MONTREAL, QC – June 8, 2021 – Valeo Pharma Inc. (CSE: VPH) (OTCQB: VPHIF) (FSE: VP2) (“Valeo” or the “Company”), a Canadian pharmaceutical company, is pleased to announce that it has entered into an agreement with Research Capital Corporation as the lead underwriter and sole bookrunner (the “Lead Underwriter”), on behalf of a syndicate of underwriters (collectively, the “Underwriters”), pursuant to which the Underwriters has agreed to purchase, on a boughtdeal basis, 10,000,000 units of the Company (the “Units”) at a price of $1.00 per Unit for gross proceeds to the Company of $10,000,000 (the “Offering”).

Each Unit shall be comprised of one common share of the Company (a “Common Share”) and one Common Share purchase warrant of the Company (a “Warrant”). Each Warrant shall entitle the holder thereof to purchase one Common Share at an exercise price of $1.25 for a period of 36 months following the closing of the Offering.

The Company has granted the Underwriters an option to increase the size of the Offering by up to an additional number of Units, and/or the components thereof, that in aggregate would be equal to 15% of the total number of Units to be issued under the Offering, exercisable at any time and from time to time up to 30 days following the closing of the Offering.

The net proceeds from the Offering will be used for working capital and general corporate purposes.

The closing of the Offering is expected to occur on or about June 29, 2021 (the “Closing”), or such later or earlier date as the Lead Underwriter may determine, and is subject to the Company receiving all necessary regulatory and stock exchange approvals, including the approval to list the Common Shares (including the Common Shares issuable upon exercise of the Warrants and compensation warrants) thereon.

The Units will be offered by way of a short form prospectus to be filed in all provinces of Canada pursuant to National Instrument 44-101 – Short Form Prospectus Distributions and may be offered in the United States on a private placement basis pursuant to an appropriate exemption from the registration requirements under applicable U.S. law, and outside of Canada and the United States on a private placement or equivalent basis.

This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.

About Valeo Pharma

Valeo Pharma is a Canadian pharmaceutical company dedicated to the commercialization of innovative prescription products in Canada with a focus on Respiratory Diseases, Neurodegenerative Diseases, Oncology and Hospital Specialty Products.

Headquartered in Kirkland, Quebec Valeo Pharma has all the required capabilities and the full infrastructure to register and properly manage its growing product portfolio through all stages of commercialization.

For more information, please visit www.valeopharma.com and follow us on LinkedIn and Twitter.

Forward Looking Statements

This press release contains forward-looking statements about Valeo’s objectives, strategies and businesses that involve risks and uncertainties. These statements are “forward-looking” because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

For more information:

Steve Saviuk CEO
514-693-8830
saviuk@valeopharma.com

or

Frederic Dumais Director, Communications and Investor Relations
514-782-8803
dumais@valeopharma.com