An anonymous director reports

CARDIOL THERAPEUTICS ANNOUNCES PRICING OF PUBLIC OFFERING OF COMMON SHARES

Cardiol Therapeutics Inc. has priced its previously announced public offering of 8,437,500 Class A common shares of the company at a price to the public of $1.60 (U.S.) per common share for gross proceeds of $13.5-million (U.S.) before deducting the underwriting discounts and commissions as well as estimated expenses incurred in connection with the offering.

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 close on or about Oct. 10, 2024, subject to the satisfaction of customary closing conditions, including the listing of the common shares to be issued under the offering on the Toronto Stock Exchange and the Nasdaq Capital Market, the receipt of any required approvals of the TSX and the Nasdaq, and the entering into of an underwriting agreement between the company and the underwriter.

The offering is being made pursuant to a United States registration statement on Form F-10, declared effective by the United States Securities and Exchange Commission on July 16, 2024, and the company's existing Canadian short form base shelf prospectus dated July 12, 2024. A preliminary prospectus supplement relating to the offering has been filed with the securities commission in all of the provinces and territories of Canada, except Quebec, and with the SEC in the United States, and a final prospectus supplement relating to the offering will be filed with the securities commissions in all of the provinces and territories of Canada, except Quebec, and with the SEC in the United States. 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, 1 Post Office Square, suite 3000, Boston, Mass., 02109, attention: syndicate department, or by e-mail at prospectus@cgf.com. Prospective investors should read the supplement, the 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.