Mr. David Preiner reports
MEDIVOLVE CLOSES PREVIOUSLY ANNOUNCED CAN $1.2 MILLION CONVERTIBLE NOTE FINANCING
Medivolve Inc. has closed its previously announced secured convertible note financing for aggregate gross proceeds to the company of $1.2-million, which included a $200,000 original issue discount. Cumulative interest on the outstanding principal amount is payable by the company at the annual rate of 8.0 per cent per annum. The note will mature on Dec. 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 at a price of 40 cents per unit. All amounts outstanding under the note are secured by a first-ranking security interest over all of the company's present and after-acquired personal property.
Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at an exercise price of 50 cents for a period of five years from the date of issuance. No finders' fees or commissions were paid as part of the offering.
The company plans to use the net proceeds from the offering to repay existing debt and for general corporate purposes.
The securities issued under the offering are subject to a statutory hold period of four months and one day following the issuance, expiring May 12, 2023.
About Medivolve Inc.
Medivolve (NEO Exchange: MEDV; OTC: MEDVF; and Frankfurt Stock Exchange: 4NC) is a health care technology company that seeks to reinvent the U.S. health care system by leveraging a bespoke telehealth platform, a clinical diagnostic network and a data-driven artificial intelligence framework to improve patient care.
The company was born out of the health care crisis: to rethink, relearn and, ultimately, reimagine a better way for the health care system to operate. Its network of retail collection sites plays an important role in recovery by giving Americans access to fast, accurate and inexpensive clinical services when and where they need it. These centres will also play a pivotal role in diagnostic testing, vaccinations and other point-of-care services. The company is building disruptive technologies to make it easier and faster to identify, treat and prevent medical issues. In doing so, it is working to give patients a holistic and empowered view of their personal health.
Its long-term mission is to address systemic issues in the nation's fragmented, overly complex and expensive health care system. Medivolve's next phase of growth is about pivoting the model and putting the pieces together to build a profitable health technology company. The company is developing a singular, streamlined technology network to provide data-driven physician consultations, clinical diagnostics and prescription services. Its team is united by a powerful, singular purpose: harnessing the transformative power of technology to create healthier lives.
Underpinned by a bespoke, artificial-intelligence-driven platform, it is developing a system that constantly gets smarter, takes the guesswork out of diagnostics and flags critical health issues to help physicians, delivering a high level of personalization for each patient.
We seek Safe Harbor.
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