more acquisitions shortly? Canada Newswire
/THIS 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, Aug. 15, 2019 /CNW/ - WELL Health Technologies Corp. (TSX.V: WELL) ("WELL" or the "Company") is pleased to announce that, further to its news releases dated July 25, 2019 and July 29, 2019, the Company has completed its previously announced upsized bought deal private placement of 10,350,000 special warrants of the Company (each, a "Special Warrant"), including 1,350,000 Special Warrants issued pursuant to the over-allotment option which was exercised in full, at a price of $1.45 per Special Warrant for gross proceeds of $15,007,500 (the "Offering").
"We are very pleased to receive such robust institutional support from new and existing investors to complete this upsized offering," said Hamed Shahbazi, CEO of WELL Health. "We continue to be very well positioned to continue our plans to strategically and carefully consolidate premium clinical and digital assets in Canada's healthcare ecosystem."
GMP Securities L.P. acted as lead underwriter of the Offering with a syndicate that also included Eight Capital, Beacon Securities Limited, Gravitas Securities Inc., Haywood Securities Inc. and PI Financial Corp.
The net proceeds of the Offering are expected to be used for future acquisitions, organic growth investments, working capital and general corporate purposes.
The Company paid the underwriters a cash commission equal to 6% of the gross proceeds from the Offering (3% for president's list subscribers which are generally comprised of insiders, directors and officers of the Company) and issued broker warrants equal to 3% of the number of Special Warrants sold pursuant to the Offering, excluding the number of Special Warrants sold to president's list subscribers, with each broker warrant entitling the holder to acquire one Share at the exercise price of $1.45 for a period of 18 months from the closing of the Offering.