MINILUXE ANNOUNCES ~$3.5M USD OF INVESTMENT COMMITMENTS AND FIRST CLOSING OF CONVERTIBLE NOTE FINANCING

New and existing investors, including all directors, participate in convertible note offering at conversion strike price of ~$0.52 USD / ~$0.70 CDN

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Boston, MA, Nov. 30, 2023 (GLOBE NEWSWIRE) --  MiniLuxe Holding Corp. (TSXV: MNLX) ("MiniLuxe" or the "Company") announced today that it has completed an initial tranche of a non-brokered convertible debenture unit offering, with an immediate closing of gross proceeds of approximately $2.5M USD (the "Offering"). Additionally, the Company has signed indications of interest commitments for an incremental ~ $1.0M USD to be completed in one or more additional tranches of the Offering (for a total of approximately $3.5M USD). Above and beyond the initial closing of the Offering, the Company will evaluate and potentially close, on a rolling basis, additional tranches of the Offering (above and beyond the $3.5M USD committed) as it deems strategic based on needs and fit with prospective investors for up to $10M USD in gross proceeds.

The initial closing of the Offering resulted in the issuance of 2,585 units of the Company (each, a "Unit" and collectively the "Units") at a price of $1,000 USD per Unit. Each Unit consists of one $1,000 USD principal amount, 11.5% paid-in-kind simple interest for an unsecured convertible Debenture of the Company (each, a "Debenture" and collectively the "Debentures"), with each Debenture maturing 42 months following the issuance date, and such number of Class A subordinate voting share purchase warrants (each a "Warrant" and collectively the "Warrants") as is equal to 15% of the principal amount of Debentures. Each Warrant entitles the holder thereof to acquire such number of Class A subordinate voting shares as is equal to 15% of the principal amount of the Debentures at a price of $0.52 USD (or ~$0.70 CDN) per share for a period of 42 months from the grant date. The Company believes that the significant premium of the strike price of the Warrants relative to the 30-day volume-weighted average price of the Company's Class A subordinate voting shares is indicative of investor interest in the intrinsic and future value creation potential of MiniLuxe's business.