Bioasis Technologies Announces Closing of Initial C$3,000,000 Funding by Lind Partners

Bioasis Technologies Inc. ("Bioasis" or the "Company") (TSX.V:BTI; OTCQB:BIOAF), a pre-clinical, research-stage biopharmaceutical company developing its proprietary xB3 TM platform technology for the delivery of therapeutics across the blood-brain barrier (BBB) and the treatment of CNS disorders in areas of high unmet medical need, including brain cancers and neurodegenerative diseases, announced today that it has closed on initial funding under the previously announced convertible security funding agreement (the "Agreement") with Lind Global Macro Fund, LP, an entity managed by The Lind Partners, LLC, a New York-based asset management firm (together, "Lind").

Under the Agreement, (i) Lind advanced to Bioasis C$3,000,000, less a closing fee of C$90,000, in consideration for the issuance of an uncertificated convertible security (the "First Convertible Security") in the principal amount of C$3,000,000 and having an aggregate face value of C$3,600,000, and (ii) the Company issued to Lind 4,839,048 common share purchase warrants exercisable for 30 months from the date of issue at an exercise price of $0.41 per share. The proceeds from the issuance of the First Convertible Security will be used for general working capital.

Further details concerning this funding can be found in a news release of the Company dated June 22, 2021.

The Agreement and the issuance of the First Convertible Security thereunder were conditionally approved by the TSX Venture Exchange on June 23, 2021. The First Convertible Security is subject to a hold period of four months and one day from the date hereof.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

About Bioasis

Bioasis Technologies Inc. is a biopharmaceutical company developing the xB3 TM platform, a proprietary technology for the delivery of therapeutics across the blood brain barrier and the treatment of CNS disorders in areas of high unmet medical need, including brain cancers and neurodegenerative diseases. The delivery of therapeutics across the blood brain barrier represents the final frontier in treating neurological disorders. The in-house development programs at Bioasis are designed to develop symptomatic and disease-modifying treatments for brain-related diseases and disorders.