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HEALWELL AI Closes the $25.5M Equity Tranche of Its Upsized Bought Deal Financing
HEALWELL has completed the equity tranche of its previously announced upsized $55 million bought ...
About this update from Healwell Ai Inc. Class A
[{"type":"text","content":"HEALWELL AI Closes the $25.5M Equity Tranche of Its Upsized Bought Deal FinancingHEALWELL has completed the equity tranche of its previously announced upsized $55 million bought deal financing, raising gross proceeds of $25.5M. The proceeds of the financing will be used to fund the previously announced acquisition of New Zealand based Orion Health.The balance of the bought deal financing consists of the convertible debenture portion of the offering, which the Company is now targeting to complete on or about January 28, 2025.Toronto, Ontario--(Newsfile Corp. - January 21, 2025) - HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) (\"HEALWELL\" or the \"Company\"), a healthcare artificial intelligence company focused on preventative care, is pleased to announce that it has completed the first tranche (the \"Initial Closing\") of its previously announced $55 million bought deal private placement financing (the \"Offering\"), co-led by Eight Capital and Scotia Capital Inc., as lead underwriters and joint bookrunners, together with a syndicate of underwriters (the \"Underwriters\"), raising aggregate gross proceeds of approximately $25.5 million. The proceeds, less a portion of the fees and expenses of the underwriters (the \"Underwriters\"), have been deposited in escrow pending the satisfaction of certain release conditions, including that all conditions precedent to the acquisition by the Company of Orion Health Holdings Limited (the \"Acquisition\") have been met (the \"Release Conditions\").The Company is continuing to work with the Underwriters of the Offering on the convertible debenture portion of the financing, which the Company is now targeting to complete on or about January 28, 2025.Details of the Subscription Receipts FinancingThe Company has issued a total of 12,737,500 subscription receipts of the Company (the \"Subscription Receipts\") at a price of $2.00 per Subscription Receipt, for total gross proceeds of $25,475,000. Each Subscription Receipt will entitle the holder thereof to receive, upon satisfaction of the Release Conditions and for no additional consideration, one unit of the Company consisting of one Class A Subordinate Voting Share (a \"Subordinate Voting Share\") and one-half of one Subordinate Voting Share purchase warrant, with each whole warrant (a \"Warrant\") exercisable at a price of $2.50 for a period of 3...