Mr. W. Clark Kent reports

RELAY MEDICAL ANNOUNCES CLOSING OF FINAL TRANCHE OF PRIVATE PLACEMENT FOR AGGREGATE GROSS PROCEEDS OF OVER $8,572,500

Further to the press releases of Dec. 18, 2020, Jan. 8, 2021, and Jan. 15, 2021, Relay Medical Corp. has completed the third and final tranche of its non-brokered private placement financing through the issuance of 3,862,500 units at a price of 20 cents per unit for gross proceeds of $772,500. The aggregate gross proceeds raised pursuant to the offering are $8,572,500 through the issuance of 42,862,500 units.

Each unit is composed of: (i) one common share in the capital of the company; and (ii) one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at an exercise price of 30 cents on or before July 22, 2022.

Gross proceeds raised from the offering will be used for working capital and general corporate purposes. The securities issued upon closing of the offering are subject to a hold period until May 23, 2021, pursuant to applicable securities laws.

The offering constituted a related-party transaction as defined in Multilateral Instrument 61-101 (Protection of Minority Securityholders in Special Transactions), as insiders of the company acquired 300,000 units. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the offering by insiders does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101. The company did not file a material change report in respect of the related-party transaction at least 21 days before the closing of the offering, which the company deems reasonable in the circumstances so as to be able to avail itself of the proceeds of the offering in an expeditious manner.

The company announces that it has granted an aggregate of three million options, to purchase common shares of the company at today's closing price, that expire five years from the date of grant to certain officers, directors and consultants of the company.

About Relay Medical Corp.

Relay Medical is a medtech innovation company headquartered in Toronto, Canada, focused on the development of novel technologies in the diagnostics and artificial intelligence data science sectors.

We seek Safe Harbor.