Business
Nova Leap Health Corp. Completes Purchase of Vermont and New Hampshire Home Care Business Assets
(via TheNewswire) HALIFAX, NS / TheNewswire / October 10, 2017 - NOVA LEAP HEALTH CO...
About this update from Nova Leap Health Corp.
[{"type":"text","content":"Nova Leap Health Corp. Completes Purchase of Vermont and New Hampshire Home Care Business Assets(via TheNewswire)\n \n \nHALIFAX, NS / TheNewswire / October 10, 2017 - NOVA LEAP HEALTH CORP. (TSXV: NLH) (\"Nova Leap\" or the \"Company\"), a company focused on the home health care industry, closed its previously announced acquisition of the business assets of AME, LLC doing business as Armistead Senior Care (\"Armistead\") in South Burlington, Vermont and Lebanon, New Hampshire, on October 6, 2017, for US$1.0 million. The purchase was funded by a payment of US$600,000 cash and US$400,000 by issuing 2,509,600 Nova Leap shares at CAD$0.20 per share (the \"Acquisition\"). The Nova Leap shares issued as consideration for the Acquisition are subject to a one (1) one year hold period from the date of closing.\n\n\n \nNova Leap's subsidiary, Nova Leap Health NH, LLC acquired the business assets of Armistead, including customer contracts and intellectual property, and will continue to operate with the name doing business as Armistead Senior Care. The acquisition represents Nova Leap's third investment in New England and first in Vermont.\n\n\n \n\"We are pleased to have closed the Armistead acquisition just 2 weeks after the All About Home Care acquisition as this is another important step in Nova Leap's growth and expansion plan. A year ago at this time, we were looking to close our qualifying transaction. In less than twelve full months, Nova Leap has made 3 acquisitions, which operate in 4 locations, that employ more than 150 full and part-time staff. We anticipate great things to come in the next twelve months. Armistead has a long history of providing excellent care to individuals and families in Vermont and New Hampshire and we look forward to working with the Armistead team.\", noted Chris Dobbin, President and CEO of Nova Leap.\n\n\n \nPrivate Placement\n\n\n \nConcurrent with the Acquisition, Nova Leap closed its previously announced private placement for proceeds of CAD$780,000 through the issuance of 3,900,000 units at a price of CAD$0.20 per unit. Each unit is comprised of one common share of the Company and a one-half common share purchase warrant. Two half-warrants entitle the holder to acquire one common share of the Company for $0.35 for a period of 24 months from the closing date of this private placement. The common sha...