New Risk • Apr 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m (CA$31k revenue, or US$23k). Minor Risk Market cap is less than US$100m (CA$18.8m market cap, or US$13.8m). New Risk • Mar 31
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 28% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 13% per year over the past 5 years. Revenue is less than US$1m (CA$12k revenue, or US$8.4k). Minor Risks Share price has been volatile over the past 3 months (18% average weekly change). Shareholders have been diluted in the past year (28% increase in shares outstanding). Market cap is less than US$100m (CA$20.5m market cap, or US$14.7m). Announcement • Mar 26
Voyageur Pharmaceuticals Ltd. announced that it expects to receive CAD 7.5 million in funding Voyageur Pharmaceuticals Ltd. announced a non-brokered private placement for aggregate gross proceeds of a minimum of CAD 4,000,000 and a maximum of CAD 7,500,000 on March 24, 2026. The offering will include up to 57,692,307 units (assuming no flow-through shares are issued) at a price of CAD 0.13 per unit for gross proceeds of CAD 7,499,999.91, or/and up to 14,705,882 flow-through common shares at a price of CAD 0.17 per share for gross proceeds of CAD 2,499,999.94. Each unit shall consist of one common share and one common share purchase warrant. Each warrant shall entitle the holder to purchase one common share at a price of CAD 0.20 for a period of 36 months following the closing date of the offering. The company may pay a cash commission or finder's fee to qualified non-related parties of up to 8% of the aggregate gross proceeds of the offering payable in cash, together with warrants representing up to 8% of the units issued in connection with the offering. Each broker warrant will entitle the holder to purchase one additional common share at a price of CAD 0.13 for a period of 36 months following closing of the offering. The offering is expected to close on or about April 23, 2026, or such other date as the company may determine, and in any event, on or before a date not later than 45 days after the date of the news release announcing the offering. After an initial closing for not less than the minimum offering proceeds, the offering may close in multiple tranches. the offering is subject to certain conditions, including but not limited to, the receipt of all necessary approvals including the approval of the TSXV. 
