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Assure Holdings Announces Financing Updates

January 20, 2020 GMT

Company Closes Second Tranche of Convertible Debenture Unit Offering and Receives Extension of Promissory Notes Issued to Neuro-Pro Monitoring

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DENVER, Jan. 20, 2020 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the “Company” or “Assure”) (TSXV: IOM; OTCQB: ARHH), is pleased to announce updates relating to the closing of the second tranche of its convertible debenture unit offering and receiving an extension of promissory notes issued to Neuro-Pro Monitoring.

Closing of the Second Tranche of Convertible Debenture Unit Offering

Assure has closed the second tranche (the “Second Tranche Closing”) of its previously announced non-brokered private placement offering of up to US$4,000,000 (the “Offering”), pursuant to which the Company issued approximately 470 unsecured redeemable convertible debentures (“Debentures”), each with a principal amount of US$1,000 and 167,790 share purchase warrants (“Warrants”) for aggregate gross proceeds of approximately US$470,000. The net proceeds of the offering will be used for working capital and growth capital purposes. In connection with the Second Tranche Closing, the Company paid an aggregate of US$32,900 and issued an aggregate of 22,000 finders warrants (each a “Finders Warrant” and collectively, the “Finders Warrants”) to certain finders. For further details concerning the Offering, please refer to the Company’s news releases dated January 6, 2020, December 16, 2019 and November 22, 2019.

The Company has reserved an option at its sole discretion to increase the size of the Offering by US$2 million to an aggregate of US$6 million. The Company expects to close a further tranche of the Offering in the coming weeks.

The Company has cancelled and reissued the Debenture and Warrant certificates to subscribers that participated in the first tranche of the Offering, on the amended terms of the Offering as described in the Company’s news release dated January 6, 2020.

All securities issued pursuant to the Offering and all securities issued upon exercise thereof will be subject to a hold period of twelve months following the date of issuance thereof, in accordance with the policies of the TSX Venture Exchange (the “TSXV”) and applicable Canadian and U.S. securities laws. The Offering is subject to final approval of the TSXV.

This press release is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation, or sale would be unlawful.

Extension of Promissory Notes Issued to Neuro-Pro Monitoring

The Company and Neuro-Pro Monitoring (“Neuro-Pro”) have agreed to extend maturity date of the US$6.0 million promissory notes issued by Assure to Neuro-Pro (the “Promissory Notes”) to January 31, 2020. Further details on the Promissory Notes and the acquisition of Neuro-Pro and its affiliated entities can be found in the Company’s news releases dated November 1, 2019 and November 26, 2019.

About Assure HoldingsAssure Holdings Corp. is a Colorado-based company that works with neurosurgeons and orthopedic spine surgeons to provide a turnkey suite of services that support intraoperative neuromonitoring activities during invasive surgeries. Assure employs its own staff of technologists and uses its own state-of-the-art monitoring equipment, handles 100% of intraoperative neuromonitoring scheduling and setup, and bills for all technical services provided. Assure Neuromonitoring is recognized as providing the highest level of patient care in the industry and has earned the Joint Commission’s Gold Seal of Approval®. For more information, visit the Company’s website at www.assureneuromonitoring.com.

Forward-Looking StatementsThis news release may contain “forward-looking statements” within the meaning of applicable securities laws, including, but not limited to, our financing plans, including the offering of Debentures and Warrants and the details thereof, including the proposed use of proceeds therefrom, and other expected effects of the Offering. Forward-looking statements may generally be identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “will,” “believes,” “estimates,” “potential,” “target,” or “continue” and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, the aggregate amount of Debentures and Warrants sold pursuant to the Offering, final approval from the TSXV for the Offering may not be granted, the aggregate amount of the ability of the Company to pay the amounts owed under the Promissory Notes by January 31, 2020, and risks and uncertainties discussed in our most recent annual and quarterly reports filed with the Canadian securities regulators and available on the Company’s profile on SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, Assure does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

ContactScott Kozak, Investor and Media Relations Assure Holdings Corp. 1-720-287-3093 Scott.Kozak@assureiom.com

John Farlinger, Chief Executive Officer Assure Holdings Corp. 1-604-763-7565 John.Farlinger@assureiom.com