CloudMD Announces Closing of Oversubscribed $37.26 Million Bought Deal Public Offering
November 09 2020 - 10:06AM
CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF,
Frankfurt: 6PH) (the “Company” or “CloudMD”), a telemedicine
company revolutionizing the delivery of healthcare to patients, is
excited to announce that it closed the previously announced short
form prospectus offering, on a bought deal basis (the
“
Offering”), including the full exercise of the
underwriters’ over-allotment option.
Pursuant to the Offering, the Company issued a
total of 15,525,000 common shares (the “Shares”)
at a price of $2.40 per Share for aggregate gross proceeds of
$37,260,000. The Offering was led by Canaccord Genuity Corp. and
Beacon Securities Ltd. on behalf of a syndicate of underwriters
including Echelon Wealth Partners Inc. The Company issued the
underwriters an aggregate of 1,086,750 broker warrants. Each broker
warrant is exercisable to acquire one Share at the exercise price
of $2.40 per Share for a period of 24 months from the closing date
of the Offering.
CloudMD intends to use the proceeds of the
Offering for future acquisitions.
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD”Chief Executive Officer FOR ADDITIONAL
INFORMATION CONTACT:
Julia Becker VP, Investor Relations
julia@cloumd.ca
About CloudMD Software & Services
CloudMD is digitizing the delivery of healthcare
by providing a patient centric approach, with an emphasis on
continuity of care. The Company offers SAAS based health technology
solutions to healthcare providers across North America and has
developed proprietary technology that delivers quality healthcare
through a holistic offering including hybrid primary care clinics,
specialist care, telemedicine, mental health support, educational
resources and artificial intelligence (AI). CloudMD currently
services a combined ecosystem of over 500 clinics, almost 4000
licensed practitioners and 8 million patient charts across North
America.
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD”Chief Executive Officer FOR ADDITIONAL
INFORMATION CONTACT:
CloudMD Software & Services Inc. investors.cloudmd.ca Email:
investors@cloudmd.ca
Forward Looking Statements
This news release contains forward-looking
statements that are based on CloudMD’s expectations, estimates and
projections regarding its business and the economic environment in
which it operates, including with respect to its business plans and
the use of proceeds from the Offering. Although CloudMD believes
the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees
of future performance and involve risks and uncertainties that are
difficult to control or predict. Therefore, actual outcomes and
results may differ materially from those expressed in these
forward-looking statements and readers should not place undue
reliance on such statements. These forward-looking statements speak
only as of the date on which they are made, and CloudMD undertakes
no obligation to update them publicly to reflect new information or
the occurrence of future events or circumstances, unless otherwise
required to do so by law.
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release.
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