Awakn Life Sciences Announces Raising and Closing of Tranche of Private Placement Financing Page 1

Toronto, Ontario–(Newsfile Corp. – September 18, 2024) – Awakn Life Sciences Corp. (CSE: AWKN) (OTCQB: AWKNF) (FSE: 954) (“Awakn” or the “Company”), a clinical-stage biotechnology company developing therapies for substance abuse and mental health disorders, with a near-term focus on alcohol abuse (“AUD”), is pleased to announce that, further to press releases dated April 3, 2024, April 17, 2024, June 4, 2024 and July 31, 2024, it has decided to increase the size of its previously announced non-brokered private placement financing (the “Offering”) from up to $1,000,000 to up to $2,000,000. In addition, Awakn is pleased to announce the closing of a fourth tranche of the offering through the issuance of an additional 857,143 units (the “Units”) at a price of $0.46 per Unit for additional gross proceeds of $394,286, for a combined total of $1,117,142.

Each unit consists of one common share in the capital of the Company (each a “Common Share”) and three-quarters (0.75) of one whole common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one common share at a price of $0.63 per common share for a period of five (5) years from the date of issuance. The gross proceeds of the Offering will be used to fund the general working capital of the Company.

Any securities issued in connection with the Offering will be subject to a waiting period of four months plus one day from the date of issue and will be subject to the resale rules of applicable securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. persons as defined under applicable U.S. securities laws unless registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.

About Awakn Life Sciences Corp.

Awakn Life Sciences Corp. is a clinical-stage biotechnology company developing therapies targeting substance abuse and mental health disorders. Awakn’s near-term focus is on AUD, a condition that affects approximately 29 million adults in the U.S. and approximately 40 million in the U.S. and key European markets, for which the current standard of care is inadequate. Our goal is to bring breakthrough therapies to addicts in desperate need and our strategy is to commercialize our R&D pipeline across multiple channels.