Assure Holdings Announces Financing Updates

Company Closes Second Tranche of Convertible Debenture Unit Offering and Receives Extension of Promissory Notes Issued to Neuro-Pro Monitoring

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DENVER, Jan. 20, 2020 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the “Company” or “Assure”) (TSXV: IOM; OTCQB: ARHH), is pleased to announce updates relating to the closing of the second tranche of its convertible debenture unit offering and receiving an extension of promissory notes issued to Neuro-Pro Monitoring.

Closing of the Second Tranche of Convertible Debenture Unit Offering

Assure has closed the second tranche (the “Second Tranche Closing”) of its previously announced non-brokered private placement offering of up to US$4,000,000 (the “Offering”), pursuant to which the Company issued approximately 470 unsecured redeemable convertible debentures (“Debentures”), each with a principal amount of US$1,000 and 167,790 share purchase warrants (“Warrants”) for aggregate gross proceeds of approximately US$470,000. The net proceeds of the offering will be used for working capital and growth capital purposes. In connection with the Second Tranche Closing, the Company paid an aggregate of US$32,900 and issued an aggregate of 22,000 finders warrants (each a “Finders Warrant” and collectively, the “Finders Warrants”) to certain finders. For further details concerning the Offering, please refer to the Company’s news releases dated January 6, 2020, December 16, 2019 and November 22, 2019.

The Company has reserved an option at its sole discretion to increase the size of the Offering by US$2 million to an aggregate of US$6 million. The Company expects to close a further tranche of the Offering in the coming weeks.

The Company has cancelled and reissued the Debenture and Warrant certificates to subscribers that participated in the first tranche of the Offering, on the amended terms of the Offering as described in the Company’s news release dated January 6, 2020.

All securities issued pursuant to the Offering and all securities issued upon exercise thereof will be subject to a hold period of twelve months following the date of issuance thereof, in accordance with the policies of the TSX Venture Exchange (the “TSXV”) and applicable Canadian and U.S. securities laws. The Offering is subject to final approval of the TSXV.