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CareRx Corporation Announces $16 Million Financing of Common Shares
CareRx Corporation Announces $16 Million Financing of Common Shares Canada NewsWire ...
About this update from Carerx Corporation
[{"type":"text","content":"\n \n \n \n CareRx Corporation Announces $16 Million Financing of Common Shares\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n TORONTO\n \n \n ,\n \n \n Jan. 11, 2023\n \n \n /CNW/ - CareRx Corporation (TSX: CRRX) (\"\n \n CareRx\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that it has entered into an agreement with a syndicate of investment dealers led by Cormark Securities Inc. (collectively, the \"\n \n Underwriters\n \n \") pursuant to which the Underwriters have agreed to purchase 2,963,000 Common Shares (the \"\n \n Common Shares\n \n \") from the treasury of the Company, at a price of\n \n $2.70\n \n per Common Share (the \"\n \n Offering Price\n \n \") for total gross proceeds of approximately\n \n $8 million\n \n (the \"\n \n Offering\n \n \").\n \n \n In addition, the Company has granted the Underwriters an option (the \"\n \n Over-Allotment Option\n \n \") to purchase up to an additional 444,450 Common Shares from the treasury of the Company at the Offering Price for additional gross proceeds of up to approximately\n \n $1.2 million\n \n for market stabilization purposes and to cover over-allotments, if any. The Over-Allotment Option is exercisable, in whole or in part, by the Underwriters at any time up to 30 days following the closing of the Offering.\n \n \n Concurrent with the Offering, CareRx has entered into a binding agreement to sell 2,963,000 Common Shares to an institutional investor under the same terms and conditions of the Offering, on a private placement basis (the \"\n \n Private Placement\n \n \"). The Private Placement is expected to close in two tranches, with the first tranche closing on the closing date of the Offering and the second tranche expected to close on or before\n \n February 28, 2023\n \n .\n \n \n The Company intends to use the net proceeds of the Offering and the Private Placement for debt reduction, working cap...