Voyageur Pharmaceuticals Announces Private Placement to Raise Up to $7.5 Million

Calgary, Alberta — March 25, 2026 — Leads & Copy — Voyageur Pharmaceuticals Ltd. (TSX-V: VM) announced a non-brokered private placement to raise a minimum of $4,000,000 and a maximum of $7,500,000.

The offering involves the sale of up to 57,692,307 units at $0.13 each, assuming no flow-through (FT) shares are issued. Additionally, up to 14,705,882 common shares will be issued on a flow-through basis at $0.17 per share, assuming the maximum number of FT shares are issued.

The company said the offering is subject to a maximum of $1,000,000 raised through FT share issuance at the minimum proceeds level and $2,500,000 at the maximum proceeds level.

Each unit consists of one common share and one common share purchase warrant. Each warrant allows the holder to purchase one common share at $0.20 for 36 months following the offering's closing date. Warrants cannot be exercised until 70 days after the closing date.

The warrants include an acceleration clause. If the common share price on the TSX Venture Exchange equals or exceeds $0.40 for 10 consecutive trading days after a six-month period following the closing date, Voyageur may accelerate the warrant expiry, giving holders 60 days' notice.

Voyageur may pay a cash commission or finder's fee of up to 8% of the gross proceeds to qualified non-related parties, along with broker warrants representing up to 8% of the units issued. Each broker warrant allows the purchase of one additional common share at $0.13 for 36 months after the offering's closing.

The company said the offering will be available to purchasers in all Canadian provinces except Québec, compliant with regulatory requirements and National Instrument 45-106. Securities issued are expected to be immediately freely tradeable in Canada.

Voyageur plans to use the net proceeds for barium contrast inventory, Frances Creek project exploration, U.S. iodine project development, barium contrast product sales and marketing, FDA licensing for its barium contrast product suite, regulatory approvals for Frances Creek bulk sample extraction, and general corporate purposes.

The offering is expected to close around April 23, 2026, but no later than 45 days after the announcement date, subject to necessary approvals, including TSXV approval. The offering may close in multiple tranches after an initial closing for at least the minimum offering proceeds.

An offering document is available on SEDAR+ and the company’s website. Voyageur encourages prospective investors to read this document before making investment decisions.

Voyageur Pharmaceuticals Ltd. is focused on developing pharmaceutical-grade barium and iodine for medical imaging contrast media. The company aims to become a key player through vertically integrating the barium and iodine contrast markets, producing its own barium, iodine, and endohedral fullerene drugs. Voyageur has five Health Canada-licensed barium contrast products.

Voyageur intends to generate cash flow by partnering with established third-party GMP pharmaceutical manufacturers in Canada. The company owns 100% of the Frances Creek barium sulfate project, believing its high-grade mineral will replace synthetic products with higher quality, lower cost imaging products.

Voyageur envisions becoming the first vertically integrated company in the radiology contrast media drug market, controlling costs from sourcing raw materials to final production, embodying the motto "From the Earth to the Bottle."

Source: Voyageur Pharmaceuticals Ltd.