Authorization

Neovasc Announces Closing of Final Convertible Debt Issuance for Gross Proceeds of US$5.0 Million

VANCOUVER and MINNEAPOLIS,A MN, June 04, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE --A Neovasc Inc.A ("Neovasc" or the "Company") (NASDAQ,A TSX: NVCN), a leader in the development of minimally invasive transcatheter mitral valve replacement technologies, and minimally invasive devices for the treatment of refractory angina, announced today that, further to its press release dated May 26, 2020, the Company has issued a final convertible note in the principal amount US$1 million to Strul Medical Group, LLC (a??Strula??). Following the earlier issuance to Strul of a convertible note in the principal amount of US$4 million and 2,573,959 warrants (the a??Warrantsa??), the Company has raised aggregate gross proceeds of US$5 million (the a??Offeringa??).A 
Pursuant to the Offering the Company issued notes in the aggregate principal amount of US$5 million (the a??2020 Notesa??), convertible at $2.81525 per common share for 1,776,041 common shares, andA 2,573,959A Warrants exercisable at $A 2.634 per Warrant share with a 4-year term.A  The 2020 Notes bear interest at the rate of 8% computed on the basis of a 360-day year and twelve 30-day months and are payable in additional 2020 Notes on the date that is six-months after issuance and on each six-month period thereafter up to, and including, the maturity date. The 2020 Notes have a maturity date of 48-months after issuance with a holdera??s option for early redemption at 24-months.Neovasc intends to use the net proceeds from the Offering for the development and commercialization of the Neovasc Reducera?? (the "Reducer"), development of the Tiaraa?? (the "Tiara") and general corporate and working capital purposes.The 2020 Notes and Warrants were qualified for distribution in each of the provinces of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario by way of a prospectus supplement dated May 26, 2020 (the a??Prospectus Supplementa??) to the Company's base shelf prospectus dated July 12, 2018. The Prospectus supplement relating to the Offering is available on the Company's profile on the SEDAR website atA www.sedar.com.This communication 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 prior to registration or qualification under the securities laws of any such jurisdiction.
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