/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
TORONTO, Oct. 26, 2020 /CNW/ - Vitalhub Corp.
(the "Company" or "Vitalhub") (TSXV: VHI) is
pleased to announce that it has entered into an agreement with a
syndicate of investment dealers led by Cormark Securities Inc.
(collectively, the "Underwriters") pursuant to which the
Underwriters have agreed to purchase 5,172,500 Common Shares (the
"Common Shares") from the treasury of the Company, at a
price of $2.90 per Common Share for
total gross proceeds of approximately $15
million (the "Offering").
In addition, the Company has granted the Underwriters an option
(the "Over-Allotment Option") to purchase up to an
additional 15% of the Common Shares of the Offering on the same
terms exercisable at any time up to 30 days following the closing
of the Offering, for market stabilization purposes and to cover
over-allotments, if any.
The net proceeds of the Offering shall be used for growth
inititiaves, working capital and general corporate purposes.
Closing of the Offering is expected to occur on or about
November 17, 2020 and is subject to
regulatory approval including that of the TSX Venture Exchange (the
The Common Shares to be issued under the Offering will be
offered by way of a short form prospectus to be filed in each of
the Provinces of Canada, except
Quebec, and may be offered in
the United States on a private
placement basis pursuant to an exemption from the registration
requirements of the United States Securities Act of 1933, as
amended, and applicable state securities laws, and certain other
jurisdictions outside of Canada
and the United States.
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
ABOUT VITALHUB CORP.
VitalHub develops mission-critical technology
solutions for Health and Human Services providers in
the Mental Health (Child through Adult), Long Term
Care, Community Health Service, Home Health, Social Service
and Acute Care sectors. VitalHub technologies
include Blockchain, Mobile, Patient Flow, Web-Based Assessment
and Electronic Health Record solutions.
The Company has a robust two-pronged growth strategy, targeting
organic growth opportunities within its product suite, and pursuing
an aggressive M&A plan. Currently, VitalHub serves 200+ clients
across North America. VitalHub is
based in Toronto, Canada, with an
offshore development hub in Sri
Lanka. The Company is publicly traded on the TSX Venture
Exchange under the symbol "VHI".
Certain statements contained in this news release may
constitute "forward-looking information" or "financial outlook"
within the meaning of applicable securities laws that involve known
and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking information or
financial outlook. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"is expected", "expects", "scheduled", "intends", "contemplates",
"anticipates", "believes", "proposes" or variations (including
negative variations) of such words and phrases, or state that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved. Such statements are based
on the current expectations of the management of each entity and
are based on assumptions and subject to risks and uncertainties.
Although the management of each entity believes that the
assumptions underlying these statements are reasonable, they may
prove to be incorrect. Although the Corporation has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended. No forward-looking statement can be
guaranteed. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they
are made and the Corporation undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events, or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
SOURCE VitalHub Corp.