SAN DIEGO, Jan. 27, 2022 /CNW/ - Salona Global Medical Device Corporation (the "Company" or "Salona") (TSXV: SGMD), is pleased to announce that it has entered into an agreement with a syndicate of underwriters (collectively the "Underwriters") pursuant to which the Underwriters have agreed to purchase for resale, on a bought deal private placement basis an aggregate of 7,280,000 units ("Units") at a price of $0.55 per Unit (the "Issue Price") for aggregate gross proceeds to the Company of $4,004,000 (the "Offering"). In addition, the Company has granted the Underwriters an option, to purchase up to an additional 1,092,000 Units, for additional gross proceeds of up to $600,600, exercisable in whole or in part at any time up to 48 hours prior to the closing date of the Offering. The Units will be offered primarily to established institutional investors with the intended purpose of engaging capital market participants.