Medivolve Inc. announced a private placement of secured convertible note for gross proceeds of CAD 1,200,000 on December 23, 2022. The note is issued at a discount of CAD 200,000 having a face value of CAD 1,400,000 and bearing interest rate of 8% per annum. The note is expected to mature on December 31, 2023 and will be convertible, at the option of the holder after four months and one day following issuance and subject to certain conditions, into units at a price of CAD 0.40 per unit.

Closing of the transaction is conditional upon receipt of NEO approval and the completion of due diligence and definitive legal documentation and is anticipated to close on or about December 30, 2022. No finder's fees are expected to be paid in connection with the transaction. Each unit will consist of one common share and one common share purchase warrant.

Each warrant will entitle the holder thereof to acquire one common share at a price of CAD 0.50 for a period of five years following the closing date.