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Assure Holdings Closes Third Tranche of Convertible Debenture Unit Offering

Receives Extension of Promissory Note Issued to Neuro-Pro Monitoring

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, Feb. 05, 2020 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the “Company” or “Assure”) (TSXV: IOM; OTCQB: ARHH), is pleased to announce that it has closed the third tranche (the “Third Tranche Closing”) of its previously announced non-brokered private placement offering of up to US$4 million (the “Offering”) of units of the Company (the “Units”), for gross proceeds of approximately US$886,000. Each Unit is comprised of one unsecured redeemable convertible debenture (the “Debentures”), each with a principal amount of US$1,000 and 357 share purchase warrants (the “Warrants”). In connection with the Third Tranche Closing, the Company issued approximately 886 Debentures and 316,302 Warrants. The Company previously closed a first and second tranche of the Offering (together with the Third Tranche Closing, the “Closings”) of approximately US$965,000 and US$470,000 of Units, respectively.

In connection with the Third Tranche Closing, the Company paid an aggregate of US$30,520 and issued an aggregate of 21,800 finder’s warrants (the “Finder’s Warrants”) to certain finders.

For further details concerning the Offering, please refer to the Company’s news releases dated January 20, 2020, January 6, 2020, December 16, 2019 and November 22, 2019.

The Company has reserved an option at its sole discretion to increase the size of the Offering by US$2 million to an aggregate of US$6 million. The Company expects to close a further tranche of the Offering in the coming weeks.

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 have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. 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 the securities in any state in which such offer, solicitation, or sale would be unlawful.

Extension of Neuro-Pro Promissory Note

The Company and Neuro-Pro Monitoring (“Neuro-Pro”) have agreed to extend the maturity date of the US$6 million promissory note issued by Assure to Neuro-Pro (the “Promissory Note”) to February 10, 2020. Further details on the Promissory Note and the acquisition of Neuro-Pro and its affiliated entities can be found in the Company’s news releases dated January 20, 2020, November 26, 2019 and November 1, 2019.

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 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, final approval from the TSXV for the Offering may not be granted, the ability of the Company to pay the amounts owed under the Promissory Note by February 10, 2020, 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