Seegnal eHealth Ltd. entered into a non-binding letter of intent to acquire Reem Capital Corp. (TSXV:REEM.P) in a reverse merger transaction on April 1, 2022. The resulting issuer will continue the business of Seegnal eHealth. It is anticipated that each ordinary share of Seegnal eHealth outstanding at the time of closing the transaction will be exchanged for an appropriately corresponding number of Reem Common Shares, with reference to a price acceptable to Seegnal eHealth in its sole discretion. Prior to the closing, it is intended that Reem shall consolidate the Reem Common Shares on such basis as is necessary to result in the deemed value of the Reem Common Shares being equal to CAD 2 million. In conjunction with, or prior to the closing, it is expected that Seegnal will complete a brokered private placement of subscription receipts of Seegnal to raise gross proceeds of at least CAD 3 million. Upon completion of the transaction, the Resulting Issuer, to be renamed “Seegnal eHealth Ltd.”, will be listed as a Tier 2 Technology Issuer on the TSX Venture Exchange.

The transaction is subject to a number of conditions, including but not limited to, execution of a binding definitive agreement and TSX Venture Exchange acceptance. The Transaction is also subject to, the receipt of all required approvals and consents, including board and shareholder approval of Reem and Seegnal, as applicable, and the approval of any regulatory bodies, applicable securities commissions and the stock exchange. Parties have entered into an amending agreement dated December 29, 2022, to extend the deadline for Reem and Seegnal to complete a proposed arm's length business combination to ultimately form the Resulting Issuer, from July 31, 2022 to March 31, 2023.