MedBright AI Announces Closing of LIFE Offering for Gross Proceeds of Approximately $1.4 Million

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VANCOUVER, British Columbia, Feb. 09, 2024 (GLOBE NEWSWIRE) -- MedBright AI Investments Inc. (CSE: MBAI) (OTCQB:MBAIF) (“MedBright” or the “Company”), is pleased to announce that it has closed the previously announced “commercially reasonable efforts” agency basis private placement offering of units (the “Units”) of the Company, for gross proceeds of $1,398,977.40 (the “Offering”). The Offering was conducted pursuant to an agency agreement dated as of February 9, 2024 (the “Closing Date”) among the Company, Canaccord Genuity Corp. (the “Lead Agent”), as lead agent and sole bookrunner, and a syndicate consisting of Beacon Securities Limited and PI Financial Corp. (collectively with the Lead Agent, the “Agents”).

Pursuant to the Offering, a total of 6,994,887 Units were sold at a price per Unit of $0.20 (the “Offering Price”). Each Unit consists of one common share of the Company (a “Share”) and one-half of one Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Share (a “Warrant Share”) at an exercise price of $0.30, subject to adjustment in certain circumstances, for a period of 24 months from the Closing Date and will be governed by the terms of a warrant indenture (the “Warrant Indenture”) dated as of the Closing Date between the Company and Endeavor Trust Corporation, as warrant agent.

The Offering has been conducted pursuant to the listed issuer financing exemption from prospectus requirements in Part 5A of National Instrument 45-106 – Prospectus Exemptions ("NI 45-106"). The Offering has also been conducted in those other jurisdictions outside of Canada on a private placement basis in compliance with all applicable securities laws of such other jurisdictions, such that no prospectus, registration statement or similar document is required to be filed in such jurisdictions, no registration or similar requirement applies with respect to the Company in such other jurisdictions, and the Company has not become subject to ongoing continuous disclosure obligations in such other jurisdictions. The Units, the Warrants and the Warrant Shares are not subject to resale restrictions pursuant to applicable Canadian securities laws.