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CAN $1.2 Million Convertible Note Financing Announced by Medivolve

CAN $1.2 Million Convertible Note Financing Announced by Medivolve

Medivolve Inc. (“Medivolve” or the “Company”) (NEO:MEDV; FRA:4NC), a healthcare technology and services company, today announced a secured convertible note financing in the amount of CAN $1.2 million, which includes a CAN $200,000 original issue discount (“OID”).

CAN $1.2 Million Secured Convertible Note

This investment will be in the form of a secured convertible note (the “Note”) with a face value of CAN $1.4 million, for aggregate gross proceeds to the Company of CAN $1.2 million after deduction of the OID. Cumulative interest on the outstanding principal amount shall be payable at the annual rate of 8.0% per annum. The Note is expected to mature on December 31, 2023 and will be convertible, at the option of the holder after four months and one day following issuance and subject to certain conditions, into units (the “Units”) at a price of CAN $0.40 per Unit. All amounts outstanding under the Note are expected to be secured by a first ranking security interest over all of the Company’s present and after acquired personal property. Closing of the Note financing is conditional upon receipt of NEO approval and the completion of due diligence and definitive legal documentation and is anticipated to close on or about December 30, 2022. No finder’s fees are expected to be paid in connection with the offering.

Each Unit will consist of one common share of the Company and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one common share of the Company at a price of CAN $0.50 for a period of five years following the closing date of the offering. Proceeds of the offering will be used to repay existing debt and for general working capital purposes.

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