Business
Leveljump Healthcare Corp. Acquires IHF Licence; Establishing New Toronto Clinic; Closes on First Tranche of Units
Toronto, Ontario--(Newsfile Corp. - November 16, 2022) - Leveljump Healthcare Corp. (TSXV: JUM...
About this update from Leveljump Healthcare Corp.
[{"type":"text","content":"Leveljump Healthcare Corp. Acquires IHF Licence; Establishing New Toronto Clinic; Closes on First Tranche of UnitsToronto, Ontario--(Newsfile Corp. - November 16, 2022) - Leveljump Healthcare Corp. (TSXV: JUMP) (OTCQB: JMPHF) (FSE: 75J) (\"Leveljump\" or the \"Company\"), a Canadian leader in B2B telehealth solutions, is pleased to announce that its wholly owned subsidiary, Canadian Teleradiology Services, Inc. (\"CTS\"), has acquired an existing Independent Health Facility (\"IHF\") license to operate a diagnostic imaging center, from a private Ontario vendor. The purchase price of the license was $1.4 million which was paid by $500,000 cash on hand, a $700,000 term loan financing provided by TD Canada Trust (\"TD\") with an annual interest rate of 6.66% per year, and the issuance of 2 million JUMP common shares at a deemed issue price of $0.10 per share. As a result of this acquisition, the Company is now proceeding with the establishment of a new x-ray and ultrasound center in North York, Ontario. The Company has leased approximately 3,000 square feet at the Yonge Sheppard Center in north central Toronto to house the new center which will be called \"Yonge Sheppard X-ray & Ultrasound\". TD has provided a $600,000 business line of credit facility for the purchase of related medical equipment and leasehold improvements. The Company anticipates the new location to open in the first quarter of 2023 and become the flagship imaging center for the Company in Canada. The Ontario Ministry of Health has approved the license transfer and the new location. \"This marks our second acquisition this year, furthering our goals of building out a healthcare company providing key services to patients,\" said Mitch Geisler, CEO. \"Leveljump continues to grow on both the telehealth and in-patient care experiences broadening our services and reach as healthcare provider.\"The Company has also closed on the sale of 164,000 units at a price of $1.00 per unit for gross proceeds of $164,000. Each unit is comprised of one common share (a \"Common Share\") at an issue price of $0.10 per Common Share and one 8% cumulative redeemable convertible Class A Series 1 preferred share (\"Preferred Share\") at an issue price of $0.90 per Preferred Share.Each Preferred Share is non-voting, carries a cumulative annual dividend of 8% payable quarterly plus an an...