VitalHub Corp. Announces Closing of $2.2M Private Placement
September 15 2020 - 3:17PM
VITALHUB CORP. (TSXV: VHI) (the “Company” or “VitalHub”), is
pleased to announce that it has closed a non-brokered private
placement (the “Offering”) of 1,000,000 common shares (“Shares”) at
a price per Share of $2.20 for total gross proceeds to the Company
of $2,200,000.
Use of proceeds from the Offering will be for
future acquisition purposes, to advance the Company’s M&A
strategy. On completion of the Offering, VitalHub has 29,238,539
common shares issued and outstanding. The Shares are subject to a
four month and one day restriction from trading as of the date of
issuance.
Connection 25 Inc., a corporation wholly-owned
and controlled by Francis Shen, a director of the Company, has
subscribed for the full Offering of 1,000,000 Shares. Pursuant to
Multilateral Instrument 61-101 Protection of Minority Security
Holders in Special Transactions (“MI 61-101”), the Offering
constitutes a “related party transaction” as an insider of the
Company subscribed for Shares. The Company is relying on exemptions
from the formal valuation and minority approval requirements of MI
61-101 as neither the fair market value (as determined under MI
61-101) of the subject matter of, nor the fair market value of the
consideration for, the transaction, insofar as it involves
interested parties, is expected to exceed 25% of the Company's
market capitalization (as determined under MI 61-101). The Offering
was approved by all of the independent directors of the
Company.
Connection 25 Inc. now holds 3,341,150 Shares
representing 11.43% of the total issued and outstanding common
shares of the Company.
ABOUT VITALHUB
Software for Health and Human Services providers
designed to simplify the user experience & optimize
outcomes.
VitalHub provides technology to Health and Human
Services providers including; Hospitals, Regional Health
Authorities, Mental Health, Long Term Care, Home Health, Community
and Social Services. VitalHub solutions span the categories of
Electronic Health Record (EHR), Case Management, Care Coordination,
Patient Flow & Operational Visibility, and DOCit Mobile
Apps.
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 275+ clients across Canada, USA, UK, Australia, Qatar, and
Latvia. 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”.
CAUTIONARY STATEMENT
The TSX Venture Exchange has in no way passed
upon the merits of the transactions and has neither approved nor
disapproved the contents of this press release. Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this press
release.
CONTACT INFORMATION
VitalHub Corp.Dan Matlow Chief Executive
Officer, Director (416) 727-9061 dan.matlow@vitalhub.com
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