NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, Nov. 9, 2021 – Medivolve Inc. (“Medivolve” or the “Company”) (NEO: MEDV) (FRA: 34C1) is pleased to announce that it has closed the previously announced private placement of an aggregate of 7,142,857 units (the “Units”) at a price per Unit of $0.07 (the “Issue Price”) for aggregate gross proceeds to the Company of $500,000 (the “Offering”).
Each Unit consists of one common share of the Company (a “Common Share”) and one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.08 for a period of five years from the date hereof. No finder fees or commissions were paid as part of the Offering.
The Company plans to use the net proceeds from the Offering to be used for general working capital, repayment of liabilities and to advance the Medivolve business.
The securities issued under the Offering are subject to a statutory hold period of four months and one day following the closing date, expiring March 10, 2022.
The securities to be offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Shares for Debt
Medivolve also announces that it has entered into agreements to settle $441,000 of its outstanding cash indebtedness owed to a creditor by way of the issuance of 6,300,000 common shares of the Company (the “Common Shares”) at an effective price per share of $0.07. In accordance with applicable securities laws, the Common Shares issued will be subject to a four-month and one-day hold period and the approval of the NEO Exchange.
About Medivolve, Inc.
Medivolve, Inc. (NEO: MEDV; OTC: COPRF; FRA: 4NC) is a healthcare technology company that seeks to reinvent the US healthcare system by leveraging a bespoke telehealth platform, a clinical diagnostic network, and a data-driven AI framework to improve patient care.
The company was born out of the healthcare crisis; to rethink, relearn and ultimately, reimagine a better way for the healthcare system to operate. Our network of retail collection sites plays an important role in recovery by giving all Americans access to fast, accurate, and inexpensive clinical services when and where they need them. These centers will also play a pivotal role in diagnostic testing, vaccinations, and other point-of-care services. We are building disruptive technologies to make it easier and faster to identify, treat, and prevent medical issues. In doing so, we are working to give patients a holistic and empowered view of their personal health.
Our long-term mission is to permanently fix systemic issues in the nation’s fragmented, overly complex, and expensive healthcare system. Medivolve’s next phase of growth is about pivoting the model and putting the pieces together to build a profitable, SaaS-based health-tech company. We are bringing data-driven clinical diagnostics, physician recommendations, and prescription medications directly to people, all powered by a singular, streamlined technology network. Our team is united by a powerful, singular purpose: harnessing the transformative power of technology to create healthier lives.
Underpinned by a bespoke, AI-driven platform, we’re developing a stealth system that constantly gets smarter, takes the guesswork out of diagnostics, and flags critical health issues immediately to deliver an unparalleled level of personalization for each patient. We are determined to push the boundaries of what’s possible—not just for our business and our shareholders, but for physicians and patients, and for the future of healthcare. We are striving to achieve a continuity of care never seen before, a game-changer for our business and for patients in the communities we serve.
Cautionary Note Regarding Forward-looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Offering, or the use of proceeds of the Offering. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER THE NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.