Business
Skylight Health Announces Series A Preferred Stock Cash Dividend and Provides Update On The Previously Announced US$5 Million Financing
Skylight Health Announces Series A Preferred Stock Cash Dividend and Provides Update On The Previously Announced US$5 Million Financing.
About this update from Skylight Health Group Inc.
[{"type":"text","content":"\n TORONTO, Jan. 20, 2023 (GLOBE NEWSWIRE) -- Skylight Health Group Inc. (TSXV:SLHG; OTCQX: SLHGF) (“Skylight Health” or the “Company”), a healthcare platform combining technology and analytics focused on transitioning patients into value based care to drive better health outcomes and experiences in the United States, announced that its Board of Directors has authorized, and the Company has declared, a dividend on its 9.25% Series A Cumulative Redeemable Perpetual Preferred Shares (the “Series A Preferred Shares”) for the month of February 2023. The Series A Preferred Shares trade under the “SLHGP” stock ticker symbol. In accordance with the terms of the Series A Preferred Shares, the Series A dividend will be payable in cash in the amount of $0.1927 per share on February 20, 2023 to the shareholders of record of the Series A Preferred Stock as of the dividend record date of January 31, 2023. The Company also wishes to clarify details of its closing of the US$5 million convertible debenture financing previously announced on October 21, 2022, November 21, 2022 and December 20, 2022. The Convertible Debentures have a 5-year term and will mature on October 20, 2027, and December 15, 2027. The 7% Finder’s Fee totalled US$350,000 and was paid to Northland Capital Markets who is at arm’s length from Skylight and the subscriber. As stated in the press release of October 21, 2022, the funds will be used to support Skylight on its pathway to profitability. A total of 7,588,130 warrants were issued pursuant to this financing at an exercise price of $0.90 and upon conversion of the Convertible Debentures up to 7,588,130 common shares could be issued. The warrants are being re-priced from $0.90 to $0.64, subject to TSXV approval. Blocker language is in place for the Convertible Debentures and Warrants such that the Holder is restricted from converting the Principal Amount of this Debenture in whole or in part into Common Shares to the extent it would result in the Holder holding more than 4.99% of the Corporation’s then outstanding Common Shares. The Corporation shall not permit a conversion of the Principal Amount into Common Shares if as a result thereof the Holder would hold more than 9.99% of the Corporation’s then outstanding Common Shares, unless a Personal I...