Lumiera Health Inc. announced that it has entered into an agreement for the private placement of unsecured convertible loan in the principal amount of CAD 150,000 on May 4, 2022. The transaction will include participation from existing investor, Fiducie De La Maison Bleue represented by Robert Brouillette. The loan has a one-year term and bears interest at a rate of 12% per annum.

Brouillette currently owns or controls, directly and indirectly, an aggregate of 29,177,058 common shares, representing 17.2% of the currently issued and outstanding common shares. The loan is convertible into an aggregate of 3,000,000 units at a price of CAD 0.05 per unit. At any time during the term of the loan, the lender may elect to convert the principal amount and any accrued and unpaid interest of the loan into units.

Each unit will consist of one common share and one common share purchase warrant, with each warrant entitling the holder to acquire one additional common share, at an exercise price of CAD 0.05 per share, for a period of one year. The new loan is subject to certain standard closing conditions including, but not limited to, the receipt of all necessary approvals including the acceptance of the TSX Venture Exchange.