Business
Kovo HealthTech Corporation Announces Closing of Brokered Private Placement
Funds to be used to Accelerate Kovo's Acquisition and Growth Strategy Vancouver, British Colu...
About this update from Kovo+ Holdings Inc
[{"type":"text","content":"Kovo HealthTech Corporation Announces Closing of Brokered Private PlacementFunds to be used to Accelerate Kovo's Acquisition and Growth StrategyVancouver, British Columbia--(Newsfile Corp. - October 25, 2021) - Kovo HealthTech Corporation (TSXV: KOVO) (the \"Company\" \"Kovo\") — a leader in healthcare Billing-as-a-Service (\"BAAS\") — announced today that it has closed its previously announced brokered private placement (the \"Private Placement\") offering.The Company expects to use net proceeds for working capital requirements and to fund potential future acquisitions.As part of the Private Placement, which was led by Research Capital Corporation (\"the Agent\") as sole agent and sole bookrunner, the Company issued 3,012,500 Units at a price of $0.40 per Unit (the \"Offering Price\") for aggregate gross proceeds of $1,205,000. Each Unit consists of one common share (each, a \"Common Share\", and collectively the \"Common Shares\") and one common share purchase warrant (a \"Warrant\" and collectively the \"Warrants\"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of C$0.70 per Common Share for a period of 24 months from the closing date of the Offering, subject to acceleration as described below. The Warrants will be subject to early expiration if, at any time prior to the expiry date of the Warrants, the volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the \"TSXV\"), or other principal exchange on which the Common Shares are listed, is greater than C$1.00 for 10 consecutive trading days.Pursuant to applicable Canadian securities laws, the securities issued and issuable in connection with the Offering will be subject to a hold period of 4 months ending on February 25, 2022. The Private Placement remains subject to final approval from the TSXV. In connection with the Private Placement, the Agent received an aggregate cash fee equal to $53,625 and an aggregate of 134,063 non-transferable broker warrants (the \"Broker Warrants\"). Each Broker Warrant entitles the holder thereof to purchase one Unit at an exercise price equal to the Offering Price for a period of 24 months following the closing of the Private Placement. The securities described herein have not been, and will not be, registered under the United States Securities Act of ...