TORONTO, ONTARIO – January 26, 2022 – Magen Ventures I Inc. (TSXV: MAGN.P) (“Magen” or the “Company”) and Grey Wolf Animal Health Inc. (“Grey Wolf” or the “Target”) are pleased to announce that they have entered into a non-binding letter of intent dated January 26, 2022 (the “LOI”), pursuant to which Magen and Grey Wolf intend to complete a business combination or other similarly structured transaction which will constitute a reverse take-over of Magen (the “Transaction”). It is intended that the Transaction will be an arm’s length “Qualifying Transaction” for Magen, as such term is defined in Policy 2.4 – Capital Pool Companies of the TSX Venture Exchange (the “TSXV”).