Mr. Christopher Hopton reports

SIRONA BIOCHEM PROVIDES UPDATE ON loan

Further to Sirona Biochem Corp.'s news release on Jan. 29, 2024, it has entered into an amendment to the demand grid promissory note dated Sept. 22, 2023 (the amended note), with 0906462 B.C. Ltd. (the lender). The amended note evidences a loan in the aggregate principal amount of up to $1-million (the loan). Pursuant to the terms and conditions of the amended note:

1. The loan is repayable on demand by the lender at any time following the one-year anniversary of the date of the applicable advance;
2. The loan bears interest at a rate of 12 per cent per annum, calculated yearly not in advance;
3. The company has agreed to, subject to TSX Venture Exchange approval, issue the lender 450,000 common shares in the capital of the company at a price of 12 cents per bonus share, as consideration for the risks taken by the lender in providing the company the loan.

The company has drawn on the loan in six installments from Sept. 22, 2023, to Dec. 29, 2023. The current outstanding balance on the loan is $540,000 and as of Jan. 31, 2024, the accrued interest on the loan was $11,178.08. The company intends to use the proceeds from the loan for general working capital purposes.

The bonus shares, if and when issued, will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

The lender is wholly owned by Howard Verrico, a director and officer of the company. Accordingly, the loan constitutes a related party transaction as defined in Multilateral Instrument 61-101 -- Protection of Minority Securityholders in Special Transactions. The company is relying on the exemption from valuation requirement and minority approval pursuant to Subsection 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, for the loan, as the value of the loan does not represent more than 25 per cent of the company's market capitalization, as determined in accordance with MI 61-101.

About Sirona Biochem Corp.

Sirona is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential.

Sirona's compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and continuing royalty payments. Sirona's laboratory, TFChem, is in France and is the recipient of multiple French national scientific awards as well as European Union and French government grants.

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