TRILLIUM ANNOUNCES CLOSING OF US$15 MILLION PUBLIC OFFERING OF
COMMON SHARE UNITS AND SERIES II NON-VOTING CONVERTIBLE FIRST
PREFERRED SHARE UNITS

On March 8, 2019 Trillium Therapeutics Inc. ("Trillium" or the "Company") (NASDAQ/TSX: TRIL), a clinical stage immuno-oncology company developing innovative therapies for the treatment of cancer, reported that it has closed its previously announced underwritten public offering of 6,550,000 common share units (the "Common Share Units") of the Company and 12,200,000 Series II Non-Voting Convertible First Preferred Share units (the "Series II First Preferred Share Units") of the Company (Press release, Trillium Therapeutics, MAR 8, 2019, View Source [SID1234534173]).

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The Common Share Units were sold at a public offering price of US$0.80 per Common Share Unit. Each Common Share Unit is comprised of one common share of the Company (each a, "Common Share") and one Common Share purchase warrant (each a "Common Share Warrant"). Each Common Share Warrant is exercisable for one Common Share at a price of US$0.96 per Common Share Warrant, subject to adjustment, at any time until 5:00 p.m. (Toronto time) on February 28, 2024, subject to certain terms and conditions. The Series II First Preferred Share Units were sold at a public offering price of US$0.80 per Series II First Preferred Share Unit. Each Series II First Preferred Share Unit is comprised of one Series II Non-Voting Convertible First Preferred Share (each a "Series II First Preferred Share") and one Series II First Preferred Share purchase warrant (each a "Series II First Preferred Share Warrant"). Each Series II First Preferred Share Warrant is exercisable for one Series II First Preferred Share at a price of US$0.96 per Series II First Preferred Share Warrant, subject to adjustment, at any time until 5:00 p.m. (Toronto time) on February 28, 2024, subject to certain terms and conditions.

The gross proceeds to the Company from the offering were US$15 million before deducting underwriting discounts and commissions and other expenses of the offering.

The Company intends to use the net proceeds of the offering for (i) ongoing research and development activities of its SIRPaFc program; and (ii) working capital and general corporate purposes.

Cowen and Company, LLC acted as the sole book-running manager for the Offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.