUS SUPPLEMENT

Gemina Laboratories Ltd. has entered into an agency agreement dated June 23, 2022, with Leede Jones Gable Inc. Pursuant to the agency agreement, the company proposes to complete a commercially reasonable best efforts offering by way of prospectus supplement to the company's base shelf prospectus dated Jan. 10, 2022. The offering comprises up to 8,334,000 units of the company at a price of 60 cents per unit for aggregate gross proceeds of up to $5,000,400. The company has agreed to grant the agent an option to increase the size of the offering by up to 15 per cent, exercisable in whole or in part at any time for a period of 30 days after the closing date of the offering.

Each unit will consist of one common share in the capital of Gemina and one share purchase warrant. Each warrant will entitle the holder thereof to purchase one share at a price equal to 80 cents for a period of 60 months following the closing date, subject to acceleration in certain circumstances. The company anticipates that the warrants will be governed by a warrant indenture to be entered into between the company and Computershare Trust Company of Canada, as warrant agent, on or before the closing date.

In consideration for the agent's services with respect to the offering, Gemina will (i) pay the agent a cash fee of 7 per cent of the aggregate gross proceeds of the offering (including the overallotment option), payable on the closing date (and the closing of the overallotment option, if applicable), and (ii) issue warrants to purchase that number of shares of the company equal to 7 per cent of the aggregate number of units sold pursuant to the offering, including the overallotment option. Each agent compensation warrant will be exercisable to acquire one share at the unit price for a period of 60 months following the closing date.

It is anticipated that the financing proceeds will be used by the company to finance product development and potential strategic acquisitions, and for research and development, working capital, and general corporate purposes. The fees payable to the agent and the financing are subject to Canadian Securities Exchange approval.

Concurrently with the offering, the company is conducting a non-brokered offering of up to a maximum of 1,666,667 units at the unit price, which non-brokered private placement is expected to close on or around the closing date. The units issued pursuant to the non-brokered private placement will not be qualified for distribution by the prospectus supplement and will be subject to a four-month hold period. It is anticipated that proceeds from the non-brokered private placement will be used by the company for working capital and general corporate purposes.

About Gemina Laboratories Ltd.

Gemina Labs is a biosensor and diagnostic company with a transformative, patented, proprietary chemistry that powers next-generation testing platforms for a wide range of pathogens that affect human health and wellness. Its technology drives testing platforms that are fast, affordable and accurate, and easily self-administered. Its development pipeline includes platforms for the rapid testing of COVID-19, influenza and other viruses.

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