Gemina Labs Announces Closing of Private Placement

March 27, 2023, Vancouver, British Columbia: Gemina Laboratories Ltd. (CSE: GLAB) (FRA:8I7) (the “Company” or “Gemina”) is pleased to announce the closing of a non-brokered private placement offering (the “Offering”) of 3,472,994 common shares (a “Common Share”) at a price of $0.75 per Common Share for gross proceeds of C$2,604,745.50. The Company paid the finder’s fees of C$95,413.50 to an eligible finder in connection with the Offering.

The net proceeds of the Offering, along with existing funds, will be deployed towards the ongoing research and development, manufacturing and regulatory reviews of the Company’s product pipeline of rapid diagnostic tests using our breakthrough proprietary chemistry. Additionally, it will be applied to ongoing general working capital. The securities issued under the Offering will be subject to a statutory hold period in Canada expiring four months and one day from the closing date.

Certain related parties of the Company purchased an aggregate of 330,300 Common Shares in the Private Placement, and such participation is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such insider participation. The Company did not file a material change report more than 21 days before the expected closing of the Offering, as the details and amounts of the insider participation were not finalized until closer to the closing and the Company wished to close the transaction as soon as practicable for sound business reasons.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of 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 “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Gemina Laboratories Ltd.

Gemina Labs is a biosensor and diagnostic company with a transformative, patented, proprietary biochemistry that powers next-generation testing platforms for a wide range of pathogens that affect human health and wellness. Our technology drives testing platforms that are fast, affordable and accurate, and easily self-administered. Our development pipeline includes platforms for the rapid testing of COVID- 19, influenza and other viruses. Additional information on the Company can be found at www.geminalabs.com.