{"success":true,"data":{"pressRelease":{"id":"152650","rtpr_id":"nNFC7Lnx7G-20260924","ticker":"VM","exchange":"","all_tickers":["VM"],"title":"Voyageur Pharmaceuticals Announces Proposed Issuance of Shares for Debt","author":"Newsfile Corp","published_at":"2026-09-24T21:52:10.098Z","article_body":"Calgary, Alberta--(Newsfile Corp. - September 24, 2026) - Voyageur\nPharmaceuticals Ltd. (TSXV: VM) (OTC Pink: VYYRF) (\"Voyageur\" or the\n\"Company\"), Canadian developer of pharmaceutical-grade barium and iodine\ncontrast media for medical imaging, announces that it proposes to settle debts\nin the aggregate amount of $192,300 (the \"Debt\") through the issuance of\ncommon shares of the Company (\"Common Shares\") at a deemed price of $0.155 per\nCommon Share, being the closing price of the Common Shares on the TSX Venture\nExchange (the \"Exchange\") on September 24, 2026. Of the Debt, $52,300 is owing\nto an officer of the Company for accrued consulting fees and will be settled\nthrough the issuance of 337,419 Common Shares, and $140,000 is owing to\ncertain other creditors and will be settled through the issuance of an\naggregate of 903,225 Common Shares.\n\nThe Company is proposing to settle the Debt through the issuance of Common\nShares in order to preserve its cash. The Common Shares issued in settlement\nof the Debt will be subject to a hold period of four months and one day from\nthe date of issuance. Completion of the issuances remains subject to the\nCompany obtaining all applicable regulatory approvals, including the final\nacceptance of the Exchange.\n\nThe officer is a related party of the Company, and accordingly the proposed\nissuance of Common Shares to the officer to settle the accrued consulting fees\nconstitutes a \"related party transaction\" within the meaning of Multilateral\nInstrument 61-101 - Protection of Minority Security Holders in Special\nTransactions (\"MI 61-101\"). The Company is relying on the exemptions from the\nformal valuation and minority shareholder approval requirements of MI 61-101\ncontained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as\nneither the fair market value of the Debt to be settled with the officer, nor\nthe fair market value of the Common Shares to be issued to the officer,\nexceeds 25% of the Company's market capitalization.\n\nAbout Voyageur Pharmaceuticals Ltd.\n\nVoyageur, a Canadian public company trading under the symbol VM on the TSXV,\nis in development of barium and iodine Active Pharmaceutical Ingredients (API)\nand intends to offer high-performance, cost-effective imaging contrast agents.\nWith a strategic focus on vertically integrating the barium and iodine\ncontrast markets, Voyageur aims to become a key player by producing its own\nbarium and iodine. Voyageur has developed five barium contrast products that\nhave Health Canada licenses.\n\nVoyageur's business plan is set to generate cash flow by partnering with\nestablished third-party GMP pharmaceutical manufacturers in Canada thereby\nensuring the validation of its products by regulatory agencies worldwide. As\nVoyageur solidifies its presence in the market, it plans to transition into a\nhigh-margin domestic manufacturer of radiology drugs, further expanding its\nrevenue streams.\n\nAt the core of its operations, Voyageur owns a 100% interest in the Frances\nCreek barium sulfate (barite) project. Currently, the world's pharmaceutical\nbarium sulfate is almost entirely synthetically produced which management\nbelieves results in a less effective imaging quality product. Voyageur's\nFrances Creek resource boasts a rare and high grade mineral suitable for the\npharmaceutical marketplace that Voyageur believes will replace the current\nproducts with higher quality lower cost imaging products.\n\nVoyageur's ambitious vision is to become the first vertically integrated\ncompany in the radiology contrast media drug market. By controlling all\nprimary input costs, from the sourcing of raw materials to final production,\nVoyageur intends to ensure quality and cost efficiency. With its approach, it\nembodies the motto of \"From Earth to Bottle,\" highlighting Voyageur's\ncommitment to responsible sourcing and manufacturing practices.\n\nFor Further Information:\n\n Brent Willis, CEO,               Albert Deslauriers, CFO,            \n Brent@vpharma.ca , 403-923-5944  Albert@vpharma.ca                   \n info@vpharma.ca                  https://voyageurpharmaceuticals.ca  \n\n \n\nNeither the TSX Venture Exchange nor its Regulation Services Provider (as that\nterm is defined in the policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this news release.\n\nCautionary Statement Regarding Forward-Looking Information\n\nThis news release contains certain forward-looking information within the\nmeaning of applicable Canadian securities laws. Forward-looking information is\noften, but not always, identified by the use of words such as \"proposes\",\n\"intends\", \"plans\", \"aims\", \"believes\" and \"will\" or similar words suggesting\nfuture outcomes or statements regarding an outlook. Forward-looking\ninformation in this news release includes, but is not limited to, statements\nor information with respect to: the proposed settlement of the Debt through\nthe issuance of Common Shares; the number of Common Shares to be issued and\nthe deemed price per Common Share; the four month and one day hold period\napplicable to the Common Shares; the receipt of all applicable regulatory\napprovals, including the final acceptance of the Exchange; the Company's\nreliance on the exemptions from the formal valuation and minority shareholder\napproval requirements of MI 61-101; the Company's aim to become a key player\nin the barium and iodine contrast markets; the Company's plan to transition\ninto a high-margin domestic manufacturer of radiology drugs; the Company's\nbelief that the Frances Creek project's mineral will replace the current\nsynthetic products in the pharmaceutical marketplace with higher quality,\nlower cost imaging products; and the Company's belief that it can ensure\nquality and cost efficiency by controlling all primary input costs. The\nforward-looking information is based on a number of factors, expectations and\nassumptions which have been used to develop such information, and which may\nprove to be incorrect. Such material factors, expectations and assumptions\ninclude, but are not limited to: the ability of the Company to complete the\nsettlement of the Debt on the terms proposed; the availability of the\nexemptions under MI 61-101; the receipt of all necessary regulatory, exchange\nand third-party approvals, including final acceptance of the Exchange; and the\ncontinued development and commercialization of the Company's products. Readers\nare cautioned that the foregoing list is not exhaustive of all factors,\nexpectations and assumptions which have been used. Forward-looking information\nis subject to known and unknown risks, uncertainties and other factors that\nmay cause the actual results, level of activity, performance or achievements\nto be materially different from those expressed or implied by such\ninformation, including, without limitation: the failure to complete the\nsettlement of the Debt; the failure to obtain, or delays in obtaining,\nrequired regulatory or Exchange acceptance; the unavailability of the\nexemptions under MI 61-101; risks relating to the development, regulatory\napproval and commercialization of the Company's products; commodity price\nvolatility; exploration, development and operating risks; and general market,\neconomic and financing conditions. Although the Company has attempted to\nidentify important factors that could cause actual results to differ\nmaterially, there may be other factors that cause results not to be as\nanticipated, estimated or intended. There can be no assurance that the\nforward-looking information will prove to be accurate, and actual results and\nfuture events could differ materially from those anticipated in such\ninformation. The forward-looking information contained in this news release is\nmade as of the date specified in this news release and the Company does not\nundertake any obligation to update or to revise any of the included\nforward-looking information, whether as a result of new information, future\nevents or otherwise, except as may be required by applicable securities laws.\nReaders are cautioned not to place undue reliance on the forward-looking\ninformation because the Company can give no assurances that they will prove to\nbe correct.\n\nTo view the source version of this press release, please visit\nhttps://www.newsfilecorp.com/release/315987","article_body_html":"","raw_payload":{"data":{"id":"nNFC7Lnx7G-20260924","title":"Voyageur Pharmaceuticals Announces Proposed Issuance of Shares for Debt","author":"Newsfile Corp","ticker":"VM","created":"2026-09-24T21:52:10.098Z","tickers":["VM"],"exchange":"","article_body":"Calgary, Alberta--(Newsfile Corp. - September 24, 2026) - Voyageur\nPharmaceuticals Ltd. (TSXV: VM) (OTC Pink: VYYRF) (\"Voyageur\" or the\n\"Company\"), Canadian developer of pharmaceutical-grade barium and iodine\ncontrast media for medical imaging, announces that it proposes to settle debts\nin the aggregate amount of $192,300 (the \"Debt\") through the issuance of\ncommon shares of the Company (\"Common Shares\") at a deemed price of $0.155 per\nCommon Share, being the closing price of the Common Shares on the TSX Venture\nExchange (the \"Exchange\") on September 24, 2026. Of the Debt, $52,300 is owing\nto an officer of the Company for accrued consulting fees and will be settled\nthrough the issuance of 337,419 Common Shares, and $140,000 is owing to\ncertain other creditors and will be settled through the issuance of an\naggregate of 903,225 Common Shares.\n\nThe Company is proposing to settle the Debt through the issuance of Common\nShares in order to preserve its cash. The Common Shares issued in settlement\nof the Debt will be subject to a hold period of four months and one day from\nthe date of issuance. Completion of the issuances remains subject to the\nCompany obtaining all applicable regulatory approvals, including the final\nacceptance of the Exchange.\n\nThe officer is a related party of the Company, and accordingly the proposed\nissuance of Common Shares to the officer to settle the accrued consulting fees\nconstitutes a \"related party transaction\" within the meaning of Multilateral\nInstrument 61-101 - Protection of Minority Security Holders in Special\nTransactions (\"MI 61-101\"). The Company is relying on the exemptions from the\nformal valuation and minority shareholder approval requirements of MI 61-101\ncontained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as\nneither the fair market value of the Debt to be settled with the officer, nor\nthe fair market value of the Common Shares to be issued to the officer,\nexceeds 25% of the Company's market capitalization.\n\nAbout Voyageur Pharmaceuticals Ltd.\n\nVoyageur, a Canadian public company trading under the symbol VM on the TSXV,\nis in development of barium and iodine Active Pharmaceutical Ingredients (API)\nand intends to offer high-performance, cost-effective imaging contrast agents.\nWith a strategic focus on vertically integrating the barium and iodine\ncontrast markets, Voyageur aims to become a key player by producing its own\nbarium and iodine. Voyageur has developed five barium contrast products that\nhave Health Canada licenses.\n\nVoyageur's business plan is set to generate cash flow by partnering with\nestablished third-party GMP pharmaceutical manufacturers in Canada thereby\nensuring the validation of its products by regulatory agencies worldwide. As\nVoyageur solidifies its presence in the market, it plans to transition into a\nhigh-margin domestic manufacturer of radiology drugs, further expanding its\nrevenue streams.\n\nAt the core of its operations, Voyageur owns a 100% interest in the Frances\nCreek barium sulfate (barite) project. Currently, the world's pharmaceutical\nbarium sulfate is almost entirely synthetically produced which management\nbelieves results in a less effective imaging quality product. Voyageur's\nFrances Creek resource boasts a rare and high grade mineral suitable for the\npharmaceutical marketplace that Voyageur believes will replace the current\nproducts with higher quality lower cost imaging products.\n\nVoyageur's ambitious vision is to become the first vertically integrated\ncompany in the radiology contrast media drug market. By controlling all\nprimary input costs, from the sourcing of raw materials to final production,\nVoyageur intends to ensure quality and cost efficiency. With its approach, it\nembodies the motto of \"From Earth to Bottle,\" highlighting Voyageur's\ncommitment to responsible sourcing and manufacturing practices.\n\nFor Further Information:\n\n Brent Willis, CEO,               Albert Deslauriers, CFO,            \n Brent@vpharma.ca , 403-923-5944  Albert@vpharma.ca                   \n info@vpharma.ca                  https://voyageurpharmaceuticals.ca  \n\n \n\nNeither the TSX Venture Exchange nor its Regulation Services Provider (as that\nterm is defined in the policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this news release.\n\nCautionary Statement Regarding Forward-Looking Information\n\nThis news release contains certain forward-looking information within the\nmeaning of applicable Canadian securities laws. Forward-looking information is\noften, but not always, identified by the use of words such as \"proposes\",\n\"intends\", \"plans\", \"aims\", \"believes\" and \"will\" or similar words suggesting\nfuture outcomes or statements regarding an outlook. Forward-looking\ninformation in this news release includes, but is not limited to, statements\nor information with respect to: the proposed settlement of the Debt through\nthe issuance of Common Shares; the number of Common Shares to be issued and\nthe deemed price per Common Share; the four month and one day hold period\napplicable to the Common Shares; the receipt of all applicable regulatory\napprovals, including the final acceptance of the Exchange; the Company's\nreliance on the exemptions from the formal valuation and minority shareholder\napproval requirements of MI 61-101; the Company's aim to become a key player\nin the barium and iodine contrast markets; the Company's plan to transition\ninto a high-margin domestic manufacturer of radiology drugs; the Company's\nbelief that the Frances Creek project's mineral will replace the current\nsynthetic products in the pharmaceutical marketplace with higher quality,\nlower cost imaging products; and the Company's belief that it can ensure\nquality and cost efficiency by controlling all primary input costs. The\nforward-looking information is based on a number of factors, expectations and\nassumptions which have been used to develop such information, and which may\nprove to be incorrect. Such material factors, expectations and assumptions\ninclude, but are not limited to: the ability of the Company to complete the\nsettlement of the Debt on the terms proposed; the availability of the\nexemptions under MI 61-101; the receipt of all necessary regulatory, exchange\nand third-party approvals, including final acceptance of the Exchange; and the\ncontinued development and commercialization of the Company's products. Readers\nare cautioned that the foregoing list is not exhaustive of all factors,\nexpectations and assumptions which have been used. Forward-looking information\nis subject to known and unknown risks, uncertainties and other factors that\nmay cause the actual results, level of activity, performance or achievements\nto be materially different from those expressed or implied by such\ninformation, including, without limitation: the failure to complete the\nsettlement of the Debt; the failure to obtain, or delays in obtaining,\nrequired regulatory or Exchange acceptance; the unavailability of the\nexemptions under MI 61-101; risks relating to the development, regulatory\napproval and commercialization of the Company's products; commodity price\nvolatility; exploration, development and operating risks; and general market,\neconomic and financing conditions. Although the Company has attempted to\nidentify important factors that could cause actual results to differ\nmaterially, there may be other factors that cause results not to be as\nanticipated, estimated or intended. There can be no assurance that the\nforward-looking information will prove to be accurate, and actual results and\nfuture events could differ materially from those anticipated in such\ninformation. The forward-looking information contained in this news release is\nmade as of the date specified in this news release and the Company does not\nundertake any obligation to update or to revise any of the included\nforward-looking information, whether as a result of new information, future\nevents or otherwise, except as may be required by applicable securities laws.\nReaders are cautioned not to place undue reliance on the forward-looking\ninformation because the Company can give no assurances that they will prove to\nbe correct.\n\nTo view the source version of this press release, please visit\nhttps://www.newsfilecorp.com/release/315987"},"type":"article","timestamp":"2026-09-24T21:52:10.149274964Z","server_sent_at_ms":1790286730149},"received_at":"2026-09-24T21:52:10.202Z","source_url":"https://www.newsfilecorp.com/release/315987"},"analysis":{"id":"141452","press_release_id":"152650","analysis_json":{"industry":{"label":"Pharmaceuticals, Biotechnology & Life Sciences","sector":"Health Care"},"redFlags":["share-for-debt settlement indicates tight cash position / cash preservation need","related-party transaction with an officer relying on MI 61-101 exemptions from valuation and minority approval","ongoing shareholder dilution at the current market price"],"eventType":"dilution","narrative":"Voyageur Pharmaceuticals proposes to settle $192,300 of debt by issuing roughly 1.24 million common shares at a deemed price of $0.155, the September 24 TSXV close.\n\nOf the total, $52,300 owed to an officer for consulting fees converts via 337,419 shares, and $140,000 owed to other creditors converts via 903,225 shares; the company says the settlement preserves cash.\n\nThe officer portion is a related-party transaction under MI 61-101, with the company relying on valuation and minority-approval exemptions; completion remains subject to TSX Venture Exchange acceptance.","sentiment":"bearish","agentHooks":{"shouldPost":false,"suggestedAngle":"Micro-cap pays debts in shares to conserve cash — recurring dilution signal worth monitoring."},"keyFigures":{"offeringPrice":0.155,"customDimensions":{"hold_period":"four months and one day","officer_shares":337419,"creditor_shares":903225,"debt_settled_usd":192300,"officer_debt_usd":52300,"creditor_debt_usd":140000}},"namedEntities":{"people":[{"name":"Brent Willis","role":"CEO"},{"name":"Albert Deslauriers","role":"CFO"}],"products":["barium contrast products","iodine contrast media","Frances Creek barium sulfate project"],"companies":[{"name":"Voyageur Pharmaceuticals Ltd.","ticker":"VM","relationship":"filer"},{"name":"TSX Venture Exchange","relationship":"exchange/regulator"}],"dollarAmounts":[{"amount":"$192,300","context":"aggregate debt to be settled via share issuance"},{"amount":"$52,300","context":"debt owing to an officer for accrued consulting fees"},{"amount":"$140,000","context":"debt owing to other creditors"},{"amount":"$0.155","context":"deemed price per Common Share (Sept 24, 2026 TSXV close)"}]},"materialImpact":{"score":2,"reasoning":"Small debt-for-equity settlement ($192,300 total) that dilutes shareholders modestly to preserve cash, including shares issued to an officer as a related-party transaction. Routine micro-cap financing with limited market impact."},"tickerRelevance":{"others":[{"ticker":"VYYRF","relevance":"OTC Pink listing of the same issuer"}],"primary":"VM"},"globalImportance":8,"audienceRelevance":5,"eventTypeSecondary":["debt_offering"],"importanceComponents":{"tickerTier":"micro-cap","eventGravity":"routine debt-for-equity settlement","relatedParty":true,"issuerAuthored":true}},"event_type":"dilution","event_type_secondary":["debt_offering"],"sentiment":"bearish","material_impact_score":2,"narrative":"Voyageur Pharmaceuticals proposes to settle $192,300 of debt by issuing roughly 1.24 million common shares at a deemed price of $0.155, the September 24 TSXV close.\n\nOf the total, $52,300 owed to an officer for consulting fees converts via 337,419 shares, and $140,000 owed to other creditors converts via 903,225 shares; the company says the settlement preserves cash.\n\nThe officer portion is a related-party transaction under MI 61-101, with the company relying on valuation and minority-approval exemptions; completion remains subject to TSX Venture Exchange acceptance.","key_figures":{"offeringPrice":0.155,"customDimensions":{"hold_period":"four months and one day","officer_shares":337419,"creditor_shares":903225,"debt_settled_usd":192300,"officer_debt_usd":52300,"creditor_debt_usd":140000}},"named_entities":{"people":[{"name":"Brent Willis","role":"CEO"},{"name":"Albert Deslauriers","role":"CFO"}],"products":["barium contrast products","iodine contrast media","Frances Creek barium sulfate project"],"companies":[{"name":"Voyageur Pharmaceuticals Ltd.","ticker":"VM","relationship":"filer"},{"name":"TSX Venture Exchange","relationship":"exchange/regulator"}],"dollarAmounts":[{"amount":"$192,300","context":"aggregate debt to be settled via share issuance"},{"amount":"$52,300","context":"debt owing to an officer for accrued consulting fees"},{"amount":"$140,000","context":"debt owing to other creditors"},{"amount":"$0.155","context":"deemed price per Common Share (Sept 24, 2026 TSXV close)"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-24T21:52:15.777Z","global_importance":8,"audience_relevance":5,"importance_components":{"tickerTier":"micro-cap","eventGravity":"routine debt-for-equity settlement","relatedParty":true,"issuerAuthored":true}},"durationMs":5563,"modelName":"glm-5.3-flashx"}}