Voyageur Pharmaceuticals Closes $5 Million Private Placement for Contrast Media Development

Voyageur Pharmaceuticals Ltd. (TSX-V: VM) announced the closing of its non-brokered private placement, raising aggregate gross proceeds of $5,005,278.32. The offering consisted of 30,935,000 units at $0.10 per unit and 15,931,486 flow-through units at $0.12 per FT unit, representing the final closing of the offering.

Each unit includes one common share and one warrant, with each warrant exercisable at $0.20 per share for 36 months. The warrants include an acceleration clause allowing the company to shorten the exercise period if the share price reaches $0.40 for 10 consecutive trading days after six months. In connection with the offering, the company paid cash commissions totaling $337,842.25 and issued 3,135,419 broker warrants.

The securities were issued under the Listed Issuer Financing Exemption, making them not subject to a hold period under Canadian securities laws. The offering remains subject to final acceptance by the TSX Venture Exchange. Net proceeds will be used for FDA licensing for Voyageur's barium contrast product suite, regulatory approvals for the Frances Creek bulk sample extraction, exploration and feasibility work at Frances Creek, U.S. iodine project development, and general corporate purposes.

Insiders subscribed for 900,000 units, representing 1.92% of the securities issued. The participation constitutes a related party transaction under MI 61-101 but is exempt from formal valuation and minority shareholder approval requirements as the transaction value is less than 25% of the company's market capitalization.

Voyageur is focused on developing pharmaceutical-grade barium and iodine for medical imaging contrast media. The company owns a 100% interest in the Frances Creek barium sulfate project and aims to become the first vertically integrated company in the radiology contrast media drug market. By controlling raw material sourcing to final production, Voyageur intends to offer high-performance, cost-effective imaging agents.

Further details on the offering are available in the amended and restated offering document dated May 28, 2026, on the company's website and on SEDAR+ under Voyageur's issuer profile. The company also maintains a corporate website at https://voyageurpharmaceuticals.ca.