Think Research Announces Closing of $2.5 Million First Tranche of Previously Announced Equity Financing

TORONTO, Dec. 19, 2022 /CNW/ - Think Research Corporation (TSXV: THNK) ("Think" or the "Company"), an innovative disruptor focused on transforming healthcare through digital health software solutions, is pleased to announce that it has completed the first tranche of its previously announced non-brokered equity private placement (the "Equity Financing"), issuing a total of 6,250,000 common shares of the Company ("Common Shares") at a price of $0.40 per Common Share, for aggregate gross proceeds of $2.5 million. The Company intends to raise the remaining $500K, of the previously announced $3 million, in January 2023. The net proceeds of the Equity Financing will be used for general working capital purposes, and to pay down a portion of the term loan under its existing credit agreement with The Bank of Nova Scotia. 

In connection with the Equity Financing, the Company will pay a fixed fee of $134,227 (plus HST) to Jeffrey Mandel.  Such fee (before tax) represents 4.5% of the total Equity Financing.

The Common Shares issued pursuant to the first tranche of the Equity Financing are subject to a statutory resale restriction pursuant to Canadian securities laws which will expire on April 20, 2023.

About Think Research Corporation

Think Research Corporation is an industry leader in delivering knowledge-based digital health software solutions. The Company's focused mission is to organize the world's health knowledge so everyone gets the best care. Its evidence-based healthcare technology solutions support the clinical decision-making process, standardize care, to facilitate better health care outcomes. The Company gathers, develops, and delivers knowledge-based solutions globally to customers which typically includes enterprise clients, hospitals, health regions, healthcare professionals, and / or governments. The Company has gathered a significant amount of data by building its repository of knowledge through its network and group of companies, including acquired companies.

Think licenses its solutions to over 13,000 facilities for over 300,000 primary care, acute care, and long-term care doctors, nurses and pharmacists that rely on the content and data provided by Think to support their practices.  Millions of patients and residents annually receive better care due to the essential data that Think produces, manages and delivers.

In addition, the Company collects and manages pharmaceutical and clinical trial data via the BioPharma Services entity that Think acquired on September 10, 2021.  BioPharma Services is a leading provider of bioequivalence and Phase 1 clinical research services to pharmaceutical companies globally. Think's other services include a network of digital-first primary care clinics and medical clinics that provide elective surgery. Visit: thinkresearch.com

Caution Regarding Forward Looking Information

This press release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information may be identified by statements including words such as: "anticipate," "intend," "plan," "budget," "believe," "project," "estimate," "expect," "scheduled," "forecast," "strategy," "future," "likely," "may," "to be," "could,", "would," "should," "will" and similar references to future periods or the negative or comparable terminology, as well as terms usually used in the future and the conditional. Statements including forward-looking information may include, without limitation, statements regarding the use of the proceeds of the Equity Financing and the anticipated closing date of the second tranche of the Equity Financing.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to the Company's business objectives, results of operations, financial results and trading activity in the Common Shares. The Company considers these assumptions to be reasonable in the circumstances. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. By its nature, forward-looking information involves known and unknown risks, uncertainties, changes in circumstances and other factors that are difficult to predict and many of which are outside of the Company's control which may cause the Company's actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The Company's actual results may differ materially from those indicated in the forward-looking information. Important factors that could cause actual results to differ materially from those indicated in the forward-looking information include, among others, the risk factors described in the Company's filings on www.sedar.com. The Company has assumed that the risk factors referred to above will not cause such forward-looking statements and information to differ materially from actual results or events. The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements.

Other than as specifically required by applicable Canadian law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, whether as a result of new information, future events or results, or otherwise.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The Company's securities have not been and will not be registered under the United States Securities Act of 1933 (the "US Securities Act") or any state securities laws and may not be offered or sold within the United States or to US Persons (as defined in Regulation S under the US Securities Act) unless registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.

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.

For more information: https://www.thinkresearch.com/ca/investors/

SOURCE Think Research Corporation

Mark Sakamoto, Executive Vice President, Think Research Corporation, Direct: 416.388.7119, [email protected]