File: '\\swfile\EmailIn\20260615 130428 Attachment 2026-06-15 BETR conv debt PP announcement.docx'

BetterLife Pharma Announces Intent to Complete CAD $2 Million in Convertible Debenture to Complete BETR-001 IND Filing

VANCOUVER, British Columbia, June 15, 2026 - BetterLife Pharma Inc. ("BetterLife" or the "Company") (CSE: BETR / OTCQB: BETRF / FRA: NPAU) announces it intends to close a CAD $2,000,000 convertible debenture ("Debenture") non-brokered private placement financing ("Financing"). The capital will fund IND-enabling work on the Company's lead candidate, BETR-001, as BetterLife sharpens its focus on neurological pain indications, with an initial emphasis on cluster headache and migraine.

The financing. The Debenture will carry interest of 10% per annum and will mature one year from closing. Principal and any accrued interest may be convertible at the holder's option at CAD $0.06 per unit, with each unit comprising of one common share and one share purchase warrant exercisable at CAD $0.10 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 composition-of-matter patent on BETR-001, has completed its FDA 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 (the "Related Party") intends to participate in the Financing by subscribing for $2,000,000 of the Debenture. Conversion by the Related Party will be subject to a 19.9% 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 ("MI 61-101"). 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% 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

BetterLife Pharma Inc. 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 molecule in preclinical development.

For further information, please visit BetterLife Pharma.

Contact

Ahmad Doroudian, Chief Executive Officer

Email: Ahmad.Doroudian@blifepharma.com

Phone: 1-604-221-0595

Cautionary Note Regarding Forward-Looking Statements

No securities exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release. This news release may contain forward-looking statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. Forward looking statements include, but are not limited to, statements regarding use of proceeds and the Company's development plans. These statements reflect current expectations and are subject to risks and uncertainties that could cause actual results to differ materially, including risks relating to financing, clinical and regulatory timelines and the Company's ability to continue as a going concern. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release. Additional risk factors are described in the Company's filings at www.sedarplus.ca. The Company undertakes no obligation to update these statements except as required by law.