Reliq Health Technologies Inc. Announces Closing of $6,000,000 Unit Financing
October 05 2023 - 11:32AM
Reliq Health Technologies Inc. (TSXV:RHT or OTC:RQHTF or
WKN:A2AJTB) ("Reliq" or the "Company") is pleased to
announce that it has closed its previously announced Unit private
placement (the "Unit Financing"). The Corporation raised proceeds
of $6,000,000 through the sale of 15,000,000 Units. Pursuant to the
terms of the Unit Financing, each Unit was offered at a
subscription price of $0.40 per Unit. Each Unit consists of one
common share and one common share purchase warrant exercisable at
$0.52 (the "Warrant Share Price") for a thirty month period.
PI Financial Corp. ("PI") acted as agent for the
Company on a "best efforts" agency basis in connection with the
private placement. Upon closing of the Unit Financing, the Company:
(i) paid to PI a cash commission equal to 8.0% of the aggregate
gross proceeds of the Unit Financing payable in cash; (ii) issued
to PI non-transferable options to purchase, at any time prior to
the date that is 30 months from the Closing Date, that number of
Units equal to 8.0% of the number of Units issued under the Unit
Financing, at an exercise price equal to the Warrant Share Price,
subject to adjustment in certain events.
The net proceeds raised from the issuance of the
Units will be used to fund growth initiatives, for general
corporate and working capital requirements, or for other corporate
purposes.
The Unit Financing was completed pursuant to the
Listed Issuer Financing Exemption (as defined in National
Instrument 45-106 – Prospectus Exemptions), and the securities
issued to purchasers in the Unit Financing are not subject to a
hold period pursuant to applicable Canadian securities laws, except
as to insider hold periods under the polices of the TSX Venture
Exchange (the "Exchange").
Reliq CEO, Lisa Crossley participated in the
Unit Financing as to 250,000 Units. The insider participation in
the Unit Financing constitutes a related party transaction pursuant
to Multilateral Instrument 61-101 – Protection of Minority Security
Holders in Special Transactions ("MI 61-101"). A material change
report was not filed 21 days prior to the closing of the Unit
Financing as the Unit Financing was announced on September 27, 2023
and closed on October 5, 2023.
The Unit Financing is subject to the final
approval of the Exchange. For further information please
contact:
Company Contact
Investor Relations at ir@reliqhealth.com
Advisors
Dentons Canada LLP acted as counsel to the
Company. Cassels Brock & Blackwell LLP acted as counsel to the
Agent.
About Reliq
Reliq Health Technologies is a rapidly growing
global healthcare technology company that specializes in developing
innovative Virtual Care solutions for the multi-billion dollar
Healthcare market. Reliq’s powerful iUGO Care platform supports
care coordination and community-based virtual healthcare. iUGO Care
allows complex patients to receive high quality care at home,
improving health outcomes, enhancing quality of life for patients
and families and reducing the cost of care delivery. iUGO Care
provides real-time access to remote patient monitoring data,
allowing for timely interventions by the care team to prevent
costly hospital readmissions and ER visits. Reliq Health
Technologies trades on the TSX Venture under the symbol RHT, on the
OTC as RQHTF and on the Frankfurt Stock Exchange under the WKN:
A2AJTB.
ON BEHALF OF THE BOARD
"Dr. Lisa Crossley"
CEO and Director
Cautionary Note Regarding
Forward-Looking Information
Certain information set forth in this news
release may contain forward-looking statements that involve
substantial known and unknown risks and uncertainties. All
statements other than statements of historical fact are
forward-looking statements, including, without limitation,
statements regarding future financial position, business strategy,
use of proceeds, corporate vision, proposed acquisitions,
partnerships, joint-ventures and strategic alliances and
co-operations, budgets, cost and plans and objectives of or
involving the Company. Such forward-looking information reflects
management's current beliefs and is based on information currently
available to management. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"expects", "is expected", "budget", "scheduled", "estimates",
"forecasts", "predicts", "intends", "targets", "aims",
"anticipates" or "believes" or variations (including negative
variations) of such words and phrases or may be identified by
statements to the effect that certain actions "may", "could",
"should", "would", "might" or "will" be taken, occur or be
achieved. A number of known and unknown risks, uncertainties and
other factors may cause the actual results or performance to
materially differ from any future results or performance expressed
or implied by the forward-looking information. These
forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of the
Company including, but not limited to, the impact of general
economic conditions, industry conditions and dependence upon
regulatory approvals. Readers are cautioned that the assumptions
used in the preparation of such information, although considered
reasonable at the time of preparation, may prove to be imprecise
and, as such, undue reliance should not be placed on forward-
looking statements. The Company does not assume any obligation to
update or revise its forward-looking statements, whether as a
result of new information, future events, or otherwise, except as
required by securities laws.
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.
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