VM:CC - Voyageur Pharmaceuticals Ltd. Announces Canadian Launch of SmoothX (TM) Barium Contrast Media & Financing

(TheNewswire)

News Release – Calgary, Alberta – TheNewswire - December 8, 2022 :Voyageur Pharmaceuticals Ltd. (TSXV:VM) (USA:VYYRF) (the "Company"or "Voyageur") announces that it has initiated itsmarketing campaign to introduce SmoothX ™ barium sulfate CT contrast media, to the CT Imaging market in Canada.SmoothX is a generic oral barium sulfate contrast media product,designed to assist in diagnosing disease using computed tomography(CT) scans. It works by coating the gastrointestinal track with bariumsulfate, so that diseased or damaged areas become visible by the CTscan.

The Company continues to build out its full integration strategy forthe diagnostic imaging market.  Voyageur has completed the design ofits Frances Creek barium processing facility and initiated a notice ofwork for the intent to extract 2,000 tonnes from the Frances Creek(FC) high grade barium sulfate project, in 2023, with full scalequarry mining planned in 2024 pending approval of the quarry permit.The Frances Creek property contains an indicated resource of 214,800tonnes grading 35.2% BaSO 4 and an inferredresource of 134,200 tonnes of 33.9% BaSO 4 .  Thegrade of the barium sulfate is very rare, high purity and is suitablefor the radiology pharmaceutical industry. By selling the bariumsulfate as contrast media, Voyageur expects to achieve high grossmargins, which is verified in a preliminary economic assessment (PEA)by SGS Canada Inc. Barium sulfate is a critical strategic mineral andnatural sources of pharmaceutical grade barium are no longer availablein the market. Based on Voyageur's attempts to source natural activepharmaceutical ingredients (API) grade barium sulfate from the USA,China, and Europe, Voyageur has confirmed that it owns the onlynatural occurring pharmaceutical grade barium project in the world,that is ready to move towards production. All current sources ofpharmaceutical grade barium sulfate are expensive man-made syntheticproducts. With increased geopolitical issues and an ongoing supplychain crisis, Voyageur is positioning itself to be the only fullyintegrated radiology drug company in the industry, creating a NorthAmerican secure supply chain to ensure low-cost contrast mediapharmaceuticals are available to meet future healthcare demands.

Voyageur has successfully achieved several critical milestones thatsupport advancement of the project towards production and generationof positive cash flow:

1. The launch of a marketing and sales campaign for its generic contrastmedia smoothie line, currently being produced by a third-partymanufacturing company.

2. Completion of design of a pharmaceutical processing plant tomanufacture pharmaceutical grade barium sulfate from FC andmanufacture iodine contrast from imported iodine active pharmaceuticalingredients.

3. Completion of preliminary economic assessment by SGS Canada Inc.,resulting in a $344M NPV with 137% IRR and 75% gross margins on theFrances Creek project.

4. Submission of notice of work for the extraction of 2,000 tonnes fromthe Frances Creek project, which is planned for 2023.

5. Implementation of a carbon neutral strategy to decarbonize the projectfrom the mine to the manufacturing plant utilising Rain Cage CarbonInc.'s carbon capture technology. The Company has signed a memorandumof understanding with Rain Cage Carbon Inc.

The Company is also pleased to announce a proposed non-brokeredprivate placement of up to 9,285,714 units ("Units") at aprice of $0.07 per Unit, for gross proceeds of up to CND$650,000 (the"Offering").  Each Unit shall be comprised of one commonshare in the capital of the Company (each, a "Common Share")and one Common Share purchase warrant (each, a "Warrant"),each Warrant exercisable at $0.12 for twenty-four months from closing.

Voyageur may pay a cash commission or finder's fee to qualifiednon-related parties of up to 8 % of the grossproceeds of the Offering (up to $ 52,000 ) andissue broker warrants (the "Broker Warrants") equal to up to 8 % of the number of Units sold in the Offering(up to 742,857 Broker Warrants). Each BrokerWarrant will entitle the holder to acquire one Common Share at a priceof $0.07 per Broker Warrant for a period of one (1) year from the dateof issuance.

The gross proceeds received by Voyageur from the Offering will be usedto advance Voyageur’s project in the following order:

Commissions & Offering Costs $35,000

SmoothX & Corporate Marketing $175,000

FDA EMA Testing $180,000

Legal $50,000

Auditing fees $60,000

Corporate G&A                               $150,000

Total $650,000

The Offering is being offered to all of the existing shareholders ofVoyageur who are permitted to subscribe pursuant to the ExistingShareholder Exemption. This offer is open until January 31, 2023, orsuch other date or dates as the Company determines and one or moreclosings are expected to occur, with the first closing anticipated foron or about December 21, 2022.

Any existing shareholders interested in participating in the Offeringshould contact the Company pursuant to the contact information setforth below.

The Company set December 7, 2022, as the record date for determiningexisting shareholders entitled to subscribe for Units pursuant to theExisting Shareholder Exemption. Subscribers purchasing Units under theExisting Shareholder Exemption will need to represent in writing thatthey meet certain requirements of the Existing Shareholder Exemption,including that they were, on or before the record date, a shareholderof the Company and still are a shareholder as at the closing date. Theaggregate acquisition cost to a subscriber under the ExistingShareholder Exemption cannot exceed $15,000 unless that subscriber hasobtained advice from a registered investment dealer regarding thesuitability of the investment.

As the Company is also relying on the Exemption forSales to Purchasers Advised by Investment Dealers, it confirms thatthere is no material fact or material change related to the Companywhich has not been generally disclosed. In addition to offering theUnits pursuant to the Existing Shareholder Exemption and the Exemptionfor Sales to Purchasers Advised by Investment Dealers, the Units arealso being offered pursuant to other available prospectus exemptions,including sales to accredited investors. Unless the Company determinesto increase the gross proceeds of the Offering, if subscriptionsreceived for the Offering based on all available exemptions exceed themaximum Offering amount of CND$650,000, Units will be allocated prorata among all subscribers qualifying under all availableexemptions.

Completion of the Offering is subject to regulatory approvalincluding, but not limited to, the approval of the TSX VentureExchange. The Common Shares and Warrants issued will be subject to afour month hold period from the date of the closing of the Offering.Insiders of the Company may participate in the Offering.

About Voyageur

Voyageur is a Canadian public company listed on theTSXV under the trading symbol VM. Voyageur is focused on thedevelopment of barium and iodine Active Pharmaceutical Ingredients(“API”) and high-performance cost-effective imaging contrastagents for the medical imaging marketplace. Voyageur’s goal is tofully integrate the barium and iodine contrast market by producing itsown minerals of barium and iodine. The business plan is to initiallygenerate cash flow from operations using third party GMPpharmaceutical manufacturers in Canada and validate the products forregulatory agencies globally. Then transitioning into a high margindomestic manufacturer of radiology drugs. Voyageur has plans to buildcarbon neutral infrastructure to become 100% self-sufficient acrossall manufacturing activities. Voyageur owns a 100% interest in threebarium sulphate (barite) projects including the Frances Creekproperty, suitable in grade for the pharmaceutical marketplace, withadditional interests in a high-grade iodine, lithium & brominebrine project located in Utah, USA. Voyageur is moving forward withits business plan of becoming the only fully integrated carbon neutralcompany in the radiology contrast media drug market, by controllingall primary input costs under the motto of:

"From the Earth to theBottle".

Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this news release.

Cautionary Statement Regarding"Forward-Looking" Information

This news releasemay contain certain forward-looking information and statements,including without limitation, statements pertaining to approvals fromthe BC Government for the removal of the barite, the quarry and theAPI pilot plant, the timing for the extraction, quarry and API pilotplant, the amount of barium sulfate that can be created from the 2,000tonnes of barite, the success of utilizing the carbon capturetechnology to convert waste carbon dioxide into fullerene nanoparticles, the closing of the Offering, the use of proceeds, and theCompany's ability to obtain necessary approvals, including from theTSX Venture Exchange. All statements included herein, other thanstatements of historical fact, are forward-looking information andsuch information involves various risks and uncertainties. There canbe no assurance that such information will prove to be accurate, andactual results and future events could differ materially from thoseanticipated in such information. A description of assumptions used todevelop such forward-looking information and a description of riskfactors that may cause actual results to differ materially fromforward-looking information can be found in the Company's disclosuredocuments on the SEDAR website at www.sedar.com. Voyageur does notundertake to update any forward-looking information except inaccordance with applicable securities laws.

Copyright (c) 2022 TheNewswire - All rights reserved.