Mr. Ahmad Doroudian reports

BETTERLIFE PHARMA ANNOUNCES INTENT TO COMPLETE CAD $2 MILLION IN CONVERTIBLE DEBENTURE TO COMPLETE BETR-001 IND FILING

Betterlife Pharma Inc. intends to close a $2-million convertible debenture non-brokered private placement financing. The capital will finance IND-enabling (investigational new drug) work on the company's lead candidate, BETR-001, as Betterlife sharpens ts focus on neurological pain indications, with an initial emphasis on cluster headache and migraine.

The financing: The debenture will carry interest of 10 per cent per annum and mature one year from closing. Principal and any accrued interest may be convertible at the holder's option at six cents per unit, with each unit comprising one common share and one share purchase warrant exercisable at 10 cents for three years from issuance.

Use of proceeds: Net proceeds will support completion of remaining IND-enabling activities for BETR-001 and general working capital as the company progresses toward an investigational new drug filing.

Pipeline: BETR-001 is a non-hallucinogenic, second-generation LSD-derivative molecule. Betterlife holds a USPTO (U.S. Patent and Trademark Office) composition-of-matter patent on BETR-001, has completed its FDA (U.S. Food and Drug Administration) pre-IND meeting and has completed most of the required IND-enabling studies. The company is concentrating near-term development on neurological pain, with an initial emphasis on cluster headache and migraine.

A director and insider of the company intends to participate in the financing by subscribing for $2-million of the debenture. Conversion by the related party will be subject to a 19.9-per-cent ownership cap absent shareholder approval. The participation of the related party constitutes a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 under sections 5.5(a) and 5.7(1)(a), respectively, as the fair market value of the transaction, insofar as it involves the related party, is not expected to exceed 25 per cent of the company's market capitalization.

The company anticipates that the financing will close on or about June 25, 2026. All securities issued in connection with the financing will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws.

About Betterlife Pharma Inc.

Betterlife Pharma is a biotechnology company developing compounds for the treatment of neurological and neuro-psychiatric disorders. Its lead candidate, BETR-001, is a non-hallucinogenic LSD-derivative (lysergic acid diethylamide) molecule in preclinical development.

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