WELL Health Technologies Corp. (TSX: WELL) (“
WELL”
or the “
Company”) is pleased to announce that it
has entered into an agreement pursuant to which Eight Capital and
Stifel GMP as joint bookrunners and co-lead underwriters, together
with a syndicate of underwriters (collectively, the
“
Underwriters”), will purchase, on a bought deal
basis, 8,109,000 common shares in the capital of the Company (the
“
Shares”), subject to all regulatory approvals, at
a price of $3.70 per Share (the “
Issue Price”) for
gross proceeds of $30,003,300 (the “
Offering”).
The Company has agreed to grant the Underwriters
an over-allotment option to purchase up to an additional 15% of the
Shares at the Issue Price, exercisable in whole or in part, at any
time on or prior to the date that is 30 days following the closing
of the Offering. If this option is exercised in full, approximately
$4,500,000 additional proceeds will be raised pursuant to the
Offering and the aggregate proceeds of the Offering will be
approximately $34,500,000.
The Company has received indications of interest
for lead orders in connection with the Offering from a large
International Sovereign Wealth Fund and Hong Kong businessman and
investor Mr. Li Ka-shing.
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.
“WELL’s earnings and cash flow continues to
grow, and our business continues to mature as we complete the
optimization and integration of businesses acquired in 2021. The
proceeds from this financing will allow us to remain opportunistic
through the remainder of the year and continue allocating capital
in a highly accretive manner particularly as attractive
opportunities present themselves in weaker market conditions,” said
Hamed Shahbazi, Chairman and CEO of WELL, “We are deeply
appreciative to Mr. Li Ka-shing and one of the world’s leading
sovereign wealth funds for their support of this financing
initiative.”
The closing date of the Offering is scheduled to
be on or about May 19, 2022, and is subject to certain conditions
including, but not limited to, the receipt of all necessary
approvals, including the approval of the Toronto Stock Exchange and
the applicable securities regulatory authorities.
The Offering will be completed by way of a
prospectus supplement (the “Supplement”) to the
short form base shelf prospectus of the Company dated September 22,
2021 (the “Base Prospectus”), which Supplement is
expected to be filed with the securities commissions and other
similar regulatory authorities in each of the provinces of Canada,
on or prior to May 13, 2022. The Base Prospectus and, once filed,
the Supplement can be found on SEDAR at www.sedar.com, and contain
important detailed information about the Offering.
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.
WELL HEALTH TECHNOLOGIES
CORP.Per: “Hamed Shahbazi”
Hamed
ShahbaziChief Executive Officer, Chairman and Director
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. To learn more about
the Company, please visit: www.well.company.
Notice Regarding Forward Looking
Information
Certain information in this news release related
to the Company is forward-looking information and is prospective in
nature. Forward-looking information is not based on historical
facts, but rather on current expectations and projections about
future events, and is 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
information. The information generally can be identified by the use
of forward-looking words such as “may”, “should”, “could”,
“intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or
“continue”, or the negative thereof or similar variations.
Forward-looking information in this news release include
information regarding the prospective lead order and the intended
use of proceeds of the Offering. There are numerous risks and
uncertainties that could cause actual results and WELL’s plans and
objectives to differ materially from those expressed in the
forward-looking information, including: (i) adverse market
conditions; (ii) risks inherent in the primary healthcare sector in
general; (iii) that the proceeds of the Offering may need to be
used other than as set out in this news release and other factors
beyond the control of the Company. Actual results and future events
could differ materially from those anticipated in such information.
These and all subsequent written and oral forward-looking
information are based on estimates and opinions of management on
the dates they are made and are expressly qualified in their
entirety by this notice. Except as required by law, the Company
does not intend to update this forward-looking information.
Neither the Toronto Stock Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the Toronto Stock Exchange) accepts responsibility for the
adequacy or accuracy of this release.
For further information Tyler
BabaInvestor Relations Managerinvestor@well.company604-628-7266
WELL Health Technologies (TSX:WELL)
Historical Stock Chart
From Aug 2024 to Sep 2024
WELL Health Technologies (TSX:WELL)
Historical Stock Chart
From Sep 2023 to Sep 2024