Business
VitalHub Corp. Announces Closing of Bought Deal Offering
Toronto, Ontario--(Newsfile Corp. - March 17, 2020) - Vitalhub Corp. (TSXV: VHI) (the " Compan...
About this update from Vitalhub Corp.
[{"type":"text","content":"VitalHub Corp. Announces Closing of Bought Deal OfferingToronto, Ontario--(Newsfile Corp. - March 17, 2020) - Vitalhub Corp. (TSXV: VHI) (the \"Company\" or \"Vitalhub\") is pleased to announce it has closed its previously announced bought deal offering pursuant to a press release dated February 21, 2020. A total of 8,506,300 common shares of Vitalhub (the \"Common Shares\") were sold at a price of $1.80 per Common Share for total gross proceeds of approximately $15.3 million (the \"Offering\"). The Offering was conducted by a syndicate of underwriters led by Cormark Securities Inc. and including Beacon Securities Limited and Canaccord Genuity Corp. (collectively, the \"Underwriters\"). The Offering included 1,006,300 Common Shares issued pursuant to the exercise of a portion of the over-allotment option granted to the Underwriters. The Common Shares were qualified for distribution by a short form prospectus in the provinces of Ontario, British Columbia and Alberta.In connection with the Offering, the Company paid the Underwriters a cash commission of $839,363.40 and issued to the Underwriters 228,750 broker warrants (the \"Broker Warrants\"). Each Broker Warrant entitles the Underwriters to purchase a Common Share at an exercise price of $2.10 until March 17, 2022. The net proceeds of the Offering will be used for growth initiatives, working capital and general corporate purposes. The Company's growth initiative is focused on the acquisition of third-party enterprises in the health care industry which provide synergistic opportunities for the Company.This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This press release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirements. Neither TSX Venture Exchange nor its Regulation...