Mr. Eric Boehnke reports

TRENCHANT ANNOUNCES AMENDMENT TO THE OPTION AGREEMENT AND CLOSING OF THE SECOND TRANCHE OF ITS INITIAL INVESTMENT IN GNQ INSILICO INC.

Trenchant Capital Corp. has entered into an amendment agreement to the previously announced option agreement between the company and GNQ Insilico Inc. dated Nov. 30, 2023, as previously amended on Dec. 29, 2023, and March 5, 2024, pursuant to which the company has closed the second tranche of its initial investment in GNQ (as defined herein), such that the company now holds 10.10 per cent of the total issued and outstanding common shares in the capital of GNQ.

As announced by the company in its news release disseminated on Dec. 1, 2023, the company entered into the original option agreement with GNQ, pursuant to which GNQ granted the company the right and option to purchase up to 50 per cent of the GNQ shares during the period commencing on Nov. 30, 2023, and ending on the earlier of Nov. 30, 2026, or the date of a specified liquidity event involving GNQ (as set out in the option agreement). Pursuant to the original option agreement, the company agreed to acquire an initial 20 per cent of the postinvestment fully diluted GNQ shares for consideration consisting of $2.5-million and the issuance of 7.5 million common shares in the capital of the company to GNQ (collectively, the initial investment).

Pursuant to the amendment agreement, the timeline for the payment of the consideration comprising a portion of the initial investment has been amended such that it will be satisfied by way of a payment in cash by the company to GNQ of $500,000 on or prior to March 22, 2024, which has now been completed, in exchange for the issuance of 52,966 GNQ shares. As of the date hereof, the company has invested $1.2-million in GNQ as part of the initial investment in exchange for a total of 112,288 GNQ shares. Pursuant to the option agreement, the remainder of the initial investment, being a cash payment of $1.3-million and the issuance of 7.5 million shares to GNQ in exchange for such number of GNQ shares, which would result in Trenchant owning an aggregate of 20 per cent of the total issued and outstanding GNQ shares, on a fully diluted basis, is to be completed by April 12, 2024.

About GNQ Insilico Inc.

GNQ was formed in August, 2023, by My Next Health Inc. (MNH), a Delaware-incorporated health care company with a vision to improve the global health care sector by deploying a genomics based AI (artificial intelligence) and quantum platform for clinical trials and point-of-care solutions. MNH's platform uses proprietary insights on how systems of genes interact with each other as well as with epigenetic factors to drive key metabolic pathways. These insights are based on more than 15,000 case studies conducted over a decade and are now being scaled and commercialized through a platform that will leverage key exponential technologies to revolutionize personalized health care. MNH has exclusive and perpetual global rights to the use of certain technology that relates to functional genomics as well as the supporting clinical data, programs, methods, and interpretation know-how and analytics for use in a number of commercial applications. On Nov. 6, 2023, GNQ signed a memorandum of understanding with a Fortune 100 company toward the development of the in silico clinical trials platform, and, on March 6, 2024, GNQ announced that it has commenced the development of the platform with the Fortune 100 company.

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