Exchange Bulletin

Eupraxia Pharmaceuticals Inc. (EPRX, EPRX.WT) To Trade On Toronto Stock Exchange

March 5, 2021

Issuer: Eupraxia Pharmaceuticals Inc. (the "Company")

SecuritySymbolIssued and Outstanding SecuritiesReserved Securities
Common shares
(the "Shares")
EPRX Up to 12,865,475 Up to 8,946,966
Share purchase warrants (the "Warrants") EPRX.WT Up to 2,562,500 Up to 384,375
Listing category: Research and Development, Non-Exempt Issuer
Trading currency: CDN$
Transaction: Initial public offering of units (the "Units"), each Unit is comprised of one Share and one half of one Warrant (the "Offering").
Listing date: March 8, 2021 (as at 5:01 p.m.) in anticipation of closing of the Offering
Anticipated closing date: March 9, 2021 (prior to the opening)
Posted for trading date: March 9, 2021 (at the opening) subject to confirmation of closing of the Offering
Other market(s): None
Temporary market maker: RBC Capital Markets
Security ownership registration: Shares: Non-Certificated Inventory System, Certificated and Direct Registration System Warrants: Non-Certificated Inventory System and Certificated
Investor relations: Vic Peck, Vice-President
Tel.: 250.590.3968, ext. 508

- and -

Adam Peeler, Lode Rock Advisors
Tel.: 416.427.1235
Incorporation: Business Corporations Act (British Columbia)
Fiscal year end: December 31
Nature of business: The Company is a clinical stage biotechnology company focused on the development of locally-delivered, extended-release alternatives to new and existing pharmaceuticals.
Transfer agent and registrar: TSX Trust Company ("TSX Trust") at its principal office in Vancouver for the Shares and Warrants
Dividends: The Company does not intend to declare or pay cash dividends on its Shares within the foreseeable future.
Sponsorship: Waived
Disclosure document: Prospectus dated March 3, 2021 which is available at Capitalized terms not otherwise defined herein are as defined in the disclosure document.
Initial public offering: Pursuant to the Offering, up to 5,125,000 Units at a price of $8.00 per Unit (the "Offering Price") for gross proceeds of up to $41,000,000, will be sold on a "best effort" basis. Each Unit is comprised of one Share and one half of one Warrant. The Units will immediately separate into Shares and Warrants upon issuance. In addition, the agents have been granted an over-allotment option to purchase up to an additional 768,750 Units from treasury at the Offering Price.

Principal Terms of the Warrants

Exercise price: Each whole Warrant is exercisable into one Share at a price of $11.20 per Share
Expiry: 5:00 p.m. (Toronto time) on the date that is five years following the closing of the Offering (the "Warrant Expiry Date"). In the event the volume weighted average share price of the Shares is greater than $22.40 per Share for a period of five consecutive trading days on the Toronto Stock Exchange at any time following the closing of the Offering but prior to the Warrant Expiry Date, the Company may, within five business days of the occurrence of such event, accelerate the Warrant Expiry Date by giving notice (a "Warrant Acceleration Notice") to the holders of the Warrants by way of a press release, and, in such case, the Warrant Expiry Date shall be deemed to be 5:00 p.m. (Toronto time) on the 30th day following the date on which the Warrant Acceleration Notice is given to holders of the Warrants.
Additional information: The Warrants will be governed by a warrant indenture to be dated on or about March 9, 2021 between the Company and TSX Trust.
TSX contact: Chris Birkett,
Managing Director,
Toronto Stock Exchange