Highmark Announces Intention to Amend Terms of Warrants

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TORONTO, ON/ACCESSWIRE/May 3, 2022/ Highmark Interactive Inc. (TSXV: HMRK) (“Highmark” or the “Company”), a global leader in digital health technology, intends to change the term until expiration of certain outstanding subscription for the purchase of common shares of the Company.

The warrants were originally issued as share purchase warrants of Highmark Innovations Inc. (“Innovations”) to induce certain individual lenders to lend funds to Innovations for acquisition and working capital (these funds, the “bridge loan”) in connection with the Corporation’s qualifying transaction with Innovations (the “QT”). At the close of QT in November 2021, Innovations common stock warrants were exchanged for 1,060,987 common stock warrants in the capital of the Company on substantially equivalent economic terms, after taking into account of the exchange ratio in the QT. At the date of issue of the Warrants, the term to maturity of the Bridge Loan was less than one year and therefore the term of the Warrants was initially limited to no more than one year under TSX Venture Exchange policies. The warrants currently expire on May 11, 2022.

During the completion of the QT, the term to maturity of the bridge loan was extended to May 11, 2023, i.e. the date which is two years from the date the funds were advanced , but the term until the expiration of the warrants was not concurrently extended. The Company intends to change the expiry date of the warrants to May 11, 2023, being the modified maturity date of the bridge loan, provided that if the principal amount of the bridge loan is reduced or repaid during of the first year of its expiry (i.e., before May 11, 2022), a proportionate number of warrants will have their term reduced at the latest between May 11, 2022 (i.e. one year from the date of issue) and 30 days from the reduction or repayment of the loan. The warrants are exercisable at a price of $0.54 per share. The price of the warrants is not changed. Modification of the expiry date is subject to acceptance by the TSXV. The Company has applied to TSXV for approval of the amendments.

For more information regarding the QT, the Bridge Loan and the Warrants, see the Company’s Filing Statement dated November 4, 2021, filed on the Company’s profile on SEDAR at www.sedar. com.

About Highmark Interactive

Highmark Interactive was created to change the paradigm of brain and mental health testing and management. Highmark’s approach is focused on providing real-time data to healthcare 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, Highmark Interactive offers the world’s first gamified, FDA-cleared, patient-led assessments, as well as digitally led assessments of neurofunction and balance by clinicians. Together, the technology is used in more than 300 clinics around the world. By liberating information, Highmark’s platform enables precision medicine and creates a more contemporary model for delivering better outcomes in medical, mental health and rehabilitation services.

Learn more: https://www.highmark.tech/

For more information:

Highmark Interactive Inc.
Investor Relations
[email protected]

Don Harkness, Chief Financial Officer
855-969-5079

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE RELEVANCE OR ACCURACY OF THIS RELEASE.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.

Caution Regarding Forward-Looking Information

This press release contains forward-looking statements that relate to current expectations and views about future events of the Company.

In some, but not necessarily all, cases, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”. , “is expected”, “opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of these words and phrases or state that certain actions, events or results “could”, “may”, “will”, “could”, “will” or “will be taken”, “will occur” or “will be achieved”. In addition, any statement referring to expectations, predictions, indications, projections or other characterizations of future events or circumstances contains forward-looking information. Statements containing forward-looking information are not historical facts but rather represent management’s expectations, estimates and projections regarding future events.

Forward-looking statements contained in this press release include, among other things, statements regarding the modification of the expiry date of certain outstanding warrants of the Company. These statements and other forward-looking information are based on opinions, assumptions and estimates made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors. as Highmark deems appropriate and reasonable. in the circumstances, as of the date of this press release.

There can be no assurance that such estimates and assumptions will prove to be correct. Furthermore, if any of the assumptions or estimates made by management prove incorrect, actual results and developments could differ, and may differ materially, from those expressed or implied by the forward-looking information contained herein. . Accordingly, potential investors are cautioned not to place undue reliance on this information. Although the Company believes that the assumptions underlying the statements relating to the Company are reasonable, they may prove to be incorrect. Given these risks, uncertainties and assumptions, as well as the risks identified in the Filing Statement, investors should not place undue reliance on these forward-looking statements.

THE SOURCE: Highmark Interactive Inc.

See the source version on accesswire.com:
https://www.accesswire.com/699939/Highmark-Announces-Intention-To-Amend-Warrant-Terms

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