Covalon Engages Advisors to Pursue Strategic Acquisitions

Covalon Technologies Ltd. (the “Company” or “Covalon“) (TSXV: COV), an advanced medical technologies company, today announced that it has engaged MPA Morrison Park Advisors Inc. (“MPA”) as a financial advisor to help the Company accelerate its growth and expansion by pursuing strategic acquisitions and enhance the Company’s profile in the capital markets and investment community.

As partial compensation for the services to be provided, the Company has agreed to issue MPA a total of 120,000 warrants of the Company (“Warrants”) in two equal tranches at six and nine months following commencement of MPA’s engagement. The Warrants will each be convertible into one common share of the Company at an exercise price equal to the then current market price of common shares on the date of issuance, and will expire three years from date of issuance. The issuance of the Warrants is subject to approval of the TSX Venture Exchange.

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