Cardiol Therapeutics Inc. (NASDAQ:CRDL) (TSX:CRDL) ("Cardiol" or the "Company"), a clinical-stage life sciences company focused on the research and clinical development of anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease, announced today the pricing of its previously announced public offering (the "Offering") of 8,437,500 Class A common shares of the Company (the "Common Shares") at a price to the public of US$1.60 per Common Share for gross proceeds of US$13.5 million before deducting the underwriting discounts and commissions and estimated expenses incurred in connection with the Offering.

The Company intends to use the net proceeds from the Offering to support the clinical development of CardiolRx for the treatment of recurrent pericarditis and for general and administrative expenses, working capital and other expenses.

Canaccord Genuity is acting as the sole bookrunner in connection with the Offering.