Mr. Justin Hanka reports

MINDBIO RAISES $1.1 MILLION IN PRIVATE PLACEMENT

Mindbio Therapeutics Corp. has closed its non-brokered private placement for gross proceeds of $1.1-million.

In connection with closing of the offering, the company issued 2.07 million units (each, an AI unit) at a price of 40 cents per AI unit for gross proceeds of $828,000 pursuant to the accredited investor exemption under Section 2.3 of National Instrument 45-106 -- Prospectus Exemptions. The company also issued 680,000 units (each, a LIFE unit) at a price of 40 cents per LIFE unit for gross proceeds of up to $272,000 pursuant to the listed issuer financing exemption under Part 5A of NI-45-106.

Each AI unit consists of one common share of the company and one share purchase warrant. Each warrant entitles the holder to acquire an additional common share of the company at a price of 70 cents until Dec. 12, 2028, subject to accelerated expiry in the event the closing price of the shares on the Canadian Securities Exchange exceeds $1.00 for 10 consecutive trading days. Each LIFE unit consists of one share and one-half-of-one warrant.

The company intends to use the net proceeds from the offering to advance development of its prediction technologies in drug and alcohol intoxication detection for consumer and enterprise utilization, and for general working capital purposes

In connection with completion of the offering, the company paid $72,120 and issued 162,100 warrants to certain arm's-length parties who introduced subscribers to the offering. All securities issued in connection with the accredited investor exemption are subject to restrictions on resale until April 13, 2026, in accordance with applicable securities laws. All securities issued in connection with the listed issuer financing exemption are not subject to a hold period.

In connection with completion of the offering, company issued more than 100 per cent of its existing share capital. As a result, the policies of the Canadian Securities Exchange required the company to obtain shareholder approval for the offering. The company obtained shareholder approval by obtaining the written-consent of the majority of the outstanding shares.

About Mindbio Therapeutics Corp.

Mindbio Therapeutics is a clinical-stage biotechnology company headquartered in Vancouver, B.C., that for several years has been conducting clinical trials and is focused on developing novel treatments for mental health disorders and health prediction technologies using AI and machine learning.

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