MONTREAL, Oct. 20,
2023 /CNW/ - Carebook Technologies Inc.
("Carebook" or the "Company") (TSXV: CRBK) (OTCPK:
CRBKF) (XFRA: PMM1), a leading Canadian provider of innovative
digital health solutions, is pleased to announce it has renewed and
amended its existing senior credit facilities with a leading
Canadian Schedule I bank (the "Lender"), effective as of
October 19, 2023 (the "Renewal
Date"). Under the amendment, the Lender has agreed to (i)
continue providing the Company with a C$3
million revolving facility (the "Revolving Facility")
and (ii) be subrogated to all rights of its affiliate regarding a
C$1.4 million non-revolving term loan
facility (the "Term Loan Facility" and together with
the Revolving Facility, the "Credit Facilities"). Moreover,
the maturity date of Credit Facilities has been extended until
September 30, 2024 (the "Maturity
Date")
Beginning on the Renewal Date, the applicable margin on the
Revolving Facility has been decreased to 5.8% over prime, and the
applicable margin on the Term Loan Facility has been decreased to
5.3% over prime. Applicable margins under both facilities are
subject to additional reductions should the Company complete an
additional capital raise for aggregate minimum gross proceeds equal
to $2.0M on or before the Maturity
Date.
The Term Loan Facility is subject to mandatory monthly
prepayments of C$50,000 on the
15th of each month, commencing on
November15th, 2023, such that the Term Loan Facility
will be reduced to $0.8 million by
the Maturity Date. As at the date hereof, the Term Loan Facility
has been fully drawn and the Company may not borrow any other
borrowings under the Term Loan Facility.
The Credit Facilities are subject to new financial covenants,
where the Company must maintain a minimum cash runway and
demonstrate minimum revenue growth.
The Credit Facilities continues to be secured by a first-ranking
security interest in all of the present and future property and
assets of the Company and certain of its subsidiaries.
"We are pleased to confirm the renewal of our credit facilities
and the continued support from our lender," stated Olivier
Giner, CFO of Carebook. "We are also currently evaluating
various financing opportunities and expect to make
additional announcements in the near future as definitive
plans are being finalized."
About Carebook
Technologies
Carebook's digital health platform empowers its clients and more
than 3.5 million members to take control of their health journey.
During 2021, the Company completed the acquisitions of InfoTech
Inc., a global leader in health and productivity risk management,
and CoreHealth Technologies Inc., owner of an industry-leading
wellness platform. In combination, these companies create a
comprehensive digital health platform that includes both assessment
tools and the technology to deliver complementary solutions.
Carebook's shares trade on the TSXV under the symbol "CRBK," on the
OTC Markets under the symbol "CRBKF," and are listed on the Open
Market of the Frankfurt Stock Exchange under the symbol "PMM1."
www.carebook.com
For further information contact:
Carebook Investor
Relations Contact:
Olivier Giner,
CFO
Email :
ir@carebook.com
Telephone: (450)
977-0709
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Neither 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
this release.
Notice regarding forward-looking
statements:
This release includes forward-looking information and
forward-looking statements within the meaning of Canadian
securities laws regarding Carebook, its subsidiaries and their
business. Often, but not always, forward-looking information 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 Carebook and are
based on assumptions and subject to risks and uncertainties.
Although the management of Carebook believes that the assumptions
underlying these statements are reasonable, they may prove to be
incorrect, and undue reliance should not be placed on such
forward-looking statements. The forward-looking statements reflect
the Company's current views with respect to future events based on
currently available information and are inherently subject to risks
and uncertainties. The forward-looking events and circumstances
discussed in this release may not occur by certain specified dates
or at all and could differ materially as a result of known and
unknown risk factors and uncertainties affecting the Company,
including economic factors, management's ability to manage and to
operate the business of Carebook, management's ability to identify
attractive M&A opportunities, management's ability to
successfully integrate the Company's completed acquisitions and to
realize the synergies of such acquisitions, management's ability to
successfully complete product studies, the equity markets generally
and risks associated with growth and competition, management's
ability to achieve profitability for the Company, as well as the
risk factors identified in the Company's management's discussion
and analysis for the year ended December 31, 2022, a copy of which
can be found on SEDAR under the Company's profile
at www.sedar.com. Although Carebook 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. Accordingly, readers should not
place undue reliance on any forward-looking statements or
information. 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
Carebook does not undertake any obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.
SOURCE Carebook Technologies Inc.