Shiny Health & Wellness Closes First Tranche of Non-Brokered Private Placement Financing

TORONTO, Aug. 1, 2023 /CNW/ - Shiny Health & Wellness Corp. ("Shiny Health" or the "Company") (TSXV: SNYB), is pleased to announce the closing of the first tranche of its previously announced non-brokered private placement (the "Offering") for gross proceeds of approximately $475,000 from the sale of 1,357,143 units of the Company (each, a "Unit") at a price of $0.35 per Unit (the "Issue Price").

Each Unit consists of one common share of the Company (each a "Unit Share") and one common share purchase warrant (a "Warrant"). Each Warrant (including Warrants comprising Units issued pursuant to the closing of any subsequent tranche of the Offering) will entitle the holder to purchase one common share of the Company (each, a "Warrant Share") at a price of $0.60 at any time on or before August 1, 2025 and is subject to an acceleration clause.

All securities issued and issuable in connection with the first tranche closing of the Offering are subject to a statutory hold period expiring on December 2, 2023. The closing of the second tranche is expected shortly as subscriptions are received. Closing of the Offering is subject to receipt of all necessary regulatory approvals including final acceptance of the TSX Venture Exchange.

The Company intends to use the net proceeds of the Offering for general working capital requirements, including to advance the Company's cannabis line of business with private label products.

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 the 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]