MCI Onehealth Technologies Inc. announce that the Company and The First Canadian Wellness Co. Inc. (the "Lender") have entered into an amended and restated the loan agreement (the "A&R Agreement") which amends and restates the loan agreement dated June 30, 2022 that was entered into between the Company and the Lender (the "Original Agreement"). Pursuant to the A&R Agreement, the amount available to the Company under the Original Agreement has been increased from $5 million to $7 million (the "Loan").

Consistent with the Original Agreement, the Loan will bear interest at a rate of prime plus 9% per annum. The Loan is repayable on the earlier of December 31, 2023, the date that there is a change of control of the Company or any refinancing by the Company. The Company may prepay the Loan, in whole or in part, at any time without penalty.

Each of the Company's material subsidiaries has provided a guarantee in favour of the Lender with respect to amounts advanced under the Loan. Pursuant to the A&R Agreement, the Company and its material subsidiaries have provided security in favour of the Lender and amounts advanced under the Loan are secured against substantially all of the property and undertaking of the Company and such subsidiaries. In connection with the amendment of the A&R Agreement, the Company is required to pay a fee of $40,000.

MCI intends to use the proceeds available under the Loan to fund its ongoing operations and for general and administrative expenses, subject to any specific use of proceeds agreed with the Lender in respect of each advance. Pursuant to the terms of the A&R Agreement, the Lender will have the right to refuse any requested drawdown at its sole discretion, acting reasonably, if it does not approve of the intended use of any requested funds.