Mr. Christopher Moreau reports

GREY MATTERS ANNOUNCES AN INCREASE TO ITS EQUITY AND CONVERTIBLE DEBENTURE PRIVATE PLACEMENT TO CAD $1.1 MILLION

Grey Matters Health Inc. has increased and made a change to its non-brokered private placement offering previously announced on Aug. 20, 2026, with the first closing having occurred on Sept. 9, 2026. The offering was originally announced to consist of gross proceeds from the sale of equity units expected to be $500,000 and unsecured convertible debenture units with gross proceeds expected to be $300,000, for an aggregate total of $800,000 from the offering. The company has increased the total aggregate gross proceeds of the offering to $1.1-million with an additional $250,000 of equity units and $250,000 of debenture units expected to be sold in the second tranche.

On Sept. 10, the company announced the closing of the first tranche for gross proceeds totalling $600,000, consisting of $285,000 from the sale of 712,500 equity units and $315,000 from the sale of debenture units. The private placement of equity units and debenture units is collectively referred to as the offering. Following the expected closing of the second tranche, the aggregate gross proceeds of $1.1-million from the offering would consist of $535,000 from equity units and $565,000 from debenture units.

Each equity unit, at an issue price of 40 cents, consists of one Class A common share in the capital of the company and one common share purchase warrant. Each warrant entitles 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.

Each debenture unit consists of one debenture in the principal amount of $1,000 and 2,198 common share purchase warrants. The convertible debentures carry interest at a rate of 10 per cent per annum from the closing date, payable semi-annually in arrears until the maturity date, which will be 24 months from the closing date of the convertible debentures or the conversion date of the debentures. The outstanding principal and interest can be converted, at the option of the convertible debenture holder, into common share at a fixed price of 45.5 cents per common share on or before the maturity date of the convertible debenture. The company may from time to time, in its sole discretion, prepay all or a part of the principal amount and accrued interest without penalty. Each debenture warrant entitles the holder to acquire one common share at an exercise price of 55 cents per debenture warrant share for a period of 36 months from the date of issuance.

The company may pay cash finders' fees and finder warrants to eligible finders for investors introduced to the company by the eligible finder in regard to the second tranche of the offering.

The company will use the proceeds of the offering to advance its Alzheimer's disease program toward the opening of a U.S. brain-specific neuroimaging clinic, for general and administrative expenses, and for working capital purposes.

The company expects to close the second and final tranche of the offering on or before Sept. 21, 2026.

The securities issued and issuable, described in this and the previous news releases from Aug. 20, 2026, and Sept. 10, 2026, will be subject to a statutory hold period of four months plus one 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-dedicated PET (positron emission tomography) scanning services through a planned network of new neuroimaging clinics in the United States for the early-stage detection of Alzheimer's disease and other forms of neurodegenerative diseases, including frontotemporal dementia, Parkinson's disease and Lewy body dementia, and will additionally offer other select neuro-oncology imaging applications as well.

We seek Safe Harbor.