Mr. Christopher Moreau reports

GREY MATTERS IMPROVES WARRANT TERMS OF PRIVATE PLACEMENT

Grey Matters Health Inc. has amended the warrant terms of its recently announced non-brokered private placement, removing the acceleration feature and extending the warrant exercise period to three years. All other terms remain unchanged.

Summary of amended offering terms

The company recently announced a non-brokered private placement for gross proceeds of $1-million of units at an issue price of 40 cents per unit. Each unit will consist of one Class A common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder to acquire one common share at an exercise price of 60 cents per warrant share for a period of 36 months from the issuance date.

The company will use the proceeds of the offering to advance its Alzheimer's Disease program towards the opening of its first United States brain-specific neuroimaging clinic, general and administrative expenses, and for working capital purposes.

The securities issued and issuable, described in this news release, will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable Canadian securities legislation.

About Grey Matters Health Inc.

Grey Matters is a Canadian health care company focused on the provision of brain specific PET scanning services through a planned network of new neuroimaging clinics in the U.S. for the early stage detection of Alzheimer's Disease, and other forms of dementia, as well as epilepsy, neuro-oncology and movement disorders including Parkinson's disease. Grey Matters has a program for Repirinast, a repurposed drug for CKD, and is also the parent company of Algernon NeuroScience, a wholly owned subsidiary, that has been advancing a psychedelic program investigating a proprietary form of DMT for stroke and traumatic brain injury recovery. The company's chronic cough drug Ifenprodil, which works by stopping cough in the brain, was sold for $2-million (U.S.) cash and a 20-per-cent equity position in Seyltx, a private United States-based drug development company that continues to advance research on the drug.

We seek Safe Harbor.