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Tenet Fintech arranges $3-million private placement

2023-06-01 14:03 ET - News Release

Ms. Christina Boyd reports

TENET ANNOUNCES PRIVATE PLACEMENT OF UP TO CAD$3M

Tenet Fintech Group Inc. intends to complete a non-brokered private placement financing of units of the company for proceeds of up to $3-million, conducted in tranches of a minimum of $300,000 per tranche over a period of six months. The first-tranche offering will comprise 2,142,858 units.

Each unit sold in the first-tranche offering (referenced herein) comprises one common share of the company and one common share purchase warrant purchase one common share at a price of 17.5 cents per share any time prior to two years following the closing of the first-tranche offering, subject to certain terms and conditions.

The first-tranche offering of 2,142,858 units is offered at a price of 14 cents per unit for gross proceeds of $300,000.12. The first-tranche offering will take place by way of a private placement to a Cayman segregated portfolio company, Open-Ended Fund, managed by an investment firm headquartered in Hong Kong. It is the intention of the parties that the offering of the units will be made in reliance on the exemptions available in Ontario Securities Exchange Rule 72-503, Distributions Outside Canada. The company expects to close the first-tranche offering on Thursday, June 7, 2023. Subsequent tranches of units in the offering will be priced at the time of each such tranche, within the pricing policies of the Canadian Securities Exchange.

The company intends to use the net proceeds from the private placement for working capital requirements and for other general corporate purposes, including safeguarding the company's financial position in the short term and allowing the company to meet its payroll obligations.

About Tenet Fintech Group Inc.

Tenet Fintech Group is the parent company of a group of innovative financial technology (fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through the Business Hub, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B (business to business) transactions among its members.

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