Mr. Trevor Burns reports

CARDIOL THERAPEUTICS ANNOUNCES CLOSING OF US$13.5 MILLION PUBLIC OFFERING OF COMMON SHARES

Cardiol Therapeutics Inc. has closed 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 and estimated expenses incurred in connection with the offering.

As previously stated, 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 LLC acted as the sole bookrunner in connection with the offering.

The offering was made pursuant to a U.S. registration statement on Form F-10, declared effective by the U.S. Securities and Exchange Commissions 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 was 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 was 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, at 1 Post Office Square, Suite 3000, Boston, Mass., 02109, attention: syndicate department, or by e-mail at prospectus@cgf.com.

About Cardiol Therapeutics Inc.

Cardiol is a clinical-stage life science 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.