Reliq Health Technologies Inc. Announces Closing of $6,000,000 Unit Financing

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HAMILTON, Ontario, Oct. 05, 2023 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT or OTC:RQHTF or WKN:A2AJTB) ("Reliq" or the "Company") is pleased to announce that it has closed its previously announced Unit private placement (the "Unit Financing"). The Corporation raised proceeds of $6,000,000 through the sale of 15,000,000 Units. Pursuant to the terms of the Unit Financing, each Unit was offered at a subscription price of $0.40 per Unit. Each Unit consists of one common share and one common share purchase warrant exercisable at $0.52 (the "Warrant Share Price") for a thirty month period.

PI Financial Corp. ("PI") acted as agent for the Company on a "best efforts" agency basis in connection with the private placement. Upon closing of the Unit Financing, the Company: (i) paid to PI a cash commission equal to 8.0% of the aggregate gross proceeds of the Unit Financing payable in cash; (ii) issued to PI non-transferable options to purchase, at any time prior to the date that is 30 months from the Closing Date, that number of Units equal to 8.0% of the number of Units issued under the Unit Financing, at an exercise price equal to the Warrant Share Price, subject to adjustment in certain events.

The net proceeds raised from the issuance of the Units will be used to fund growth initiatives, for general corporate and working capital requirements, or for other corporate purposes.

The Unit Financing was completed pursuant to the Listed Issuer Financing Exemption (as defined in National Instrument 45-106 – Prospectus Exemptions), and the securities issued to purchasers in the Unit Financing are not subject to a hold period pursuant to applicable Canadian securities laws, except as to insider hold periods under the polices of the TSX Venture Exchange (the "Exchange").

Reliq CEO, Lisa Crossley participated in the Unit Financing as to 250,000 Units. The insider participation in the Unit Financing constitutes a related party transaction pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). A material change report was not filed 21 days prior to the closing of the Unit Financing as the Unit Financing was announced on September 27, 2023 and closed on October 5, 2023.