Ms. Carolyn Bonner reports

MEDICUS PHARMA LTD. ANNOUNCES PROPOSED NON-BROKERED PRIVATE PLACEMENT OF COMMON SHARES AND CONVERSION OF CONVERTIBLE NOTES

Medicus Pharma Ltd. intends to complete a non-brokered private placement of 2,922,500 common shares of the company at an issuance price of $2.00 (U.S.) per share, for aggregate gross proceeds of $5,845,000 (U.S.). The company expects to pay $375,000 (U.S.) of finders' fees in connection with the equity offering.

The closing of the equity offering is expected to occur on or about June 28, 2024, subject to customary closing conditions, including the approval of the TSX Venture Exchange.

The company intends to use the net proceeds from the equity offering to finance the company's research and development programs and for working capital purposes.

The company is also pleased to announce that, pursuant to the indenture governing its $5,172,500 (U.S.) outstanding aggregate principal amount of 10.00 per cent unsecured convertible notes due 2025, the company has notified holders that the first date on which they may convert their notes into shares at $2.00 (U.S.) per share has been brought forward to June 28, 2024. Holders of all the notes have elected to make such a conversion, which is expected to occur on or about June 28, 2024.

Holders of notes who have elected to receive cash interest upon conversion will receive approximately $15.28 (U.S.) of accrued and unpaid interest for each $1,000 (U.S.) principal amount of notes converted. All other holders of notes will receive approximately 12.53 shares in respect of accrued and unpaid interest for each $1,000 (U.S.) principal amount of notes converted, subject to approval of the TSX Venture Exchange.

About Medicus Pharma Ltd.

Medicus Pharma is a biotech/life sciences company focused on accelerating the clinical development programs of novel and disruptive therapeutics assets.

SkinJect Inc., a wholly owned subsidiary of Medicus Pharma Ltd, is a development-stage life sciences company focused on commercializing novel, non-invasive treatment for basal cell skin cancer using patented dissolvable microneedle patch to deliver chemotherapeutic agent to eradicate tumours cells.

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