Mr. Joshua Bartch reports

MYDECINE INNOVATIONS GROUP FILES PROSPECTUS SUPPLEMENT, ANNOUNCES CLOSING UNDER SHARE SUBSCRIPTION AGREEMENTS

In connection with: (i) Mydecine Innovations Group Inc.'s previously announced common share subscription agreement with OpenSky Opportunities Fund Ltd. dated March 10, 2023; and (ii) a common share subscription agreement dated Oct. 25, 2023, between the company and an arm's-length investor, the company has filed a shelf prospectus supplement to the company's final short form base shelf prospectus for the province of Quebec and amended and restated final short form base shelf prospectus for each of the provinces of Canada, dated Jan. 28, 2022.

The prospectus supplement provides, among other things, that the company is qualifying the distribution of up to 7.36 million common shares in the capital of the company to the investors under the subscription agreements at a price of 15 cents per share for aggregate gross proceeds of up to $1,104,000.

The company also announces today the closing of share issuances under the subscription agreements. The offerings resulted in the issuance of 7.36 million shares at a price of 15 cents per share for aggregate gross proceeds of $1,104,000. The distribution of such shares is qualified by the prospectus supplement. The company will use the proceeds of the offering as described in the prospectus supplement. An application will be made to the Aquis Stock Exchange for the 7.36 million new shares to be admitted to trading. Admission is expected to take place, and dealings on Aquis in the shares are expected to commence, at 8 a.m. on or around Nov. 3, 2023. Following admission, the company will have 52,567,458 ordinary shares in issue. Since the company currently holds no shares in treasury, the total number of voting rights in the company will therefore be 52,567,458. These figures may therefore be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the company under the Financial Conduct Authority's disclosure guidance and transparency rules. The prospectus supplement and base shelf prospectus are available on the company website and on the company's profile on SEDAR+.

About Mydecine Innovations Group Inc.

Mydecine Innovations Group is a publicly traded, prerevenue biopharmaceutical company that began operations in North America and Europe in early 2020. Mydecine was founded to increase physicians' access to serotonin-modulating medicine. Recent research has demonstrated the therapeutic potential of psychedelic substances such as psilocybin and 3,4-methylenedioxymethamphetamine (MDMA) for treating intractable conditions such as pain, anxiety, depression, addiction and posttraumatic stress disorder, along with neurodegenerative disorders. Mydecine believes these compounds can be safer, more effective and more accessible for patients and medical professionals through modern drug chemistry paired with artificial intelligence (AI). Through its exclusive partnership with Applied Pharmaceutical Innovation based at the University of Alberta, Mydecine is developing innovative medications for target indications with high mortality rates that have lacked innovation for decades and are controlled by dominant corporations. Mydecine developed several pro-drug families, beginning with a psilocybin-derived smoking cessation drug undergoing a National Institute on Drug Abuse-financed trial at Johns Hopkins University. Mydecine is also developing MYCO-006-short-acting chemical analogs derived from MDMA for treating various conditions, including anxiety and pain. Mydecine utilizes cutting-edge artificial intelligence and pharma research infrastructure at the University of Alberta to develop and manufacture new medications to make them affordable and accessible to the general public upon Health Canada and Food and Drug Administration approval. The Mydecine team is enthusiastic about its mission and is dedicated to creating a positive difference in the lives of others.

We seek Safe Harbor.