TORONTO, July 15, 2021 (GLOBE NEWSWIRE) — ABERDEEN INTERNATIONAL INC. (“Aberdeen” or the “Company”) (TSX: AAB) has acquired 24,101,803 units of Medivolve Inc. (“Medivolve”) (NEO: MEDV) in a non-brokered private placement financing of MEDV at a price of $0.07 per unit for a total subscription price of $1,687,126.21. Each unit is comprised of one Medivolve common share and one Medivolve common share purchase warrant. Each common share purchase warrant is exercisable for one common share of Medivolve at a price of $0.08 for a period of five years.
Prior to this transaction, Aberdeen did not own Common Shares of MEDIVOLVE. Subsequent to the closing of MEDIVOLVE’s private placement on July 9, 2021, Aberdeen held 24,101,803 Common Shares and 24,101,803 Warrants, representing 6.2% of MEDIVOLVE’s issued and outstanding Common Shares and 11.7% on a partially diluted basis.
Aberdeen completed this private placement for investment purposes and may buy or sell Medivolve securities in the future.
ABOUT ABERDEEN INTERNATIONAL INC.
Aberdeen International is a global resource investment company and merchant bank focused on small capitalization companies in the rare metals and renewable energy sectors. AES-100 Inc., an Aberdeen portfolio investment, owns the exclusive rights and all intellectual property pertaining to T2M Global’s Advanced Electrolyzer System (AES-100) for the production of hydrogen from dilute syngas.
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Chief Financial Officer
Aberdeen International Inc.
This press release contains “forward looking information” within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the future financial or operating performance of the Company, Aberdeen’s possible future trading and intentions, valuations of investments, proposed transactions and investments, investment philosophy and liabilities and commitments. Generally, forward looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: financing not being available at desired prices; general business, economic, competitive, political and social uncertainties; and other general risks of the mining and investment industries. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.