Business
CareRx Announces Closing of Second Tranche of Private Placement Equity Financing
CareRx Announces Closing of Second Tranche of Private Placement Equity Financing Canada...
About this update from Carerx Corporation
[{"type":"text","content":"\n \n \n \n CareRx Announces Closing of Second Tranche of Private Placement Equity Financing\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Feb. 24, 2023\n \n \n /CNW/ - CareRx Corporation (\"\n \n CareRx\n \n \" or the \"\n \n Company\n \n \") (TSX: CRRX),\n \n Canada's\n \n leading provider of pharmacy services to seniors living and other congregate care communities, announces the closing of the second tranche of its previously announced private placement (the \"\n \n Private Placement\n \n \") of 1,481,500 common shares of the Company (\"\n \n Common Shares\n \n \") to Yorkville Asset Management Inc. (for and on behalf of certain managed funds and other investors) (\"\n \n Yorkville\n \n \") for aggregate gross proceeds of approximately\n \n $4.0 million\n \n .\n \n \n The first tranche of the Private Placement, as well as the concurrent bought deal public offering (the \"\n \n Offering\n \n \"), closed on\n \n January 18, 2023\n \n . Through the Offering and both tranches of the Private Placement, the Company issued a total of 5,961,000 Common Shares at a price of\n \n $2.70\n \n per Common Share for gross proceeds of approximately\n \n $16.1 million\n \n .\n \n \n \"As CareRx's largest shareholder, we are pleased to provide continued financial support to CareRx\", said\n \n Ralph Desando\n \n , Managing Director of Private Investments at Yorkville. \"Our most recent investment demonstrates Yorkville's continued belief in the CareRx management team and the long-term growth trajectory of the Company.\"\n \n \n The net proceeds of the Offering and the Private Placement are expected to be used by the Company for debt reduction, working capital and general corporate purposes.\n \n \n \n About CareRx Corporation:\n \n \n \n CareRx is\n \n Canada's\n \n leading provider of pharmacy services to seniors living communities. We serve over 93,000 residents in over 1,600 seniors and other congregate care communities (long-term care homes, retirement homes, assisted living facilities, and group homes)...