Medivolve Inc. announced a non-brokered private placement of secured convertible notes for gross proceeds of up to CAD 1,200,000, and 20,000,000 units at a price of CAD 0.07 per unit for gross proceeds of up to CAD 1,400,000, for aggregate gross proceeds of CAD 2,600,000 on August 26, 2021. Each unit will consist of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share at an exercise price of CAD 0.08 per share for a period of five years. Each note will be convertible, at the option of the holder, into units of the company at a fixed conversion price of CAD 0.07 per unit, with each unit consisting of one common share and one common share purchase warrant of the company, with each warrant entitling the holder to acquire one common share at an exercise price of CAD 0.08 per share for a period of five years. The convertible notes each have a term of 24 months and the accounts receivables of the company will secure the notes to a ratio of 200% of the notes. All securities to be issued in the transaction will be subject to a statutory hold period of four-months and one day. The company may pay 7% of the total proceeds as finder's fees. The notes transaction is expected to close on or about August 27, 2021, and units transaction is expected to close on or about September 9, 2021. The transaction is subject to a number of conditions, including final approval of the Neo Stock Exchange.