Tryp Therapeutics Announces Private Placement of Unsecured Convertible Debentures for Gross Proceeds of up to AUD$175,000

KELOWNA, BC / ACCESSWIRE / October 4, 2023 / Tryp Therapeutics Inc. ("Tryp" or the "Company") (CSE:TRYP) announces that, further to its press release of August 3, 2023, Jason Carroll has commenced his role as Chief Executive Officer of the Company, effective October 1, 2023. Mr. Carroll is an Australian-based life sciences executive with 32 years of experience in the industry. As an initial matter, the Company's Board of Directors has tasked Mr. Carroll with exploring potential financing opportunities outside of North America, including in Australia.

In connection with his appointment as Chief Executive Officer, Mr. Carroll has also agreed to acquire AUD$175,000 aggregate principal amount of unsecured convertible debentures of the Company (the "Debentures") pursuant to a private placement (the "Private Placement").

In connection with the Private Placement, the Company has entered into an engagement agreement (the "Engagement Agreement") with Alto Capital Limited ("Alto"), to act as lead manager for the placement and to provide ongoing services related to capital markets activities.

The Debentures will be denominated in Australian Dollars, will have a term of 12 months (the "Maturity Date"), and will be interest free. The Debentures shall automatically convert into common shares in the capital of the Company (the "Common Shares") on the earlier of: (i) the Maturity Date, or (ii) the time the Company is completing a liquidity event. The price at which the Debentures will be converted into Common Shares will vary depending on various scenarios as set out in the debenture and at a conversion price fixed in accordance with CSE policies. The proceeds of the Private Placement will be used for general working capital purposes. Closing of the Private Placement is anticipated to occur on or about October 11, 2023, and is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the Canadian Securities Exchange (the "CSE"). The Debentures and the underlying Common Shares will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. In accordance with the terms of the Engagement Agreement, Alto is entitled to a cash fee of up to 6% of proceeds raised under the Private Placement.