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Assure Holdings Closes First Tranche of Convertible Debenture Unit Offering

Company Upsizes Offering from US$500,000 to US$1,000,000

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

DENVER, May 12, 2020 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the “Company” or “Assure”) (TSXV: IOM; OTCQB: ARHH), announces that it has upsized its previously announced non-brokered private placement of convertible debenture units from US$500,000 to US$1,000,000 (the “Offering”). Assure also announces that it has closed the first tranche (the “First Tranche Closing”) of the Offering, pursuant to which the Company issued 800 unsecured redeemable convertible debentures (the “Debentures”), each with a principal amount of US$1,000 and 800,000 share purchase warrants (the “Warrants”) for aggregate gross proceeds of US$800,000. The net proceeds of the Offering will be used for working capital and to retire part of the US$700,000 obligation due on May 15, 2020, associated with completing the acquisition of Neuro-Pro Monitoring, as previously announced on April 3, 2020.

In connection with the First Tranche Closing, the Company paid an aggregate of US$21,000 and issued an aggregate of 31,342 finder’s warrants (the “Finder’s Warrants”) to certain finders.

For further details concerning the Offering, please refer to the Company’s news release dated April 24, 2020. The Company anticipates closing the Offering on Friday, May 15, 2020.

All securities issued pursuant to the Offering and all securities issued upon exercise thereof will be subject to a hold period of twelve months following the date of issuance thereof, in accordance with the policies of the TSX Venture Exchange (the “TSXV”) and applicable Canadian and U.S. securities laws. The Offering is subject to final approval of the TSXV.

This press release is not an offer of the securities for sale in the United States. The securities may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) and applicable U.S. state securities laws. Assure will not make any public offering of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Assure Holdings
Assure Holdings Corp. is a Colorado-based company that works with neurosurgeons and orthopedic spine surgeons to provide a turnkey suite of services that support intraoperative neuromonitoring activities during invasive surgeries. Assure employs its own staff of technologists and uses its own state-of-the-art monitoring equipment, handles 100% of intraoperative neuromonitoring scheduling and setup, and bills for all technical services provided. Assure Neuromonitoring is recognized as providing the highest level of patient care in the industry and has earned The Joint Commission’s Gold Seal of Approval®. For more information, visit the Company’s website at www.assureneuromonitoring.com.

Forward-Looking Statements
This news release may contain “forward-looking statements” within the meaning of applicable securities laws, including, but not limited to, our financing plans, including the offering of Debentures and Warrants, the issuance of the Finder’s Warrants and the details thereof, including the proposed use of proceeds therefrom, and other expected effects of the Offering. Forward-looking statements may generally be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," "target," or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, the aggregate amount of Debentures and Warrants sold pursuant to the Offering, the aggregate amount of the Finder’s Warrants to be issued in connection with the Offering, the Company’s ability to facilitate the payments associated with the Debentures, the dilution arising from the Offering, the Company may not receive final approval from the TSXV with respect to the Offering, the uncertainty surrounding the spread of COVID-19 and the impact it will have on the Company’s operations and economic activity in general, and risks and uncertainties discussed in our most recent annual and quarterly reports filed with the Canadian securities regulators and available on the Company’s profile on SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, Assure does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.

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.

Contact
Scott Kozak, Investor and Media Relations
Assure Holdings Corp.
1-720-287-3093
Scott.Kozak@assureiom.com

John Farlinger, Chief Executive Officer
Assure Holdings Corp.
1-604-763-7565
John.Farlinger@assureiom.com