Business
Vitalhub Corp. Announces Upsize to Previously Announced Brokered Private Placement of Debentures
Toronto, Ontario--(Newsfile Corp. - November 24, 2017) - VITALHUB CORP. (TSXV: VHI) (the "Comp...
About this update from Vitalhub Corp.
[{"type":"text","content":"Vitalhub Corp. Announces Upsize to Previously Announced Brokered Private Placement of DebenturesToronto, Ontario--(Newsfile Corp. - November 24, 2017) - VITALHUB CORP. (TSXV: VHI) (the \"Company\" or \"VitalHub\") is pleased to announce that it has entered into an amended agreement with Industrial Alliance Securities Inc. (the \"Agent\") acting as lead agent, to increase the size of the Offering (defined herein) by an additional $550,000. Under the amended terms of the Offering, the Agent has agreed, on a best efforts basis, to act as lead agent for a brokered private placement of a minimum of $800,000 and a maximum of $2,300,000 aggregate principal amount of unsecured debentures of the Company (the \"Debentures\") at a price of $100 per Debenture (the \"Offering\"). Purchasers of Debentures will also receive common shares of the Company equal to 20% of the face value of the Debentures such purchaser subscribed for, divided by $0.15.The Debentures will bear interest from the date of issue at 12.0% per annum, payable semi-annually in arrears. The Debentures will mature three years after the date of issue (the \"Maturity Date\").Beginning one year after the date of issue, the Company will have the right to redeem the Debentures then outstanding, in whole or in part, at a premium of 5% to the face value of the Debentures.On closing of the Offering the Agent will receive a cash commission equal to 7.5% of the gross proceeds of the Offering, except for such proceeds derived from subscriptions referred directly by the Corporation (the \"President's List\") for which the commission payable shall be 1.5%. The Agent will also receive compensation options (\"Agent Options\") equal to 7.5% of that number of common shares of the Company that would be issued if the principal amount of Debentures issued pursuant to the Offering converted into common shares at a price per share of $0.15, except for those Debentures issued to the President's List for which the percentage shall be 1.5%. Each Agent Option is exercisable into one common share of the Company at a price per share of $0.18 for a period of 24 months from the date of issue. The Agent will also be paid a work fee equal to $20,000. The securities being offered have not been, nor will they be, registered under the United States Securities Act and may not be offered or sold in the United S...