Mr. Trevor Burns reports

CARDIOL THERAPEUTICS FILES PRELIMINARY PROSPECTUS SUPPLEMENT FOR PROPOSED PUBLIC OFFERING OF COMMON SHARES

Cardiol Therapeutics Inc. has filed a preliminary prospectus supplement to its short form base shelf prospectus dated July 12, 2024, in connection with a proposed public offering of Class A common shares. The supplement was also filed with the U.S. Securities Exchange and Commission (SEC), as part of a registration statement on Form-10, as amended, which was declared effective by the SEC on July 16, 2024, in accordance with the multijurisdictional disclosure system established between Canada and the United States.

The company intends to use the net proceeds from the offering to support the clinical development of CardiolRx for the treatment of recurrent pericarditis, and for general and administrative expenses, working capital and other expenses.

Canaccord Genuity is acting as the sole bookrunner in connection with the offering.

The offering is expected to be priced in the context of the market, with the final terms of the offering to be determined at the time of pricing. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. The closing of the offering will be subject to customary closing conditions, including the listing of the common shares on the Toronto Stock Exchange and the Nasdaq Capital Market and any required approvals of the TSX and Nasdaq.

The supplement and accompanying base prospectus contain important detailed information about the offering. The supplement and accompanying base prospectus can be found on SEDAR+ and on EDGAR. Copies of the supplement and accompanying base prospectus may also be obtained from Canaccord Genuity LLC, 3000, 1 Post Office Sq., Boston, Mass., 02109, USA, Attn: Syndicate Department, or by e-mail at prospectus@cgf.com. Prospective investors should read the supplement and accompanying base prospectus and the other documents the company has filed before making an investment decision.

About Cardiol Therapeutics Inc.

Cardiol Therapeutics is a clinical-stage life sciences company focused on the research and clinical development of anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease.

We seek Safe Harbor.