Oakville, Ontario--(Newsfile Corp. - November 5, 2021) - Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) ("Cardiol" or the "Company"), a clinical-stage biotechnology company focused on developing anti-inflammatory therapies for the treatment of cardiovascular disease, announced today the closing of its previously announced public offering (the "Offering") of 16,350,000 units of the Company (the "Units") at a price to the public of US$3.07 per Unit for gross proceeds of US$50,194,500, before deducting the underwriting discounts and commissions and estimated expenses incurred in connection with the Offering. Each Unit is comprised of one Class A common share of the Company (each, a "Unit Share") and one-half of one Class A common share purchase warrant of the Company (each, a "Warrant"). Each Warrant entitle the holder thereof to purchase one Class A common share of the Company (each, a "Warrant Share") at a price of US$3.75 per Warrant Share, subject to adjustment in certain events, until November 5, 2024.

The Company intends to use the net proceeds from the Offering to advance the Company's research and clinical development programs, additional product development, and for general corporate purposes.

Canaccord Genuity and Cantor Fitzgerald (the "Underwriters") acted as joint bookrunners in connection with the Offering.

The Offering was made pursuant to a U.S. registration statement on Form F-10, declared effective by the U.S. Securities and Exchange Commissions (the "SEC") on August 4, 2021 (the "Registration Statement"), and the Company's existing Canadian short form base shelf prospectus (the "Base Prospectus") dated August 3, 2021. A final prospectus supplement (the "Supplement") relating to the Offering was filed with the securities commission in all of the provinces and territories of Canada, except Quebec, and with the SEC in the United States. The Supplement and accompanying Base Prospectus contain important detailed information about the Offering. The Supplement and accompanying Base Prospectus can be found on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Copies of the Supplement and accompanying Base Prospectus may also be obtained from Canaccord Genuity LLC, Attn: Syndicate Department, 99 High Street, Suite 1200, Boston, Massachusetts 02110, or by email at prospectus@cgf.com or from Cantor Fitzgerald & Co., Attn: Capital Markets, 499 Park Avenue, 4th floor, New York, New York 10022; Email: prospectus@cantor.com.