Theralase(R) Announces Brokered LIFE Financing

TORONTO, ON / ACCESSWIRE / October 23, 2023 / Theralase Technologies Inc. ("Theralase" or the "Company") (TSXV:TLT)(OTCQB:TLTFF), a clinical stage pharmaceutical company dedicated to the research and development of light and/or radiation activated Photo Dynamic Compounds ("PDCs") for the safe and effective destruction of various cancers, bacteria and viruses.

Theralase is pleased to announce that it has entered into an agreement with Research Capital Corporation as the sole agent and sole bookrunner ("RCC" or "Agent") on a "best efforts" agency basis, brokered offering ("Offering") of units of the Company ("Units") at a price of C$0.22 per Unit. The Offering will be subject to a minimum of 15,909,091 Units and a maximum of 24,090,910 Units at a price of C$0.22 per Unit for aggregate gross proceeds to the Company of a minimum C$3,500,000 and up to a maximum of C$5,300,000.

Each Unit consists of one (1) common share of the Company ("Common Share") and one (1) Common Share purchase warrant ("Warrant"). Each Warrant will entitle the holder thereof to purchase one (1) Common Share of the Company ("Warrant Share") for a period of 60 months following the Closing Date (as defined below) of the Offering at an exercise price of C$0.28 per Warrant Share. In addition, the Company will use commercial reasonable efforts to obtain the necessary approvals to list the Warrants on the TSX Venture Exchange ("TSXV").

The Company plans to use the proceeds of the financing to further the Phase II Non-Muscle Invasive Bladder Cancer ("NMIBC") clinical study currently underway and for working capital needs. If the maximum of the amount of the financing of C$5,300,000 is subscribed to, it will additionally fund a Good Laboratory Practices ("GLP") toxicology study for the intravenous installation of Rutherrin (Ruvidar^TM + transferrin) intended for the treatment of Glio Blastoma Multiforme ("GBM").

The Offering is scheduled to close on or about the week of October 30, 2023 and is subject to the receipt of all necessary approvals, including the approval of the TSXV ("Closing Date").

The Offering will be conducted pursuant to Part 5A of National Instrument 45-106 ("NI 45-106") Prospectus Exemptions - Listed Issuer Financing Exemption ("LIFE"). Subject to compliance with applicable regulatory requirements and in accordance with NI 45-106, the Offering is being made to purchasers resident in each of the Provinces of Canada, except Quebec, and / or other qualifying jurisdictions, pursuant to the LIFE. The securities offered under the LIFE will not be subject to resale restrictions pursuant to Canadian securities laws.