TORONTO, Nov. 19, 2020 (GLOBE NEWSWIRE) -- CB2 Insights Inc. (CSE:CBII) (OTCQB: CBIIF) ("CB2" or the "Company") is pleased to announce it has closed its previously announced bought deal offering of 12,236,000 common shares (the "Common Shares", each a "Common Share") in the capital of the Company at a price of C$0.47 per Common Share, for aggregate gross proceeds of C$5,750,920 (the "Offering"), which includes the full exercise of the underwriters’ over-allotment option.
The Offering was conducted by a syndicate of underwriters co-led by Echelon Capital Markets and Beacon Securities Limited and including Canaccord Genuity Corp., Mackie Research Capital Corp., Leede Jones Gable Inc. and PI Financial Corp.
CB2 Insights intends to use the proceeds of the Offering for strategic M&A activities and general corporate purposes.
The Company expects to report its Q3 financials on or before November 30, 2020 followed by an earnings call with management. Highlighted below are some key corporate updates and upcoming events:
The Company will be holding its Special Shareholders meeting on Monday November 23, 2020, to seek approval for a name change to Skylight Health Group and to delist from the Canadian Securities Exchange, if it is successful in receiving the necessary approvals to list on the TSX Venture Exchange.
The Company hopes to commence the re-opening of its clinics in select markets in order to meet the growing demand of patients seeking in-clinic insurable services, which the Company expects to start implementing in Q1 2021.
In-clinic services will commence transitioning its 120,000-patient roster into primary care services, including administration of vaccines, which will explore including the anticipated delivery of COVID-19 vaccines in 2021.
The Company is further expanding on its acquisition pipeline as opportunities for M&A increase, as clinics are either forced to shut down due to the lack of infrastructure and technology to deploy telemedicine and/or physician owners are pushed into early retirement.
Acquisitions including the recently completed clinics in Washington and Texas are highly accretive, as both expand the Company’s reach into new states, accelerating the establishment of insurable services in these additional states, and scaling complimentary insurable services to the existing clinic network.
“We are extremely pleased to see the strong demand and participation from fundamental investors through the efforts of our syndicate. We are in the early stages of our growth and have already seen the execution of two highly accretive acquisitions during the second half of this year.” said Prad Sekar, CEO of CB2 Insights. “With the additional capital, we expect to deploy further capital to both organic growth initiatives, but also to a growing pipeline of acquisition targets that will continue to expand our reach across new states and add new layers of insurable services for our patients. With the return to in-person clinics in 2021, we are excited to be met by expectations of positive demand from our patients seeking in-clinic services currently not able to be delivered in a telemedicine-only environment.”
The securities mentioned herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.
This press release does not constitute an offer to sell or a solicitation of any offer to buy the securities in the United States, in any province or territory of Canada or in any other jurisdiction. There shall be no sale of the securities in any jurisdiction in which an offer to sell, a solicitation of an offer to buy or sale would be unlawful.
About CB2 Insights Inc.
CB2 Insights Inc. (CSE:CBII OTCQB:CBIIF) is a healthcare services and technology company, working to positively impact patient health outcomes. The Company operates a US multi-state health network that comprises of physical multi-disciplinary medical clinics providing a range of services from primary care, sub-specialty, allied health and laboratory/diagnostic testing. The Company owns and operates a proprietary electronic health record system that supports the delivery of care to patients via telemedicine and other remote monitoring system integrations. healthcare services. With a patient roster of over 120,000 patients, the Company’s operations spread across 14 states and continues to expand in services and locations both organically and by way of strategic acquisitions.
The Company primarily operates a traditional insurable fee-for-service model contracting with Medicare, Medicaid, and other Commercial Payors. The Company also offers a disruptive subscription-based telemedicine service for the un/under-insured population who have limited access to urgent care due to cost.
For more information please visit www.cb2insights.com or contact:
Jonathan L. Robinson CFA
Oak Hill Financial
Cautionary and Forward-Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in CB2's filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward-looking statements. Forward-looking statements may include, without limitation, statements regarding the Company's unaudited financial results and projected growth. Although CB2 has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are subject to inconsistent legislation and regulation; change in laws; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and recreational-use marijuana industry and; regulatory or political change. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. CB2 disclaims any intention or obligation to update or revise such information, except as required by applicable law, and CB2 does not assume any liability for disclosure relating to any other company mentioned herein.
No securities regulator or exchange has reviewed, approved, disapproved, or accepts responsibility for the content of this news release.