Medivolve Closes Previously Announced CAN $1.2 Million Convertible Note Financing

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Aug. 31, 2021 /CNW/ – Medivolve Inc. (“Medivolve” or the “Company“) (NEO: MEDV) (FRA: 4NC) is pleased to announce the Company has closed the previously announced secured convertible note (the “Notes“) financing for aggregate gross proceeds to the Company of CAN $1.2 million (the “Offering“).  The Notes have a term of 24 months and are convertible into an aggregate of up to 17,142,857 units (the “Units“) at a price per Unit of $0.07

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 expand its operating business, enhance regulatory capital, marketing, 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 closing date, expiring December 31, 2021.

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.

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 it. 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, and in particular the expected 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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

NEITHER THE NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE Medivolve Inc.

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