Ms. Kristina Hachey reports

THERALASE(TM) COMMENCES $CAN 2.5 M FOLLOW-ON PRIVATE PLACEMENT EQUITY FINANCING

Theralase Technologies Inc. has commenced a non-brokered $2.5-million follow-on private placement equity financing.

Under the terms of the financing, up to 10 million units are available to be sold to accredited investors at a price of 25 cents per unit for aggregate gross proceeds of up to $2.5-million.

Each unit will consist of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder to acquire an additional common share at an exercise price of 35 cents per share for a period of 24 months following the date of closing.

The company intends to use the proceeds of the financing for the following:

• Good laboratory practice (GLP) toxicology study for intravenous installation of Rutherrin intended for the treatment of non-small lung cancer (NSCLC) and glio-blastoma multiforme (GBM), a fast-growing and aggressive brain tumour;
• Advancement of phase II non-muscle invasive bladder cancer (NMIBC) clinical study;
• Working capital and general corporate purposes.

In connection with the financing, a finder's fee of 6 per cent (payable in cash or stock) and 3 per cent finder's warrant (exercise price of 35 cents for a period of 24 months following the closing of the financing) will be payable to eligible finders.

Research Capital Corp. is acting as a finder in connection with the financing.

Closing of the financing is subject to approval by the TSX Venture Exchange. Securities issued in the financing are subject to a statutory hold period of four months.

Closing of the financing is intended to occur on or about Oct. 14, 2022.

About Theralase Technologies Inc.

Theralase is a clinical-stage pharmaceutical company dedicated to the research and development of light activated compounds and their associated drug formulations with a primary objective of efficacy and a secondary objective of safety in the destruction of various cancers, bacteria and viruses.

We seek Safe Harbor.