Yorkville Asset Management Inc. Announces Acquisition of Common Shares of CareRx Corporation

TORONTO, Feb. 24, 2023 /CNW/ - Yorkville Asset Management Inc. ("Yorkville") announced today that it acquired, on behalf of certain funds managed by it, 2,963,000 common shares (the "Shares") in the capital of CareRx Corporation (the "Issuer") at a price of $2.70 per Share through the Issuer's private placement of Shares completed in two tranches (the "Private Placement").

Immediately prior to the Private Placement, Yorkville, on behalf of certain funds managed by it, exercised direction and control over 10,004,973 Shares and $10,000,000 aggregate principal amount of 8.25% unsecured convertible debentures (the "Convertible Debentures"), which Convertible Debentures are convertible into 3,333,333 Shares at the option of the holder, or a portion of which are convertible at the option of the Issuer at annual intervals, at a conversion price of $3.00 per Share prior to November 22, 2024. These securities represented approximately 24.55% of the Issuer's then outstanding 51,006,873 Shares, as confirmed by the Issuer, calculated on a partially-diluted basis.

Immediately upon closing of the Private Placement, Yorkville, on behalf of certain funds managed by it, exercised direction and control over 12,967,973 Shares and the Convertible Debentures, which are convertible into 3,333,333 Shares at the option of the holder, or a portion of which are convertible at the option of the Issuer at annual intervals, at a conversion price of $3.00 per Share prior to November 22, 2024. These securities represent approximately 27.01% of the Issuer's 57,016,411 outstanding Shares, as confirmed by the Issuer, calculated on a partially-diluted basis.

The Shares were acquired for investment purposes only and not for the purpose of exercising control or direction over the Issuer. Subject to applicable securities laws and depending on market conditions and other factors, Yorkville, on behalf of certain funds managed by it, may in the future increase or decrease its ownership, control or direction over the Shares, through market transactions, private agreements or otherwise.

This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed on SEDAR (www.sedar.com) containing additional information with respect to the foregoing matters.

SOURCE Yorkville Asset Management Inc.

Jillian Wade, Chief Financial Officer, Yorkville Asset Management Inc., Phone: [phone], [email protected]