DIAGNOS Announces Closing of First Tranche of Private Placement

BROSSARD, Quebec, May 09, 2024 (GLOBE NEWSWIRE) -- DIAGNOS Inc. (“DIAGNOS” or the “Corporation”) (TSX Venture: ADK) (OTCQB: DGNOF), a pioneer in early detection of critical health issues through the use of Artificial Intelligence (AI) technologies, announces the closing of a first tranche of 1,125,000 units (each a “Unit”) issued at a price of $0.28 per Unit, for gross proceeds of $315,000, as part of a non-brokered private placement of up to 5,357,142 units, for gross proceeds of up to $1,500,000 (“Private Placement”). The Corporation expects to close a second and final tranche of the Private Placement before May 31, 2024.

Each Unit consists of:

• One (1) common share (“Share”), and
• One (1) common share warrant (“Warrant”).

As part of the closing of the first tranche of the Private Placement, 1,125,000 Warrants have been issued to the subscribers. Each Warrant can be exercised to purchase one Share at a price of $0.40 per Share for a period of 18 months ending November 9, 2025.

The net proceeds from the Private Placement will be used to fund product development and commercialization of AI-based screening services as well as general and administrative operations.

All securities issued as part of the first tranche of the Private Placement are subject to a statutory hold period ending September 10, 2024.

The closing of the Private Placement remains subject to receipt of all required approvals, including the approval of the TSX Venture Exchange, as well as execution of formal documentation.

All monies quoted in this press release shall be stated and paid in lawful money of Canada.

About DIAGNOS
DIAGNOS is a publicly traded Canadian corporation dedicated to early detection of critical health problems based on its FLAIRE Artificial Intelligence (AI) platform. FLAIRE allows for quick modifying and developing of applications such as CARA (Computer Assisted Retina Analysis). CARA’s image enhancement algorithms provide sharper, clearer and easier-to-analyze retinal images. CARA is a cost-effective tool for real-time screening of large volumes of patients.

Additional information is available at www.diagnos.ca and www.sedar.com.

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.

This press release contains forward-looking information. We cannot guarantee that the forward-looking information mentioned will prove to be accurate, as there may be a significant discrepancy between actual results or future events and those mentioned in this statement. DIAGNOS disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this press release is expressly covered by this caution.

For further information, please contact: Mr. André Larente, President DIAGNOS Inc. Tel: 450-678-8882 ext. 224 alarente@diagnos.ca