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LevelJump Healthcare Corp. Announces Update on Alberta Acquisitions and Preferred Share Unit Offering
Toronto, Ontario--(Newsfile Corp. - September 14, 2023) - LevelJump Healthcare Corp. (TSXV: JUMP)...
About this update from Leveljump Healthcare Corp.
[{"type":"text","content":"LevelJump Healthcare Corp. Announces Update on Alberta Acquisitions and Preferred Share Unit OfferingToronto, Ontario--(Newsfile Corp. - September 14, 2023) - LevelJump Healthcare Corp. (TSXV: JUMP) (OTCQB: JMPHF) (FSE: 75J) (\"LevelJump\" or the \"Company\"), a Canadian leader in B2B telehealth solutions, wishes to announce the following:Alberta Acquisitions UpdateFurther to its news releases of November 21, 2022, March 6 and July 5, 2023, the Company wishes to announce that it has settled the terms of a proposed debt facility with TD Canada Trust and anticipates receiving a formal agreement shortly. A portion of this debt facility will be used to close the purchase of 4 IHF centers in Calgary, Alberta. As disclosed previously, the financing with TD Canada Trust is a condition precedent required to be satisfied before the acquisitions can close. A formal closing date will be set once the debt facility agreement has been executed.Updated Preferred Share Unit OfferingThe Company has applied to the TSX Venture Exchange (the \"Exchange\") to update its preferred share unit offering. The Company has applied for the updated offering so that it may issue preferred share units (the \"Units\") as part of the consideration payable for the Alberta Acquisitions as well as raise working capital.Subject to Exchange approval, the Company plans to sell up to 5,000,000 Units at $1 per Unit, which consists of (i) one (1) common share of LevelJump (\"Common Share\"), at an issue price of $0.10 per Common Share; and (ii) one (1) 12% 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 12% payable quarterly, along with a top up dividend of 25% of the portion of LevelJump's EBITDA that is above $2,000,000 per year, divided by the then outstanding Preferred Shares. The Preferred Shares are redeemable on the fifth anniversary (the \"Redemption Date\") after issuance at a price of $1.00 per Preferred Share (or at a price of $1.10 per Preferred Share if redeemed any time prior to the Redemption Date) together with all accrued and unpaid dividends. The Preferred Shares are also convertible, prior to being redeemed or called, into common shares of the Company at a price of $0.20 per Common Share. ...