DIAGNOS Announces Closing of Private Placement

DIAGNOS Inc. (“DIAGNOS” or the “Corporation”) (TSX Venture: ADK) (OTCQB: DGNOF), a leader in early detection of critical health issues through the use of its FLAIRE platform based on Artificial Intelligence (AI), announces the closing of a second and final tranche of a non-brokered private placement (“Private Placement”) of 7 additional units (each a “Unit”) issued at a price of $50,000 per Unit for gross proceeds of $350,000. Combined with the announcement of the closing of the first tranche on November 25, 2022, the aggregate gross proceeds of the Private Placement amount to $850,000

Each Unit consists of:

1. One unsecured convertible debenture (each a “Debenture”), and
2. 50,000 stock warrants (each a “Warrant”).

Each Debenture has a term of 36 months ending December 9, 2025 (the “Term”) and bears interest at the annual rate of 10%. At the option of the holder of the Debenture, the principal amount of the Debenture may be converted, at any time during the Term, into common shares of the Corporation (each a “Share”) at a price of $0.22 per Share. Any accrued interest on the principal, at time of conversion, will be immediately payable in cash.

Each Warrant entitles the holder to purchase one Share at a price of $0.26 per Share, for a period of 18 months ending June 9, 2024. If, at any time following April 10, 2023, the daily volume weighted average trading price of the Shares is or exceeds $0.40 for 15 consecutive trading days, the Corporation shall have the option to accelerate the expiry of the Warrants. If the Corporation chooses to exercise the acceleration right, the new expiry date of the Warrants will be the 30th day following the notice of such exercise.

The proceeds from the Private Placement will be used mainly to fund product development, commercialization of AI-based screening services as well as general and administrative activities.

All securities issued as part of the Private Placement are subject to a statutory hold period ending April 10, 2023.

The Private Placement remains subject to receipt of all required approvals, including the approval of the TSX Venture Exchange, as well as full receipt of funds and execution of formal documentation.

All monies quoted in this press release shall be stated and paid in lawful money of Canada.

About DIAGNOS DIAGNOS is a publicly traded Canadian corporation dedicated to early detection of critical health problems based on its FLAIRE Artificial Intelligence (AI) platform. FLAIRE allows for quick modifying and developing of applications such as CARA (Computer Assisted Retina Analysis). CARA’s image enhancement algorithms provide sharper, clearer and easier-to-analyze retinal images. CARA is a cost-effective tool for real-time screening of large volumes of patients. Additional information is available at www.diagnos.ca and www.sedar.com.

This press release contains forward-looking information. We cannot guarantee that the forward-looking information mentioned will prove to be accurate, as there may be a significant discrepancy between actual results or future events and those mentioned in this statement. DIAGNOS disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this press release is expressly covered by this caution.

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 this release.

For further information, please contact:

Mr. André Larente, President
DIAGNOS Inc.
Tel: [phone] ext. 224
[e-mail]