RE:halted VANCOUVER, BC, Jan. 25, 2022 /CNW/ - HealthSpace Data Systems Ltd. ("HealthSpace", or the "Company") (CSE: HS) (Frankfurt: 38H) (OTC: HDSLF) is pleased to announce that it has launched an overnight marketed public offering (the "Offering") of units (the "Units") of the Company for gross proceeds of up to $4,000,000 or such other amount as the Agent and company may agree, on terms to be determined in the context of the market.
Each Unit will consist of one common share of the Company (each a "Common Share") and one-half of one common share purchase warrant (each full warrant, a "Warrant" and collectively the "Warrants").
The Offering will be conducted by Echelon Wealth Partners Inc. ("Echelon") as sole agent and bookrunner, and is subject to customary closing conditions, including the approval of the securities regulatory authorities and the Canadian Securities Exchange.
The Offering will be completed by way of a prospectus supplement to the short form base shelf prospectus of the Company dated September 14, 2021 to be filed in with the securities commissions in British Columbia, Alberta and Ontario. The Company intends to file a prospectus supplement to its short form base shelf prospectus prior to closing the Offering. Additionally, the Offering will be conducted by way of a private placement in the United States pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and outside Canada and the United States on a basis which does not require the qualification or registration of any of the Company's securities under domestic or foreign securities laws.
The Offering is expected to close on or about February 4, 2022, or such other date as the Company and Echelon may agree.
The size of the Offering and the price of the Offering, as well as certain terms of the Warrants (including the term and the exercise price), will be determined in the context of the market prior to the filing of the final prospectus supplement.
The Company has granted Echelon an option to purchase up to an additional 15% of the Units sold under the Offering. The Over-Allotment Option may be exercised in whole or in part to purchase Shares, Warrants or Units as determined by Echelon upon written notice to the Company at any time up to 30 days following the closing date of the Offering (the "Over-Allotment Option").
The Company intends to use the net proceeds of the offering for sales, marketing, research and development, working capital and general corporate purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.