Novo Integrated Sciences Receives $40,000,000 Commitment to Develop Eldercare Facilities in Canada

Jun 06, 2023

Novo Integrated Sciences, Inc. (NASDAQ: NVOS) (the “Company” or “Novo”) today announced the Company has received a Letter of Funding Commitment for a direct investment in the Company of USD $40,000,000 from Sheikh Khaled bin Mohammad bin Fahad Al Thanayan (“Sheikh Khaled”) through his organization Gulf International Minerals and Energy Group (GIMEG), of which Sheikh Khaled is the Chairman. The funding is expected to result in project-specific joint ventures for development of elder care and senior living community facilities in Canada. The collaboration would provide for the Company to be the lead in securing engineering, procurement, and construction project contracts, management contracts of the facilities, and working with the Canada Housing and Mortgage Corporation for project-specific specific additional financing.

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