Nurosene Health Inc. Announces Closing of Oversubscribed Initial Public Offering

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TORONTO, June 8, 2021 /CNW/ - Nurosene Health Inc. ("Nurosene" or the "Company") is pleased to announce the successful closing of its previously-announced initial public offering (the "Offering") of common shares of the Company (the "Shares") at a price of C$0.90 per Share (the "Offering Price"). The Common Shares are expected to commence trading June 9, 2021 on the Canadian Securities Exchange under the symbol "MEND".

The Shares were offered for sale by Canaccord Genuity Corp., as lead agent, and Beacon Securities Limited (together, the "Agents") pursuant to an agency agreement (the "Agency Agreement") entered into among the Company and the Agents. As part of the Offering, the Agents exercised in full an over-allotment option granted by the Company pursuant to the Agency Agreement (the "Over-Allotment Option") to purchase an additional 1,333,333 Shares at the Offering Price. Under the Offering, and including exercise of the Over-Allotment Option, the Company sold 10,222,221 Shares for aggregate gross proceeds to the Company of approximately C$9.2 million.

"We are excited to announce that we have closed our over-subscribed initial public offering. This is testament to the amazing team that we have pulled together to pursue our business objectives. Closing the Offering is an indication of the support from investors who share our view that mental wellness is a systemic problem that needs to be addressed and we look forward to embarking on this journey together, towards building healthier brains," said Ranj Bath, CEO of Nurosene.

Pursuant to the Agency Agreement, the Company paid the Agents a cash commission equal to 7% of the gross proceeds of the Offering (excluding on president's list sales, which were subject to a commission equal to 3.5%), a cash corporate finance fee of $50,000, and issued to the Agents and its selling group members, non-transferable Share purchase warrants to acquire an aggregate of 606,667 Shares with an exercise price of $0.90 per Share, exercisable for a period of 24 months from the closing of the Offering, as well as issued 55,555 Shares representing the balance of the corporate finance fee.

No securities regulatory authority has either approved or disapproved of the contents of this news release. This news 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. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.

About Nurosene

Nurosene Health Inc. is a technology-driven wellness company focused on providing healthy habits focused on the mind, body and brain to improve your daily mental wellness and overall brain health. Nurosene has launched its Mobile Application, which provides users with habit-forming strategies, along with a line of proprietary nutraceutical supplements which have been formulated to support a healthy life through targeting specific cell structures and their inherent functions. The company is based in Toronto, Ontario.

For further information visit: www.nurosene.com

Forward Looking Statements

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, which are based upon Nurosene's current internal expectations, estimates, projections, assumptions and beliefs and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as "expect", "likely", "may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may", "would" or "will" happen, or by discussions of strategy. Forward-looking information include estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of fact. Specifically, this news release contains forward looking information relating to anticipated timing of listing of the Shares on the CSE, among others.

Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, Nurosene does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Nurosene to predict all such factors. When considering these forward-looking statements, readers should keep in mind the risk factors and other cautionary statements in Nurosene Final Prospectus dated May 20, 2021 and filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The assumptions, risk factors and other factors noted in Nurosene Final Prospectus could cause actual events or results to differ materially from those described in any forward-looking information.

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

SOURCE Nurosene Health Inc.

Blake Sing, Chief Financial Officer | [email protected] | [phone]