Mr. Francois Roberge reports

LSL PHARMA GROUP ANNOUNCES THE UPSIZING OF ITS PRIVATE PLACEMENT FROM $3.5 MILLION TO $7.5 MILLION

LSL Pharma Group Inc. has upsized its previously communicated non-brokered private placement financing of units (as defined hereinafter) to maximum gross proceeds of $7.5-million (188.75 million units). The upsizing follows an initial first closing of $2.68-million announced on March 18, 2024, concurrent to conversion of debt into units for $3.75-million.

Each unit to be issued pursuant to the financing will be at a price of 40 cents and will consist of one Class A share of the corporation, and one common share purchase warrant. Each warrant will entitle the holder, subject to adjustments in certain cases, to purchase one common share at a price of 70 cents for a period of 36 months following the closing of the financing.

Although the financing is non-brokered, the corporation may pay finders' fees of up to 5 per cent of the gross proceeds raised from investors introduced to the corporation by a finder, payable in cash; and finder warrants of up to 5 per cent of the number of units issued to investors introduced to the corporation by a finder. Each finder's warrant will entitle the holder, subject to adjustments in certain cases, to purchase one common share at a price of 70 cents for a period of 18 months following the closing of the financing.

Each unit, common share, warrant, warrant share, finder warrant and common share issued upon the exercise of the finder warrant will be subject to a four-month hold period under the applicable securities laws. The financing and the units for debts are subject to the regulatory approvals, including the TSX Venture Exchange.

Investor relations

As announced on Oct. 6, 2023, LSL Pharma had engaged Relations Publiques Paradox Inc. to provide investor relations services on its behalf. LSL Pharma wishes to confirm that, at the time of its appointment, Paradox was an arm's-length party to LSL Pharma. The directors of Paradox are Jean-Francois Meilleur, acting president, Carl Desjardins and Karl Mansour. Paradox Equite Partenaires Ltee., itself controlled by Gestion Jean-Francois Meilleur Inc., Gestion Carl Desjardins Inc. and Gestion Karl Mansour Inc., is the majority shareholder of Paradox. Mr. Meilleur, Mr. Desjardins and Mr. Mansour were the persons providing the services to LSL Pharma. Paradox's head office is situated at 306 Sherbrooke St. E, first floor, Montreal, Que. At the time of his appointment, with the exception of a holding of less than 2 per cent of the shares issued and outstanding on a non-diluted and diluted basis, Paradox had no other participation, direct or indirect, in LSL Pharma or its securities nor the right or the intention to acquire additional participation. Otherwise, Paradox's monthly fees were payable from LSL Pharma's cash and cash equivalents. The contract with Paradox was terminated on Jan. 31, 2024.

About LSL Pharma Group Inc.

LSL Pharma is an integrated Canadian pharmaceutical company specializing in the development, manufacturing and commercialization of high-quality sterile ophthalmic pharmaceuticals as well as natural health products in solid dosage forms.

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