CLOUDMD ANNOUNCES $13 MILLION BOUGHT DEAL PUBLIC OFFERINGTHIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, Sept. 01, 2020 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the Company or CloudMD), a telemedicine company revolutionizing the delivery of healthcare to patients, is excited to announce that it has entered into an agreement with Canaccord Genuity Corp. and Beacon Securities Limited on behalf of a syndicate of Underwriters (the "Underwriters"). The Underwriters have agreed to purchase, on a bought deal basis pursuant to the filing of a short form prospectus, an aggregate of 9,430,000 common shares (the "Shares") at a price of $1.38 per Share (the "Offering Price") for aggregate gross proceeds to the Company of approximately $13 million (the "Offering"). The Company has granted the Underwriter an option (the Over-Allotment Option) to purchase up to an additional 1,414,500 Shares at a price of $1.38 per Share, exercisable at any time, for a period of 30 days after and including the Closing Date, which would result in additional proceeds of $1,952,010. The Shares will be offered by way of a short form prospectus to be filed in all provinces of Canada except Quebec. The Offering is expected to close on September 22, 2020 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the TSX Venture Exchange (TSXV) and the applicable securities regulatory authorities. The Company will use best efforts to obtain the necessary approvals to list the Shares on the TSXV. CloudMD intends to use the proceeds of the Offering for general corporate purposes.