Ms. Kristina Hachey reports

THERALASE(R) CLOSES NON-BROKERED PRIVATE PLACEMENT EQUITY FINANCING

Theralase Technologies Inc. has successfully closed a non-brokered private placement offering of units. On closing, the corporation issued an aggregate of 4.8 million units at a price of 25 cents per unit for aggregate gross proceeds of approximately $1.2-million.

Each unit consisted of one common share of the company and one common share purchase warrant. Each warrant entitles 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 issuance.

In connection with the offering, the company paid a finder's fee of $2,700 in cash and issued 5,400 finder's warrants. Each finder's warrant is exercisable into one common share at an exercise price of 35 cents per share for a period of 24 months after the closing of the offering.

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

• Good laboratory practice (GLP) toxicology study for intravenous installation of Rutherrin intended for the treatment of non-small cell lung cancer (NSCLC) and glio blastoma multiforme (GBM);
• Advancement of phase 2 non-muscle invasive bladder cancer (NMIBC) clinical study;
• Working capital and general corporate purposes.

All securities issued under the offering will be subject to a four-month-and-one-day hold period from the closing date under applicable Canadian securities laws, which expires on Oct. 31, 2023. The offering is subject to receipt of final acceptance from the TSX Venture Exchange.

Related-party transactions

An aggregate of 1.11 million units, representing gross proceeds of $277,500, were issued to certain insiders of the corporation. Pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions and TSX Venture Exchange Policy 5.9, such insider subscriptions are a related-party transaction. The corporation is exempt from the formal valuation requirement of MI 61-101 in connection with the insider subscriptions in reliance on Section 5.5(b) of MI 61-101, as no securities of the corporation are listed or quoted for trading on the Toronto Stock Exchange, the New York Stock Exchange, the American Stock Exchange, the Nasdaq Stock Market, or any other stock exchange outside of Canada and the United States. Additionally, the corporation is exempt from obtaining minority shareholder approval in connection with the insider subscriptions in reliance on Section 5.7(1)(a) of MI 61-101 as the aggregate value of the insider subscriptions does not exceed 25 per cent of the market capitalization of the corporation. Due to the limited time between the launch and the close of the offering, there will be less than 21 days between the date the corporation files its material change report in respect of the offering and the completion date of the offering.

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.