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Voyageur Pharmaceuticals Ltd. Files Annual Audited Financial Statements

Voyageur Pharmaceuticals Ltd.

Calgary, AB - TheNewswire - March 30, 2023 - Voyageur Pharmaceuticals Ltd. (TSX.V:VM) (USA:VYYRF) (the "Company" or "Voyageur") announces that it has filed its annual audited financial statements and management's discussion and analysis for the year ended November 30, 2022 on SEDAR.

The Company also announces that, due to a shortfall in spending on the Frances Creek project, because of closures to the site over the past three years, it is liable for and has accrued a liability to the subscribers that participated in the private placements of flow-through share units that closed on December 31, 2020 and May 5, 2021. The site was closed due to covid in 2021, forest fires closed the area in 2022 and the Frances Creek forestry road was washed out in 2022-23 and has not been repaired by the Province of British Columbia. The accrual is based on the indemnification clause in the flow-through subscription agreement requiring the Company to reimburse shareholders for their tax liability resulting from the spending shortfall. The accrual amount was calculated on the highest marginal tax rate in Alberta (48%) applied to the total spending shortfall of $347,152 amounting to $166,633 liability to the Company. The Company is also liable for, and has accrued, interest and penalties to the Canada Revenue Agency which amount to approximately $56,154.

About Voyageur


Voyageur is a Canadian public company listed on the TSXV under the trading symbol VM. Voyageur is focused on the development of barium and iodine Active Pharmaceutical Ingredients (“API”) and high-performance cost-effective imaging contrast agents for the medical imaging marketplace. Voyageur’s goal is to fully integrate the barium and iodine contrast market by producing its own minerals of barium and iodine. The business plan is to initially generate cash flow from operations using third party GMP pharmaceutical manufacturers in Canada and validate the products for regulatory agencies globally. Then transitioning into a high margin domestic manufacturer of radiology drugs. Voyageur has plans to build carbon neutral infrastructure to become 100% self-sufficient across all manufacturing activities. Voyageur owns a 100% interest in three barium sulphate (barite) projects including the Frances Creek property, suitable in grade for the pharmaceutical marketplace, with additional interests in a high-grade iodine, lithium & bromine brine project located in Utah, USA. Voyageur is moving forward with its business plan of becoming the only fully integrated carbon neutral company in the radiology contrast media drug market, by controlling all primary input costs under the motto of:


"From the Earth to the Bottle".


For Further Media Information or to set up an interview, please contact:


Brent Willis

Al Deslauriers

President & CEO





Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.


Cautionary Statement Regarding “Forward-Looking” Information

This news release may contain certain forward-looking information and statements including statements regarding the amount of the Company's liability to subscribers and the Canada Revenue Agency for the spending shortfall. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at Voyageur does not undertake to update any forward-looking information except in accordance with applicable securities laws.