Shiny Health & Wellness Amends Terms of Non-Brokered Private Placement Financing

/NOT FOR DISTRIBUTION IN THE UNITED STATES/

TORONTO, July 21, 2023 /CNW/ - Shiny Health & Wellness Corp. ("Shiny Health" or the "Company") (TSXV: SNYB), announces amended terms to its non-brokered private placement financing (the "Financing"), previously announced on July 6, 2023.

The Company announces that given current market conditions, the Company has made a decision to amend the purchase price to CAD$0.35 per Unit (the "Unit"). A total of 2,857,143 Units shall be issued for an aggregate total of $1 million. each Unit is comprised of one common share of the Company and one common share purchase warrant (the "Warrant") of the Company. Each Warrant will entitle the holder to purchase one common share of the Company at an exercise price of CAD$0.60 for a period of 24 months following the closing date of the Financing. The Warrants will be subject to accelerated expiry terms following the four-month and a day hold period (as further described below). If the Company's shares trade at or above CAD$1.00 per share for 10 consecutive trading days in which case the Company will have the right to accelerate the exercise period to a period ending at least 30 days from the date that notice of such acceleration is provided to the holders of the Warrants.

In connection with the Financing, the Company may pay finder's fees up to 7% cash or finder's warrants to eligible finders.  Closing of the Financing is subject to receipt of all necessary approvals, including that of the Board of Directors and the TSX Venture Exchange.  All securities issued in connection with the Financing will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation in Canada. The subscription by insiders pursuant to the Financing is considered to be a related party transaction subject to Multilateral Instrument 61-101. The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that participation in the private placement by insiders will not exceed 25% of the fair market value of the Company's market capitalization.

Neither 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.

About Shiny Health & Wellness

Shiny Health & Wellness Corp. is on a mission to help people never settle, live fully by being a trusted source for health and wellness solutions and services. The Company recently broadened its retail growth strategy beyond adult-use cannabis by establishing mīhī Health & Wellness, a new line of business focused on building a network of community pharmacies, with its first pharmacy in Cornwall, Ontario. Striving to provide a more diverse and accessible cannabis experience for adult consumers, the Company also operates ShinyBud Cannabis Co., a well-established brand in Ontario strategically located in markets less saturated with cannabis retailers. The Company's board of directors and management team hold extensive retail operating experience, a key competitive differentiator in leading its growth strategy. Shiny Health trades on the TSX Venture Exchange (TSXV) under the ticker symbol SNYB. For more information, please visit www.shinyhealthandwellness.com

SOURCE Shiny Health & Wellness Corp.

Michael Nadeau, CEO, P: [phone] | E: [email protected]; Investor Relations, P: [phone] | E: [email protected]