Ms. Kristina Hachey reports

THERALASE ANNOUNCES BROKERED LIFE FINANCING

Theralase Technologies Inc. has entered into an agreement with Research Capital Corp., as the sole agent and sole bookrunner on a best effort agency basis, for a brokered offering of units of the company at a price of 22 cents per unit. The offering will be subject to a minimum of 15,909,091 units and a maximum of 24,090,910 units at a price of 22 cents per unit for aggregate gross proceeds to the company of a minimum $3.5-million and up to a maximum of $5.3-million.

Each unit consists of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share of the company for a period of 60 months following the closing date (as defined below) of the offering at an exercise price of 28 cents per warrant share. In addition, the company will use commercial reasonable efforts to obtain the necessary approvals to list the warrants on the TSX Venture Exchange.

The company plans to use the proceeds of the financing to further the phase 2 non-muscle invasive bladder cancer clinical study currently under way and for working capital needs. If the maximum of the amount of the financing of $5.3-million is subscribed to, it will additionally finance a good laboratory practice toxicology study for the intravenous installation of Rutherrin (Ruvidar plus transferrin) intended for the treatment of glio blastoma multiforme.

The offering is scheduled to close on or about the week of Oct. 30, 2023, and is subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

The offering will be conducted pursuant to Part 5A of National Instrument 45-106 (Prospectus Exemptions), Listed Issuer Financing Exemption. Subject to compliance with applicable regulatory requirements and in accordance with NI 45-106, the offering is being made to purchasers resident in each of the provinces of Canada, except Quebec, and/or other qualifying jurisdictions, pursuant to the LIFE. The securities offered under the LIFE will not be subject to resale restrictions pursuant to Canadian securities laws.

The offering document related to the LIFE offering can be viewed under the company's profile at SEDAR+ and on the company's website. Prospective investors should read this offering document before making an investment decision.

Upon closing of the offering, the company shall pay to RCC:

1. A cash commission equal to 7 per cent of the aggregate gross proceeds of the offering payable in cash;
2. Non-transferable broker warrants of the company exercisable to acquire that number of units equal to 5 per cent of the number of units issued under the offering, at an exercise price of 22 cents.

About Theralase Technologies Inc.

Theralase is a clinical-stage pharmaceutical company dedicated to the research and development of light and radiation activated compounds, their associated drug formulations, and the light systems that activate them, 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.