Bold Capital Enterprises Ltd. (TSXV:BOLD.P) entered into a binding Letter of Intent to acquire Sinusafe Medical Ltd for CAD 34.9 million on March 17, 2022. The LOI contemplates that Bold, SinuSafe and the shareholders of SinuSafe will complete a securities exchange, resulting in the issuance to the shareholders of SinuSafe of approximately 134,000,000 common shares of the Resulting Issuer, at a price of CAD 0.20, and valuing SinuSafe at CAD 26.8 million. Upon completion of the Transaction and the Private Placement, the shareholders of SinuSafe will hold approximately 60% of the issued and outstanding common shares of Bold on a non-diluted basis. In addition, up to an additional 84,000,000 common shares of the Resulting Issuer, at a price of CAD 0.20, may be issued to the shareholders of SinuSafe upon the Resulting Issuer achieving four performance milestones. An aggregate of 21,000,000 Milestone Shares will be issued to the SinuSafe shareholders, on a pro rata basis, for each milestone to be determined in the Definitive Agreement. The principals of SinuSafe will become management of BOLD. It is expected that upon completion of the Transaction, the Resulting Issuer, to be renamed SinuSafe (SNS), will be listed as a Tier 2 Technology Issuer on the Exchange. As of May 16, 2022, Sinusafe reported total assets of CAD 0.4332 million and Shareholder's equity of CAD -4.826 million for the period ended December 31, 2021.

Completion of the Transaction will be subject to certain conditions, including but not limited to: (a) completion of due diligence by the parties; (b) completion of the minimum Private Placement; (c) receipt of all necessary approvals of the boards of directors of Bold and SinuSafe; (d) all required regulatory and third party approvals, including but not limited to, a tax ruling from the Israeli tax authority; (e) approval of the Transaction by the Exchange as Bold's "Qualifying Transaction"; (f) the parties' entry into a Definitive Agreement in furtherance to the LOI; and (g) closing of the Transaction on or before July 31, 2022, unless extended in writing by Bold and SinuSafe. Cclosing of the transaction on or before October 31, 2022.