BROSSARD, Quebec, Sept. 01, 2022 (GLOBE NEWSWIRE) — DIAGNOS Inc. (“DIAGNOS” or the “Company”) (TSX Venture: ADK) (OTCQB: DGNOF), a leader in the early detection of critical health issues through use his FLAIRE platform based on artificial intelligence (AI), announces that it has completed a non-brokered private placement (“Private Placement”) of 35 units (each a “Unit”) issued at a price of $10,000 per Unit for gross proceeds of $350,000.

Each unit consists of:

1. An unsecured convertible debenture (each, a “Debenture”) and
2. 10,000 stock warrants (each a “Warrant”).

Each debenture has a term of 36 months expiring on August 31, 2025 (the “Maturity”) and bears interest at an annual rate of 10%. At the option of the debenture holder, the principal amount of the debenture is convertible into common shares of the Company (each a “Share”) at a price of $0.22 per share at any time during the term of the Debenture. Any accrued interest on the principal amount at the time of conversion is payable immediately in cash.

Each warrant entitles the holder to purchase one share at a price of $0.26 per share for a period of 18 months ended February 29, 2024 or if the Company has the option of expiring if it exceeds $0.40 for 15 consecutive trading days to accelerate the warrants. If the Company elects to exercise the Accelerated Right, the warrants’ new expiry date will be April 30, 2019^th day after the notice of such exercise.

Proceeds from the private placement will be used primarily to fund product development, commercialization of AI-based screening services, and general and administrative activities.

A director of the company subscribed for 10 units for a consideration of $100,000 in cash. Assuming the conversion of the debentures and the exercise of all his outstanding securities, the director would own 3,250,101 shares…