Ms. Kristina Hachey reports

THERALASE(R) CLOSES $CAN 1.2 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 6,666,670 units at a price of 18 cents per unit for aggregate gross proceeds of approximately $1.2-million.

Each unit consists 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 25 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 2 non-muscle invasive bladder cancer (NMIBC) clinical study currently under way, preclinical research and development of Rutherrin, working capital, and general corporate purposes.

In connection with the offering, the company paid a broker's fee of $1,500 in cash and issued 4,166 non-transferrable broker warrants of the company.

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 June 6, 2024. The offering is subject to receipt of final acceptance from the TSX Venture Exchange.

Related-party transactions

An aggregate of 1,310,502 units, representing gross proceeds of $235,890, 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 or 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 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.