MISSISSAUGA, Ontario, September 23, 2024--(BUSINESS WIRE)--Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV: COV; OTCQX: CVALF), an advanced medical technologies company, is pleased to announce that the directors of the Company (the "Insiders") have exercised a cumulative total of 852,700 common share purchase warrants ("warrants"), generating proceeds of approximately $1.7 million CAD. In addition to the Insiders, long-term shareholders exercised 1,875,800 warrants, generating proceeds of approximately $3.8 million CAD. Together with its existing cash balance, Covalon now has approximately $16.0 million CAD in net cash.

Brent Ashton, Chief Executive Officer, commented, "We are very pleased with the confidence in the future value of Covalon that has been demonstrated by our Insiders and long-term shareholders. Our strengthened balance sheet positions the Company well for future investments and growth."

The warrants were issued in connection with the Company's private placement of units completed in September 2019 and were set to expire on September 18, 2024.

Following the exercise of these warrants, Covalon has 27,398,077 common shares issued and outstanding as of September 20, 2024.

The Insiders now beneficially own and control 14,194,323 common shares, representing approximately 51.8 % of the Company’s outstanding shares.

Those interested in learning more about Covalon’s solutions may visit www.covalon.com or follow Covalon on LinkedIn, Facebook, or Instagram.

About Covalon

Covalon is a patient-driven medical device company, that provides innovative and cost-effective healthcare solutions for advanced wound care, infection control, and medical device coatings. Through a strong portfolio of patented technologies and solutions, we offer innovative, gentle and more compassionate options to aid patients on their healing journey. Our solutions are designed for patients and made for care providers. Covalon leverages its patented medical technology platforms and expertise in two ways: (i) by developing products that are sold under Covalon’s name; and (ii) by developing and commercializing medical products for other medical companies under development and license contracts. The Company is listed on the TSX Venture Exchange, having the symbol COV and trades on the OTCQX Market under the symbol CVALF. To learn more about Covalon, visit our website at www.covalon.com.

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.