Medivolve Inc announced a non-brokered private placement of units at a price of CAD 0.07 per unit for gross proceeds of up to CAD 12,000,000 on July 7, 2021. Each unit will consist of one common share of the company and one common share purchase warrant. Each whole warrant will entitle the holder thereof to acquire one common share at a price of CAD 0.08 for a period of five years following the closing date of the offering.

All securities issued will be subject to a statutory hold period of four-months and one day. Completion of the transaction is subject to a number of conditions, including final approval of the Neo Stock Exchange. The Offering is expected to close on or about July 16, 2021 and may close in tranches.

The company may pay 7% of the total proceeds as finder's fees.