# EDGAR Filing Document

**Accession Number:** 0001205059
**File Stem:** 0001085037-23-000025
**Filing Date:** 2023-2
**Character Count:** 46290
**Document Hash:** 263a216a40d41631f18de7ae034d7b50
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085037-23-000025.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001085037-23-000025

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20230223

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REPLICEL LIFE SCIENCES INC.
- **CENTRAL INDEX KEY:** 0001205059
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50112
- **FILM NUMBER:** 23657777

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 900 - 570 GRANVILLE STREET
- **CITY:** VANCOUVER BC
- **STATE:** A1
- **ZIP:** V6C 3P1
- **BUSINESS PHONE:** 604-248-8693

**MAIL ADDRESS:**
- **STREET 1:** SUITE 900 - 570 GRANVILLE STREET
- **CITY:** VANCOUVER BC
- **STATE:** A1
- **ZIP:** V6C 3P1

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEWCASTLE RESOURCES LTD.
- **DATE OF NAME CHANGE:** 20081128

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAN AMERICAN GOLD CORP
- **DATE OF NAME CHANGE:** 20040521

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRI LATERAL VENTURE CORP
- **DATE OF NAME CHANGE:** 20021109

------

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### Form 6-K

#### REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of <u>January 2023</u>

Commission File Number <u>000-</u><u>50112</u>

#### RepliCel Life Sciences Inc.
(Translation of registrant's name into English)

#### Suite 900 – 570 Granville Street, Vancouver, British Columbia V6C 3P1
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F [X] Form 40-F [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) [ ]

**Note:** Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

**Note**: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

------

#### SUBMITTED HEREWITH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 [News Release dated January 16, 2023.](ex99_1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.2 [News Release dated January 17, 2023.](ex99_2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.3 [Material Change Report dated January 26, 2023.](ex99_3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.4 [News Release dated January 26, 2023.](ex99_4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.5 [Material Change Report dated January 31, 2023.](ex99_5.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

#### RepliCel Life Sciences Inc.

<u>/s/ Andrew Schutte</u> 

Andrew Schutte, President

Date: February 23, 2023

## Exhibit 99.1

![](image00001.jpg)

#### NEWS RELEASE

#### <br>

**#### Not for distribution to U.S. Newswire Services or for dissemination in the United States

#### RepliCel Life Sciences Announces Intention to Pay Dividend on Preferred Shares
VANCOUVER, BC – January 16, 2023 - <u>RepliCel Life Sciences Inc</u>. (OTCQB: REPCF) (TSXV: RP) (FRA: P6P2), ("RepliCel" or the "Company"), a company developing novel, next-generation injection technologies as well as regenerative medicine products in aesthetics and orthopedics, is pleased to announce its intention to pay accrued dividends of $53,367.13 outstanding on the Class A Preferred Shares (the "Dividend Payment") in 508,253 common shares (each, a "Share") of the Company at a price of $0.105 per Share.

The proposed Dividend Payment is subject to the approval of the TSX Venture Exchange.

All securities issued in connection with the Dividend Payment will be subject to a statutory hold period expiring four months and one day after issuance of the securities.

David Hall, Peter Lewis and Andrew Schutte are among the sixteen investors who participated in the 2019 private placement of Class A Preferred Shares all of whom will be receiving a Dividend Payment. These three are each considered to be a "related party" within the meaning of Multilateral Instrument 61-101 *Protection of Minority Security Holders in Special Transactions* ("MI 61-101") and each issuance is considered to be a "related party transaction" within the meaning of MI 61-101 but each issuance will be exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) as the Company's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(a) of MI 61-101 in that the fair market value of the consideration of the shares to be issued to each related party does not exceed 25% of the Company's market capitalization.

<u>About RepliCel Life Sciences</u>

RepliCel is a regenerative medicine company focused on developing cell therapies for aesthetic and orthopedic conditions affecting what the Company believes is approximately one in three people in industrialized nations, including aging/sun-damaged skin, pattern baldness, and chronic tendon degeneration. These conditions, often associated with aging, are caused by a deficit of healthy cells required for normal tissue healing and function. These cell therapy product candidates are based on RepliCel's innovative technology, utilizing cell populations isolated from a patient's healthy hair follicles.

The Company's cell therapy product pipeline is comprised of RCT-01 for tendon repair, RCS-01 for skin rejuvenation, and RCH-01 for hair restoration. RCH-01 has been the subject of successful safety and dose-finding clinical studies and is now the subject of its third clinical study evaluating efficacy for the treatment of male and female hair loss due to androgenetic alopecia. This ongoing study is being funded by Shiseido Company Limited pursuant to a license agreement which has now been terminated but is the subject of an arbitration regarding Shiseido's rights to the product for Asia. RepliCel maintains the undisputed rights to RCH-01 for the rest of the world. RCT-01 and RCS-01 are exclusively licensed in Greater China to YOFOTO (China) Health Company. RepliCel and YOFOTO are currently co-developing these products in China. RepliCel maintains the rights to these products outside of Greater China.

------

RepliCel Life Sciences Inc.

News Release /2

RepliCel has also developed a proprietary injection device (DermaPrecise<sup>TM</sup>) and related consumables, which is expected to improve the administration of its cell therapy products and certain other injectables. YOFOTO has exclusively licensed the commercial rights for the DermaPrecise™ device and consumables in Greater China for dermatology applications and is expected to first launch the product in Hong Kong upon it being approved for market launch in either the United States or Europe. Please visit <u>replicel.com</u> for additional information.

Notable Facts:

&nbsp;&nbsp;&nbsp;&nbsp;• RepliCel's three cell therapy products have now been tested in over 100 patients in four countries on three continents.

&nbsp;&nbsp;&nbsp;&nbsp;• RepliCel now has key strategic regional partners each of which are now investing heavily in the further clinical testing and development of RepliCel's products for their markets. Data from each of the clinical programs will strengthen the product development initiatives for RepliCel and its other partners worldwide.

For more information, please contact:<br> Andrew Schutte, CEO and President<br> 604-248-8693

<u>info@replicel.com</u>

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.**

## Exhibit 99.2

![](image00003.jpg)

NEWS RELEASE

### RepliCel Announces Closing of Debt Settlement

#### Not for distribution to U.S. Newswire Services or for dissemination in the United States
**VANCOUVER, BC, CANADA** – January 17, 2023 – RepliCel Life Sciences Inc. (OTCPK: REPCF) (TSXV: RP) (FRA:P6P2) ("**RepliCel**" or the "**Company**"), a company developing novel, next-generation injection technologies as well as regenerative medicine products in aesthetics and orthopedics, is pleased to announce that, further to its News Release of December 23, 2022, it has received approval from the TSX Venture Exchange to the issuance of 3,193,092 common shares (each, a "**Share**") at a deemed price of $0.09 per Share in settlement of $287,378.32 owing to various creditors (the "**Debt Settlement**"). The Shares were issued on January 17, 2023. The Shares are subject to a statutory hold period of four months and one day after closing of the Debt Settlement.

Each of David Hall, Peter Lowry, Peter Lewis, Andrew Schutte, Gary Boddington and Kevin McElwee participated in the Debt Settlement and each are considered to be a "related party" within the meaning of Multilateral Instrument 61-101 *Protection of Minority Security Holders in Special Transactions* ("**MI 61-101**") and each issuance is considered to be a "related party transaction" within the meaning of MI 61-101 but each issuance will be exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) as the Company's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(a) of MI 61-101 in that the fair market value of the consideration of the shares to be issued to each related party does not exceed 25% of the Company's market capitalization.

<u>About RepliCel Life Sciences</u>

RepliCel is a regenerative medicine company focused on developing cell therapies for aesthetic and orthopedic conditions affecting what the Company believes is approximately one in three people in industrialized nations, including aging/sun-damaged skin, pattern baldness, and chronic tendon degeneration. These conditions, often associated with aging, are caused by a deficit of healthy cells required for normal tissue healing and function. These cell therapy product candidates are based on RepliCel's innovative technology, utilizing cell populations isolated from a patient's healthy hair follicles.

The Company's cell therapy product pipeline is comprised of RCT-01 for tendon repair, RCS-01 for skin rejuvenation, and RCH-01 for hair restoration. RCH-01 has been the subject of successful safety and dose-finding clinical studies and is now the subject of its third clinical study evaluating efficacy for the treatment of male and female hair loss due to androgenetic alopecia. This ongoing study is being funded by Shiseido Company Limited pursuant to a license agreement which has now been terminated but is the subject of an arbitration regarding Shiseido's rights to the product for Asia. RepliCel maintains the undisputed rights to RCH-01 for the rest of the world. RCT-01 and RCS-01 are exclusively licensed in Greater China to YOFOTO (China) Health Company. RepliCel and YOFOTO are currently co-developing these products in China. RepliCel maintains the rights to these products outside of Greater China.

1 **\|** Page

------

![](image00004.jpg)

<br> RepliCel has also developed a proprietary injection device (DermaPrecise<sup>TM</sup>) and related consumables, which is expected to improve the administration of its cell therapy products and certain other injectables. YOFOTO has exclusively licensed the commercial rights for the DermaPrecise™ device and consumables in Greater China for dermatology applications and is expected to first launch the product in Hong Kong upon it being approved for market launch in either the United States or Europe. Please visit <u>replicel.com</u> for additional information.

Notable Facts:

&nbsp;&nbsp;&nbsp;&nbsp;• RepliCel's three cell therapy products have now been tested in over 100 patients in four countries on three continents.

&nbsp;&nbsp;&nbsp;&nbsp;• RepliCel now has key strategic regional partners each of which are now investing heavily in the further clinical testing and
 development of RepliCel's products for their markets. Data from each of the clinical programs will strengthen the product development initiatives for RepliCel and its other partners worldwide.

**For more information, please contact:**<br> Andrew Schutte, CEO and President<br> 604-248-8693

<u>info@replicel.com</u>

*Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.*

2 **\|** Page

## Exhibit 99.3

#### 51-102F3<br> MATERIAL CHANGE REPORT
**Item 1 Name and Address of Company**

RepliCel Life Sciences Inc. (the "**Company**")<br> 900 – 570 Granville Street<br> Vancouver, BC V6C 3P1

**Item 2 Date of Material Change**

January 17, 2023

**Item 3 News Release**

The news release dated January 17, 2023 was disseminated through Stockwatch and Market News on January 17, 2023.

**Item 4 Summary of Material Change**

The Company announced that, further to its News Release of December 23, 2022, it has received approval from the TSX Venture Exchange to the issuance of 3,193,092 common shares (each, a "**Share**") at a deemed price of $0.09 per Share in settlement of $287,378.32 owing to various creditors (the "**Debt Settlement**"). The Shares were issued on January 17, 2023. The Shares are subject to a statutory hold period of four months and one day after closing of the Debt Settlement.

Each of David Hall, Peter Lowry, Peter Lewis, Andrew Schutte, Gary Boddington and Kevin McElwee participated in the Debt Settlement and each are considered to be a "related party" within the meaning of Multilateral Instrument 61-101 *Protection of Minority Security Holders in Special Transactions* ("**MI 61-101**") and each issuance is considered to be a "related party transaction" within the meaning of MI 61-101 but each issuance will be exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) as the Company's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(a) of MI 61-101 in that the fair market value of the consideration of the Shares to be issued to each related party does not exceed 25% of the Company's market capitalization.

**Item 5 Full Description of Material Change**

*5.1*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Full Description of Material Change*

A full description of the material change is described in Item 4 above and in the News Release which was filed on SEDAR.

------

#### Disclosure Required by MI 61-101
Pursuant to MI 61-101, the Debt Settlement constituted a "related party transaction" as certain directors and officers of the Company participated in the Debt Settlement.

The following supplementary information is provided in accordance with Section 5.2 of MI 61-101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *a description of the transaction and its material terms:*

See Item 4 above for a description of the Debt Settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *the purpose and business reasons for the transaction:*

The purpose of the Debt Settlement is to reduce the Company's liabilities while preserving its cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *the anticipated effect of the transaction on the issuer's business and affairs:*

The Company does not anticipate any material effect on the Company's business and affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *a description of:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *the interest in the transaction of every interested party and of the related parties and associated entities of the interested parties:*

Andrew Schutte, the Chief Executive Officer, President and director of the Company, was issued 943,596 Shares in settlement of $84,923.59 worth of debt.

David Hall, the Chairman and a director of the Company, was issued 422,222 Shares in settlement of $38,000.00 worth of debt.

Peter Lowry, a director of the Company, was issued 294,444 Shares in settlement of $26,500.00 worth of debt.

Peter W. Lewis Inc. ("**PWL Inc."),** a company wholly owned by Peter Lewis, a director of the Company, was issued 297,222 Shares in settlement of $26,750.00 worth of debt.

Gary Boddington, a director of the Company, was issued 214,815 Shares in settlement of $19,333.33 worth of debt.

McElwee Consulting Inc. ("**McElwee Consulting**"), a company wholly owned by Kevin McElwee, Chief Scientific Officer of the Company, was issued 670,833 Shares in settlement of $60,375.00 worth of debt.

*(ii)* *the anticipated effect of the transaction on the percentage of securities of the issuer, or of an affiliated entity of the issuer, beneficially owned or controlled by each person or company referred to in subparagraph (i) for which there would be a material change in that percentage:*

The following table sets out the effect of the Debt Settlement on the percentage of securities of the Company beneficially owned or controlled by each of Mr. Schutte, Mr. Hall, Mr. Lowry, Mr. Lewis, Mr. Boddington and Mr. McElwee:

------

---

| | | |
|:---|:---|:---|
| **Name and Position** | **Dollar Amount of Debt Settlement** | **Number of Shares to be Issued** |
| Andrew Schutte<br> Chief Executive Officer, President and Director | $84923.59 | 943596<br> Undiluted:<br> 12,298,854<br>Diluted:<br> 17,680,410 <sup>(1)</sup><br> Undiluted: 24.04%<sup>(2)</sup><br> Diluted:<br> 31.26%<sup>(3)</sup><br> Undiluted:<br> 13,242,450<br>Diluted:<br> 18,624,006<sup>(4)</sup><br> Undiluted:<br> 24.36%<sup>(5)</sup><br> Diluted:<br> 31.17%<sup>(6)</sup> |
| Peter Lowry<br> Director | $26500.00 | 294444<br> Undiluted:<br> 898,982<br>Diluted:<br> 1,329,182 <sup>(7)</sup><br> Undiluted: 1.76%<sup>(2)</sup><br> Diluted:<br> 2.59%<sup>(8)</sup><br> Undiluted:<br> 1,193,426<br>Diluted:<br> 1,623,626<sup>(9)</sup><br> Undiluted:<br> 2.20%<sup>(5)</sup><br> Diluted:<br> 2.96%<sup>(10)</sup> |
| Peter Lewis<br> Director | $26750.00 | 297222<sup>(11)</sup><br> Undiluted:<br> 312,198<sup>(12)</sup><br>Diluted:<br> 532,652 <sup>(13)</sup><br> Undiluted: 0.61%<sup>(2)</sup><br> Diluted:<br> 1.04%<sup>(14)</sup><br> Undiluted:<br> 609,420<sup>(15)</sup><br>Diluted:<br> 829,874<sup>(16)</sup><br> Undiluted:<br> 1.12%<sup>(5)</sup><br> Diluted:<br> 1.52%<sup>(17)</sup> |
| Gary Boddington<br> Director | $19333.33 | 214815<br> Undiluted:<br> 100,000<br>Diluted:<br> 300,000 <sup>(18)</sup><br> Undiluted: 0.20%<sup>(2)</sup><br> Diluted:<br> 0.58%<sup>(19)</sup><br> Undiluted:<br> 314,815<br>Diluted:<br> 514,815<sup>(20)</sup><br> Undiluted:<br> 0.58%<sup>(5)</sup><br> Diluted:<br> 0.94%<sup>(21)</sup> |
| David Hall<br> Chairman and Director | $38000.00 | 422222<br> Undiluted:<br> 435,910<br>Diluted:<br> 731,364 <sup>(22)</sup><br> Undiluted: 0.85%<sup>(2)</sup><br> Diluted:<br> 1.42%<sup>(23)</sup><br> Undiluted:<br> 858,132<br>Diluted:<br> 1,153,586<sup>(24)</sup><br> Undiluted:<br> 1.58%<sup>(5)</sup><br> Diluted:<br> 2.11%<sup>(25)</sup> |
| Kevin McElwee<br> Chief Scientific Officer | $60375.00 | 670833<sup>(26)</sup><br> Undiluted:<br> 658,412<br>Diluted:<br> 933,412 <sup>(27)</sup><br> Undiluted: 1.29%<sup>(2)</sup><br> Diluted:<br> 1.81%<sup>(28)</sup><br> Undiluted:<br> 1,329,245<br>Diluted:<br> 1,604,245<sup>(29)</sup><br> Undiluted: 2.46%<sup>(5)</sup><br> Diluted:<br> 2.94%<sup>(30)</sup> |

---

<sup>(1)</sup> Comprised of: ((i) 12,298,854 Shares held directly by Mr. Schutte, (ii) 303,030 Shares issued on the conversion of class A preference shares at a conversion price of $0.33 per class A preference share held directly by Mr. Schutte, (iii) 355,000 options held directly by Mr. Schutte, each of which is exercisable into one Share, of which 30,000 are exercisable at a price of $0.43 per Share until July 30, 2023 and 325,000 are exercisable at a price of $0.40 per Share until June 14, 2026 and (iv) 4,723,526 warrants, each of which is exercisable into one Share, of which 562,750 are exercisable at a price of $0.36 per Share until July 15, 2023, 1,051,151 are exercisable at a price of $0.40 per Share until May 4, 2025 and 3,109,625 are exercisable at a price of $0.20 per Share until December 30, 2025.

<br> <sup>(2)</sup> Based on 51,169,215 Shares outstanding prior to the completion of the Debt Settlement.

<sup>(3)</sup> Based on 56,550,771 Shares outstanding on a partially-diluted basis prior to the completion of the Debt Settlement, comprised of: (i) 51,169,215 Shares outstanding prior to the completion of the Debt Settlement, (ii) 303,030 Shares that may be issuable on conversion of class A preference shares held directly by Mr. Schutte, (iii) 355,000 Shares that may be issuable on exercise of options held directly by Mr. Schutte and (iv) 4,723,526 Shares that may be issuable on exercise of warrants held directly by Mr. Schutte.

<br> <sup>(4)</sup> Comprised of: (i) 13,242,40 Shares held directly by Mr. Schutte and (ii) all of the convertible securities set out in footnote (1) above.

<br> <sup>(5)</sup> Based on 54,362,307 Shares outstanding following the completion of the Debt Settlement.

<sup>(6)</sup> Based on 59,743,863 Shares outstanding on a partially-diluted basis following the completion of the Debt Settlement, comprised of: (i) 54,362,307 Shares outstanding after the completion of the Debt Settlement, (ii) 303,030 Shares that may be issuable on conversion of class A preference shares held directly by Mr. Schutte, (iii) 355,000 Shares that may be issuable on exercise of options held directly by Mr. Schutte and (iv) 4,723,526 Shares that may be issuable on exercise of warrants held directly by Mr. Schutte.

<sup>(7)</sup> Comprised of: (i) 898,982 Shares held directly by Mr. Lowry, (ii) 380,000 options held directly by Mr. Lowry, each of which is exercisable into one Share, of which 80,000 are exercisable at a price of $0.43 per Share until July 30, 2023 and 300,000 are exercisable at a price of $0.40 per Share until June 14, 2026 and (iii) 50,200 warrants held directly by Mr. Lowry, each of which is exercisable into one Share, at a price of $0.20 per Share until December 30, 2025.

<sup>(8)</sup> Based on 51,549,215 Shares outstanding on a partially-diluted basis prior to the completion of the Debt Settlement, comprised of: (i) 51,169,215 Shares outstanding prior to the completion of the Debt Settlement, (ii) 380,000 Shares that may be issuable on exercise of options held directly by Mr. Lowry and (iii) 50,200 Shares that may be issuable on exercise of warrants held directly by Mr. Lowry.

<br> <sup>(9)</sup> Comprised of: (i) 1,193,426 Shares held directly by Mr. Lowry and (ii) all of the convertible securities set out in footnote (7).

<sup>(10)</sup> Based on 54,792,507 Shares outstanding on a partially-diluted basis following the completion of the Debt Settlement, comprised of: (i) 54,362,307 Shares outstanding after the completion of the Debt Settlement, (ii) 380,000 Shares that may be issuable on exercise of options held directly by Mr. Lowry and (iii) 50,200 Shares that may be issuable on exercise of warrants held directly by Mr. Lowry.

<br> <sup>(11)</sup> These Shares are held by PWL Inc.

<br> <sup>(12)</sup> Comprised of: (i) 207,843 Shares held directly by Mr. Lewis and (ii) 104,355 Shares held indirectly by PLW Inc.

<sup>(13)</sup> Comprised of: (i) 207,843 Shares held directly by Mr. Lewis, (ii) 104,355 Shares held indirectly by PWL Inc., (iii) 45,454 Shares issued on the conversion of class A preference shares at a conversion price of $0.33 per class A preference share held directly by Mr. Lewis, (iv) 125,000 options held directly by Mr. Lewis, each of which is exercisable into one Share, of which 50,000 are exercisable at a price of $0.43 per Share until July 30, 2023 and 75,000 are exercisable at a price of $0.40 per Share until June 14, 2026 and (v) 50,000 warrants held indirectly by PWL Inc., each of which is exercisable into one Share at a price of $0.20 per Share until December 30, 2025.

<sup>(14)</sup> Based on 51,339,669 Shares outstanding on a partially-diluted basis prior to the completion of the Debt Settlement, comprised of: (i) 51,169,215 Shares outstanding prior to the completion of the Debt Settlement, (ii) 45,454 Shares that may be issuable on conversion of class A preference shares held directly by Mr. Lewis, (iii) 125,000 Shares that may be issuable on exercise of options held directly by Mr. Lewis and (iv) 50,000 Shares that may be issuable on exercise of warrants held indirectly by PWL Inc.

<br> <sup>(15)</sup> Comprised of: (i) 207,843 Shares held directly by Mr. Lewis and (ii) 401,577 Shares held indirectly by PLW Inc.

<br> <sup>(16)</sup> Comprised of: (i) 207,834 Shares held directly by Mr. Lewis, (ii) 401,577 Shares held indirectly by PWL Inc. and (iii) all of the convertible securities set out in footnote (13) above.

<sup>(17)</sup> Based on 54,582,761 Shares outstanding on a partially-diluted basis following the completion of the Debt Settlement, comprised of: (i) 54,362,307 Shares outstanding after the completion of the Debt Settlement, (ii) 45,454 Shares that may be issuable on conversion of class A preference shares held directly by Mr. Lewis, (iii) 125,000 Shares that may be issuable on exercise of options held directly by Mr. Lewis and (iv) 50,000 Shares that may be issuable on exercise of Warrants held indirectly by PWL Inc.

<sup>(18)</sup> Comprised of: (i) 100,000 Shares held directly by Mr. Boddington, (ii) 150,000 options held directly by Mr. Boddington, each of which is exercisable into one Share exercisable at a price of $0.40 per Share until June 14, 2026 and (iii) 50,000 warrants held directly by Mr. Boddington, each of which is exercisable into one Share at a price of $0.20 per Share until December 30, 2025.

<sup>(19)</sup> Based on 51,319,215 Shares outstanding on a partially-diluted basis prior to the completion of the Debt Settlement, comprised of: (i) 51,169,215 Shares outstanding prior to the completion of the Debt Settlement, (ii) 150,000 Shares that may be issuable on exercise of options held directly by Mr. Boddington and (iii) 50,000 Shares that may be issuable on exercise of warrants held directly by Mr. Boddington.

<br> <sup>(20)</sup> Comprised of: (i) 314,815 Shares held directly by Mr. Boddington and (ii) all of the convertible securities set out in footnote (18) above.

<sup>(21)</sup> Based on 54,562,307 Shares outstanding on a partially-diluted basis following the completion of the Debt Settlement, comprised of: (i) 54,362,307 Shares outstanding after the completion of the Debt Settlement, (ii) 150,000 Shares that may be issuable on exercise of options held directly by Mr. Boddington and (iii) 50,000 Shares that may be issuable on exercise of warrants held directly by Mr. Boddington.

<sup>(22)</sup> Comprised of: (i) 435,910 Shares held directly by Mr. Hall, (ii) 45,454 Shares issued on the conversion of class A preference shares at a conversion price of $0.33 per class A preference share held directly by Mr. Hall and (iii) 250,000 options held directly by Mr. Hall, each of which is exercisable into one Share, of which 100,000 are exercisable at a price of $0.43 per Share until July 30, 2023 and 150,000 are exercisable at a price of $0.40 until June 14, 2026.

<sup>(23)</sup> Based on 51,464,669 Shares outstanding on a partially-diluted basis prior to the completion of the Debt Settlement, comprised of: (i) 51,169,215 Shares outstanding prior to the completion of the Debt Settlement, (ii) 45,454 Shares that may be issuable on conversion of class A preference shares held directly by Mr. Hall and (iii) 250,000 Shares that may be issuable on exercise of options held directly by Mr. Hall.

<br> <sup>(24)</sup> Comprised of: (i) 858,132 Shares held directly and (ii) all of the convertible securities of the Company set out in footnote (22) above.

<sup>(25)</sup> Based on 54,657,761 Shares outstanding on a partially diluted-basis following the completion of the Debt Settlement, comprised of: (i) 54,362,307 Shares outstanding following the completion of the Debt Settlement, (ii) 45,454 Shares that may be issuable on conversion of class A preference shares held directly by Mr. Hall and (iii) 250,000 Shares that may be issuable on exercise of options held directly by Mr. Hall.

<br> <sup>(26)</sup> These Shares are held by McElwee Consulting.

<sup>(27)</sup> Comprised of: (i) 658,412 Shares held indirectly by McElwee Consulting and (ii) 275,000 options held directly by Mr. McElwee, each of which is exercisable into one Share, of which 75,000 are exercisable at a price of $0.43 per Share until July 30, 2023 and 200,000 are exercisable at a price of $0.40 per Share until June 14, 2023.

<sup>(28)</sup> Based on 51,444,215 Shares outstanding on a partially-diluted basis prior to the completion of the Debt Settlement, comprised of: (i) 51,169,215 Shares outstanding prior to the completion of the Debt Settlement and (ii) 275,000 Shares that may be issuable on exercise of options held directly by Mr. McElwee.

<br> <sup>(29)</sup> Comprised of: (i) 1,329,245 Shares held indirectly by McElwee Consulting and (ii) all of the convertible securities of the Company set out in footnote (27) above.

<sup>(30)</sup> Based on 54,637,307 Shares outstanding on a partially diluted-basis following the completion of the Debt Settlement, comprised of: (i) 54,362,307 Shares outstanding following the completion of the Debt Settlement and (ii) 275,000 Shares that may be issuable on exercise of options held directly by Mr. McElwee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *unless this information will be included in another disclosure document for the transaction, a discussion of the review and approval process adopted by the board of directors and the special committee, if any, of the issuer for the transaction, including a discussion of any materially contrary view or abstention by a director and any material disagreement between the board and the special committee:*

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Each of Messrs. Schutte, Hall, Lowry, Lewis and Boddington abstained on the resolution of the board of directors approving the Debt Settlement with respect to their respective portion of the Debt Settlement. A special committee was not established in connection with the approval of the Debt Settlement, and no materially contrary view or abstention was expressed or made by any director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *a summary in accordance with section 6.5 of MI 61-101, of the formal valuation, if any, obtained for the transaction, unless the formal valuation is included in its entirety in the material change report or will be included in its entirety in another disclosure document for the transaction:*

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *disclosure, in accordance with section 6.8 of MI 61-101, of every prior valuation in respect of the issuer that related to the subject matter of or is otherwise relevant to the transaction:*

<br> *(i)* *that has been made in the 24 months before the date of the material change report:*

Not applicable.

<br> *(ii)* *the existence of which is known, after reasonable enquiry, to the issuer or to any director or officer of the issuer:*

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *the general nature and material terms of any agreement entered into by the issuer, or a related party of the issuer, with an interested party or a joint actor with an interested party, in connection with the transaction:*

The Company entered into a debt settlement and subscription agreement with Andrew Schutte pursuant to which Mr. Schutte acquired 943,596 Shares in settlement of $84,923,59 worth of debt.

The Company entered into a debt settlement and subscription agreement with David Hall pursuant to which Mr. Hall acquired 422,222 Shares in settlement of $38,000.00 worth of debt.

The Company entered into a debt settlement and subscription agreement with Peter Lowry pursuant to which Mr. Lowry acquired 294,444 Shares in settlement of $26,500.00 worth of debt.

The Company entered into a debt settlement and subscription agreement with Peter Lewis pursuant to which Mr. Lewis acquired 297,222 Shares in settlement of $26,750.00 worth of debt.

The Company entered into a debt settlement and subscription agreement with Gary Boddington pursuant to which Mr. Boddington acquired 214,815 Shares in settlement of $19,333.33 worth of debt.

The Company entered into a debt settlement and subscription agreement with McElwee Consulting Inc. pursuant to which Mr. McElwee acquired 670,833 Shares in settlement of $60,375.00 worth of debt.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *disclosure of the formal valuation and minority approval exemptions, if any, on which the issuer is relying under sections 5.5 and 5.7 of MI 61-101 respectively, and the facts supporting reliance on the exemptions:*

The Debt Settlement is exempt from the valuation and minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in Sections 5.5(b) as the Company's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(a) of MI 61-101 in that the fair market value of the consideration of the Shares issued to each related party did not exceed 25% of the Company's market capitalization.

As this material change report is being filed less than 21 days before the closing of the Debt Settlement, there is a requirement under MI 61-101 to explain why the shorter period is reasonable or necessary in the circumstances. In the view of the Company, such shorter period is reasonable and necessary in the circumstances because the Company wished to complete the Debt Settlement in a timely manner.

*5.2*&nbsp;&nbsp;&nbsp;&nbsp; *Disclosure for Restructuring Transactions*

N/A

**Item 6 Reliance on subsection 7.1(2) or (3) of National Instrument 51-102**

N/A

**Item 7 Omitted Information**

None

**Item 8 Executive Officer**

Contact:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andrew Schutte, CEO and President<br> Telephone:&nbsp;&nbsp;&nbsp;&nbsp; 604.248.8693

**Item 9 Date of Report**

January 26, 2023

## Exhibit 99.4

![](image00003.jpg)

NEWS RELEASE

### RepliCel Announces Non-brokered Private Placement and Grant of Stock Options

#### Not for distribution to U.S. Newswire Services or for dissemination in the United States.

**VANCOUVER, BC, CANADA** – January 26, 2023 – RepliCel Life Sciences Inc. (OTCPK: REPCF) (TSXV: RP) (FRA:P6P2) ("**RepliCel**" or the "**Company**"), a company developing novel, next-generation injection technologies as well as regenerative medicine products in aesthetics and orthopedics, is pleased to announce a non-brokered private placement financing (the "**Offering**") of up to 10,500,000 units (each, a "**Unit**") at a price of $0.10 per Unit for gross proceeds of up to $1,050,000. Each Unit consists of one common share of the Company (each, a "**Share**") and one-half of one share purchase warrant (each, a "**Warrant**"). Each whole Warrant entitles the holder thereof to purchase one additional Share of the Company at a price of $0.20 per Share for a period of four years from closing of the Offering. The Offering is subject to the approval of the TSX Venture Exchange (the "**Exchange**"). Insiders may participate in the Offering.

Finders' fees may be payable in connection with the Offering in accordance with the policies of the Exchange.

All securities issued in connection with the Offering will be subject to a statutory hold period expiring four months and one day after closing of the Offering. Completion of the Offering is subject to the approval of the Exchange. Any participation by insiders in the Offering will constitute a related party transaction under Multilateral Instrument 61-101 - *Protection of Minority Security Holders in Special Transactions* ("**MI 61-101**") but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

The aggregate gross proceeds from the sale of the Offering will be used for general working capital.

None of the securities sold in connection with the Offering will be registered under the United States *Securities Act of 1933*, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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![](image00004.jpg)

The Company also announces that it has granted an aggregate of 1,870,000 stock options (each, an "**Option**") to certain directors, officers, employees and consultants for the purchase of up to 1,870,000 common shares of the Company pursuant to its 2014 Stock Option Plan. Each Option is exercisable for a period of 3 years from January 26, 2023 at a price of $0.12 per common share. 1,270,000 of these Options vest immediately and 600,000 of these Options vest as to 50% on January 26, 2023, 25% on December 31, 2023 and 25% on June 30, 3024.

<u>About RepliCel Life Sciences</u>

RepliCel is a regenerative medicine company focused on developing cell therapies for aesthetic and orthopedic conditions affecting what the Company believes is approximately one in three people in industrialized nations, including aging/sun-damaged skin, pattern baldness, and chronic tendon degeneration. These conditions, often associated with aging, are caused by a deficit of healthy cells required for normal tissue healing and function. These cell therapy product candidates are based on RepliCel's innovative technology, utilizing cell populations isolated from a patient's healthy hair follicles.

The Company's cell therapy product pipeline is comprised of RCT-01 for tendon repair, RCS-01 for skin rejuvenation, and RCH-01 for hair restoration. RCH-01 has been the subject of successful safety and dose-finding clinical studies and is now the subject of its third clinical study evaluating efficacy for the treatment of male and female hair loss due to androgenetic alopecia. This ongoing study is being funded by Shiseido Company Limited pursuant to a license agreement which has now been terminated but is the subject of an arbitration regarding Shiseido's rights to the product for Asia. RepliCel maintains the undisputed rights to RCH-01 for the rest of the world. RCT-01 and RCS-01 are exclusively licensed in Greater China to YOFOTO (China) Health Company. RepliCel and YOFOTO are currently co-developing these products in China. RepliCel maintains the rights to these products outside of Greater China.

RepliCel has also developed a proprietary injection device (DermaPrecise<sup>TM</sup>) and related consumables, which is expected to improve the administration of its cell therapy products and certain other injectables. YOFOTO has exclusively licensed the commercial rights for the DermaPrecise™ device and consumables in Greater China for dermatology applications and is expected to first launch the product in Hong Kong upon it being approved for market launch in either the United States or Europe. Please visit <u>replicel.com</u> for additional information.

Notable Facts:

&nbsp;&nbsp;&nbsp;&nbsp;• RepliCel's three cell therapy products have now been tested in over 100 patients in four countries on three continents.

&nbsp;&nbsp;&nbsp;&nbsp;• RepliCel now has key strategic regional partners each of which are now investing heavily in the further clinical testing and
 development of RepliCel's products for their markets. Data from each of the clinical programs will strengthen the product development initiatives for RepliCel and its other partners worldwide.

**For more information, please contact:**<br> Lee Buckler, CEO and President<br> 604-248-8693

<u>info@replicel.com</u>

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*Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.*

*<u>Cautionary Statement Regarding Forward-Looking Statements</u>*

*This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the expectations of management regarding the proposed Offering, the expectations of management regarding the use of proceeds of the Offering, closing conditions for the Offering, the expiry of hold periods for securities distributed pursuant to the Offering, insider participation in the Offering, and Exchange approval of the proposed Offering. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including that: the Company may not complete the Offering on terms favorable to the Company or at all; the Exchange may not approve the Offering; the proceeds of the Offering may not be used as stated in this news release; the Company may be unable to satisfy all of the conditions to the Closing; and those additional risks set out in the Company's public documents filed on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.*

** 

<br> *3 **\|** Page*

## Exhibit 99.5

#### 51-102F3<br> MATERIAL CHANGE REPORT
**Item 1 Name and Address of Company**

RepliCel Life Sciences Inc. (the "**Company**")<br> 900 – 570 Granville Street<br> Vancouver, BC V6C 3P1

**Item 2 Date of Material Change**

January 26, 2023

**Item 3 News Release**

The news release dated January 26, 2023 was disseminated through Stockwatch and Market News on January 26, 2023.

**Item 4 Summary of Material Change**

The Company announced that it has granted an aggregate of 1,870,000 stock options (each, an "**Option**") to certain directors, officers, employees and consultants for the purchase of up to 1,870,000 common shares of the Company pursuant to its 2014 Stock Option Plan. Each Option is exercisable for a period of 3 years from January 26, 2023 at a price of $0.12 per common share. 1,270,000 of these Options vest immediately and 600,000 of these Options vest as to 50% on January 26, 2023, 25% on December 31, 2023 and 25% on June 30, 3024.

**Item 5 Full Description of Material Change**

*5.1*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Full Description of Material Change*

A full description of the material change is described in Item 4 above and in the News Release which was filed on SEDAR.

*5.2*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Disclosure for Restructuring Transactions*

N/A

**Item 6 Reliance on subsection 7.1(2) or (3) of National Instrument 51-102**

N/A

**Item 7 Omitted Information**

None

**Item 8 Executive Officer**

Contact:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andrew Schutte, CEO and President<br> Telephone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 604.248.8693

**** 

<br> ------

**Item 9 Date of Report**

January 31, 2023

<br>