DHT.UN DRI Healthcare Trust

DRI Healthcare Trust (TSX: DHT.UN/DHT.U) (the "Trust"), a global leader in providing financing to advance innovation in the life sciences industry, announced today that it has entered into an agreement with a syndicate of underwriters led by Scotiabank, CIBC Capital Markets and RBC Capital Markets (collectively, the “Underwriters”), pursuant to which the Trust will issue from treasury, and the Underwriters will purchase on a “bought deal” basis, 8,200,000 units (the “Units”) of the Trust, at a price of C$11.00 per Unit (the “Offering Price”) for gross proceeds of approximately C$90.2 million (the “Offering”).

The Trust has granted the Underwriters an option (the “Over-Allotment Option”), exercisable in whole or in part, at any time for a period of 30 days from the closing of the Offering, to purchase from the Trust up to an additional 1,230,000 Units at the Offering Price, for additional gross proceeds of approximately C$13.5 million.

The Trust intends to use the net proceeds of the Offering to fund its near term pipeline of royalty transactions. The Trust is currently in various stages of negotiations and due diligence with counterparties on several potential royalty transactions that would meet its transaction criteria.

Closing of the Offering is expected to occur on or about September 20, 2023, subject to customary conditions including the approval of applicable securities regulatory authorities and the Toronto Stock Exchange.

The Units will be offered in all provinces of Canada by way of a prospectus supplement to the short form base shelf prospectus of the Trust dated May 9, 2022 and may be offered in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws, and certain other jurisdictions outside of Canada and the United States.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

About DRI Healthcare Trust

DRI Healthcare Trust is managed by DRI Capital Inc. (“DRI Capital”), the pioneer in global pharmaceutical royalty monetization with a more than 30-year history of accelerating innovation by providing capital to inventors, academic institutions and biopharma companies. Since our founding in 1989, DRI Capital has deployed more than US$2.5 billion, acquiring more than 70 royalties on 40-plus drugs, including Eylea, Spinraza, Zytiga, Remicade, Keytruda and Stelara. DRI Healthcare Trust’s units are listed and trade on the Toronto Stock Exchange in Canadian dollars under the symbol “DHT.UN” and in U.S. dollars under the symbol “DHT.U”. To learn more, visit drihealthcare.com or follow us on LinkedIn. References in this news release to “DRI Healthcare” refer to the Trust and its subsidiaries, on a consolidated basis.

Caution concerning forward-looking statements

This news release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information generally can be identified by the use of words such as “expect”, “continue”, “anticipate”, “intend”, “aim”, “plan”, “believe”, “budget”, “estimate”, “forecast”, “foresee”, “close to”, “target” or negative versions thereof and similar expressions. Some of the specific forward-looking information in this news release may include, among other things, statements regarding the anticipated use of proceeds of the Offering and timing of closing the Offering. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust’s control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, those that are disclosed in the Trust’s most recent annual information form. All forward-looking information in this news release speaks as of the date of this news release. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions and risks and uncertainties is contained in the Trust’s filings with securities regulators, including its latest annual information form and management’s discussion and analysis. These filings are also available at the Trust’s website at drihealthcare.com.

For further information, please contact:

David LevineDirector, Investor Relations Tel: (416) 324-5738ir@drihealthcare.com