MustGrow Biologics Closes $7.1 Million Private Placement

10 October 2021, Canada: MustGrow Biologics Corp. is pleased to announce the closing of its previously-announced non-brokered private placement (the “Private Placement”). MustGrow has closed on an aggregate of 2,726,611 units for gross proceeds of C$7,089,189 effective October 6, 2021.  Included in this sum, Ira Gluskin and Gluskin-related parties have invested C$1.0 million under the same terms and conditions.

The Private Placement consists of units (each a “Unit”) at a price per Unit of C$2.60.  Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each a “Warrant”). Each full Warrant shall entitle the holder to acquire one common share of the Company at a price of C$4.00 for a period of 24 months following the closing of the Private Placement.

The Company intends to use the proceeds from the Private Placement to advance development of its patented technology pipeline, and for working capital and general corporate purposes.

All securities issued under the Private Placement will be subject to a hold period expiring 4 months plus 1 day following the closing date of the Private Placement. The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange and the applicable securities regulatory authorities.  The Company paid a total of C$328,992 cash as finders’ fees in connection with the Private Placement.

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The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.