Think Research Announces Agreement for Subsequent Advance Under Existing Convertible Facility

TORONTO, Sept. 29, 2023 /CNW/ - Think Research Corporation (TSXV:THNK.VN) ("TRC" or the "Company"), a company focused on transforming healthcare through digital health software solutions, is pleased to announce that it has entered into an agreement today in respect of a third $3 million convertible subsequent advance (the "Advance") from Beedie Investments Ltd. ("Beedie Capital"), pursuant to its existing credit agreement with Beedie Capital dated as of April 22, 2022 (as amended, the "Credit Agreement"). Think intends to use the proceeds of the Advance to pay all remaining deferred consideration payments owing to the prior shareholders of acquired company Bio Pharma Services Inc. ("BioPharma") and for general and working capital purposes. By paying such deferred consideration payments in cash, Think avoids any potential dilution that may otherwise occur if such payments were to be made by way of the issuance of Think common shares, and takes advantage of certain negotiated discounts available for cash payments to BioPharma. The Advance forms part of the $25 million convertible facility with Beedie Capital that was previously announced on April 25, 2022.