Medivolve Inc. announced that it expects to receive CAD 2.6 million in funding
August 25, 2021
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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.
Medivolve, Inc. is a Canada-based healthcare technology company. The Company has two business units: Medivolve Pharmacy Division (MPD) and Collection Sites Diagnostics (CSD). MPD provides retail pharmacy and mail-order pharmacy services related to COVID-19, antibiotics, dermatology, family medicine, immunology, neurology, pain management, pediatrics, preventive medicine, and psychiatry to patients in Southern California. CSDâs software platform, Electronic Health Records app (EHR), is focused on supporting clinical staff, is a series of assets and functionalities that enhance the customer experience and provide an end-to-end lab solution. The Company, through its subsidiaries, Medivolve Pharmacy Inc., and Kedy Ying Jao D.O., a medical corporation, operate a distributed network of two retail patient-care locations in California, United States. The Company has served hundreds of thousands of patients across the United States and facilitated more than 1,533,000 clinical tests.