Ms. Kristina Hachey reports

THERALASE(R) CLOSES $CAN 1.17 MILLION NON-BROKERED PRIVATE PLACEMENT

Theralase Technologies Inc. has successfully closed a non-brokered private placement offering of units. On closing, the corporation issued an aggregate of 5,318,183 units at a price of 22 cents per unit for aggregate gross proceeds of approximately $1.17-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 28 cents per share for a period of five years following the date of issuance.

The company plans to use the proceeds of the financing to further the phase II non-muscle invasive bladder cancer (NMIBC) clinical study currently under way and for working capital needs.

In connection with the offering, the company paid a finder's fee of $5,810 in cash and issued 18,864 non-transferrable finder units of the company. Each finder units entitles the holder thereof to purchase one unit at an exercise price equal to the issue price of 22 cents per unit and on the same terms (including exercise price and expiry date of the underlying warrants) of the units issued with the offering. The finder units issued will be subject to a four-month-and-one-day hold period.

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 March 30, 2024. The offering is subject to receipt of final acceptance from the TSX Venture Exchange.

Related party transactions

An aggregate of 461,282 units, representing gross proceeds of $101,482, were issued to certain insiders of the corporation. Pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101) 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 and/or radiation activated photo dynamic compounds (PDCs) for the safe and effective destruction of various cancers, bacteria and viruses.

We seek Safe Harbor.