Today's News |
Well Health Technologies Completes $34.5 Million Financing (Bought Deal Offering of Common Shares)
Tuesday, May 24, 2022Company Profile | Follow Company
Vancouver, BC, May 24, 2022--(T-Net)--WELL Health Technologies Corp. (TSX: WELL, OTCMKTS: WHTCF) announced that it has completed its previously announced bought deal public offering for gross proceeds of approximately $34,512,731.
Hamed Shahbazi, Chairman & Chief Executive Officer, WELL Health Technologies Corp.
Hamed Shahbazi, Chairman and CEO of WELL, commented, "We had a very successful offering given the quality of the investors that we were able to attract at this crucial time. The offering was led by one of the largest sovereign wealth funds in the world along with Mr. Li Ka-shing and included other high quality and award winning institutional and pension funds. This offering allows WELL to improve its defensive and offensive posture at a critical time and will be deployed in a highly accretive manner that definitively generates shareholder value. We thank all those who participated and facilitated this offering for their support."
The offering of 9,327,765 common shares, including 1,216,665 Shares issued for the over-allotment option which was exercised in full, at a price of $3.70 per Share.
The Company intends to use the net proceeds of the Offering to fund growth initiatives, including potential future acquisitions in the areas of physician acquisition, higher margin speciality clinics and executive health opportunities, and for working capital and general corporate purposes.
Eight Capital and Stifel GMP acted as joint bookrunners and co-lead underwriters of the Offering with a syndicate that also included Canaccord Genuity Corp., CIBC World Markets Inc., PI Financial Corp., Laurentian Bank Securities Inc., Scotia Capital Inc., TD Securities Inc., Echelon Wealth Partners Inc., Haywood Securities Inc., Paradigm Capital Inc., Beacon Securities Limited, and Roth Canada Inc.
About WELL Health Technologies Corp.
WELL is a practitioner focused digital healthcare company whose overarching objective is to positively impact health outcomes to empower and support healthcare practitioners and their patients. WELL has built an innovative practitioner enablement platform that includes comprehensive end to end practice management tools inclusive of virtual care and digital patient engagement capabilities as well as Electronic Medical Records (EMR), Revenue Cycle Management (RCM) and data protection services.
WELL uses this platform to power healthcare practitioners both inside and outside of WELL's own omni-channel patient services offerings. As such, WELL owns and operates Canada's largest network of outpatient medical clinics serving primary and specialized healthcare services and is the provider of a leading multi-national, multi-disciplinary telehealth offering. WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and is part of the TSX Composite Index. The Company also trades on the OTCQX Markets under the symbol "WHTCF". To learn more about the Company, please visit: www.well.company.
The Offering was completed by way of a prospectus supplement (the "Supplement") dated May 13, 2022, together with the accompanying short form base shelf prospectus of the Company dated September 22, 2021 (the "Base Prospectus"). The Base Prospectus and the Supplement can be found on SEDAR at www.sedar.com, and contain important detailed information about the Offering.
The Offering included participation from the extended management team (including the Company's CEO and CFO) in the aggregate of 12,000 Shares. Accordingly, the Offering constitutes a "related party transaction" as such term is defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), which requires that the Company, in the absence of exemptions, obtain a formal valuation for, and minority shareholder approval of, the related party transaction. The Offering is exempt from the valuation and the minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in section 5.5(a) and 5.7(1)(a), respectively, as the fair market value of the consideration for the Shares issued to "related parties" is not more than 25% of the Company's market capitalization. As the material change report relating to the completion of the Offering will be filed on SEDAR less than 21 days before the completion of the Offering, there is a requirement under MI 61-101 to explain why the shorter period is reasonable or necessary in the circumstances. In the view of the Company, such shorter period is reasonable and necessary in the circumstances because the Company wished to complete the Offering in a timely manner.
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 state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.
Notice Regarding Forward Looking Information Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. [ MORE ] |
Company Snapshot |
||
WELL Health Technologies Corp.
Vancouver (Other Tech Sectors)
|
Other Recent Company News |
|||||||||||||||||||
|