VANCOUVER, British Columbia, March 20, 2020 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (CSE: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a company focused on digitizing the delivery of healthcare, is pleased to announce that it has successfully closed the first tranche of its private placement (the “Offering”) led by Gravitas Securities Inc. (the “Agent”) of 4,875,449 units of the Corporation (the “Units”) at a price of $0.48 per Unit for gross proceeds of approximately $2.3 million.
Each Unit comprises one common share of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to acquire one common share at a price of $0.70 for a period of 24 months from the date of issuance of such warrant.
“Given market conditions, we are pleased to close the first tranche financing with Gravitas Securities support,” said Dr. Essam Hamza, CEO of CloudMD. “This is a pivotal moment in the company’s growth and we are well positioned to meet the increasing demand for our services including virtual care.”
The Company intends to use the net proceeds of the Offering for capital expenditures and general working capital purposes.
In connection with the Offering, the Company issued 238,147 common shares of the company and 500,109 compensation warrants (the “Compensation Warrants”). Each Compensation Warrant entitles the holder thereof to purchase one common share of the Company at an exercise price of $0.48 for a period of 24 months from the date of issuance of such warrant.
All securities issued pursuant to the Offering will be subject to a statutory hold period of four months plus a day from issuance in accordance with applicable securities laws.
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD"
Chief Executive Officer
About CloudMD Software & Services
CloudMD is digitizing the delivery of healthcare by providing patients access to all points of their care from their phone, tablet or desktop computer. The Company offers SAAS based health technology solutions to medical clinics across Canada and has developed proprietary technology that delivers quality healthcare through the combination of connected primary care clinics, telemedicine, and artificial intelligence (AI). CloudMD currently has a combined ecosystem of 315 clinics, over 3000 licensed practitioners and almost to 3 million registered patients.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
FOR ADDITIONAL INFORMATION CONTACT:
CloudMD Software & Services Inc.
investors.cloudmd.ca
Email: investors@cloudmd.ca
Renmark Financial Communications Inc.
Bettina Filippone: bfilippone@renmarkfinancial.com
Tel: (416) 644-2020 or (514) 939-3989
www.renmarkfinancial.com
