TORONTO, July 07, 2021 (GLOBE NEWSWIRE) -- Medivolve Inc. (“ Medivolve” or the “ Company”) (NEO:MEDV; FRA:4NC) is pleased to announce a non-brokered private placement offering of units (the “Units”) at a price of $0.07 per Unit for aggregate gross proceeds of up to $12 million (the “Offering”). Each Unit will consist of one common share of the Company and one common share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder thereof to acquire one common share of the Company at a price of $0.08 for a period of five years following the closing date of the Offering. All securities issued in connection with the Offering will be subject to a statutory hold period of four-months and one day. Completion of the Offering is subject to a number of conditions, including final approval of the Neo Stock Exchange. The Company intends to use the net proceeds of the Offering for pursuing investment opportunities, marketing, repayment of outstanding debt and payables and for general corporate purposes. The Offering is expected to close on or about July 16, 2021 and may close in tranches.