Highmark Issuance of Common Shares

TORONTO, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Highmark Interactive Inc. (TSX-V: HMRK) (the “Company”) announces that it intends to settle C$100,000 of debt (the “Interest Amount”) through the issuance of 1,109,385 common shares in the capital of the Company (“Interest Shares”), representing accrued interest payable under the Trust Indenture dated November 8, 2021, between the Company and TSX Trust Company (as supplemented by a Supplemental Trust Indenture dated November 11, 2021, between the Company and TSX Trust Company, the “Indenture”) and the convertible unsecured subordinated 7.5% debentures of the Company outstanding thereunder (the “Debentures”).

Pursuant to the terms and conditions of the Indenture, the Company may satisfy the Interest Amount by delivering to the holders of Debentures the number of common shares obtained by dividing the Interest Amount by the volume-weighted average trading price of the common shares for the five trading days ending on the trading day that is five business days preceding the relevant interest payment date, being $0.09014 per Interest Share, provided that the interest rate used to calculate interest payable in common shares is 8% rather than 7.5%. Completion of the settlement is subject to obtaining necessary regulatory approvals, including acceptance of the TSXV under TSXV Policy 4.3 -- Shares for Debt. The Company is choosing to settle the outstanding indebtedness under the Indenture through the issuance of Common Shares to preserve cash for forward operations.

The Interest Shares will be subject to a statutory hold period of four months plus one day from the date of issuance and are expected to be issued within five business days from November 30, 2022.

About Highmark Interactive

The Company was created to change the paradigm of testing and management for brain and mental health. Its approach is focused on providing real-time data to health providers to support proactive, preventative interventions and targeted care planning to improve health outcomes. In addition to a growing network of virtual, in-person and hybrid clinics, the Company offers the world's first gamified, FDA cleared patient-led assessments as well as digital clinician-led assessments of neurofunction and balance. Together, the technology is used in more than 350 health organizations globally. By unlocking insights, the Company’s platform enables precision medicine and creates a more contemporary model for delivering better outcomes in medical, mental health and rehabilitation services.