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VANCOUVER , July 29, 2019 /CNW/ - WELL Health Technologies Corp. (WELL.V) ("WELL" or the "Company") is pleased to announce that it has amended the terms of its previously announced bought deal of approximately $12.0 million with an increase to 9,000,000 special warrants of the Company (the "Special Warrants") at a price per Special Warrant of $1.45 for aggregate gross proceeds of approximately $13.0 million (the "Offering"). The Underwriters will also have the option, exercisable up to two business days prior to the closing date of the Offering, to arrange for the purchase of up to an additional 1,350,000 special warrants at the Offering Price for additional gross proceeds of approximately $2.0 million . In the event that the option is exercised in its entirety, the aggregate gross proceeds would increase to approximately $15.0 million .
The Offering is being underwritten by GMP Securities L.P. (the "Lead Underwriter" and, collectively with the syndicate, the "Underwriters").
The Offering is also expected to include subscriptions of $500,000 from Sir Li Ka -shing, and $380,000 from management of the Company which includes participation from CEO, CFO and, the SVP of Strategic Partnerships & Marketing.
The terms of the financing and use of proceeds remain as previously disclosed in all other respects.
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed Shahbazi"
Chief Executive Officer, Chairman and Director
WELL is a unique company that operates Primary Healthcare Facilities as well as a significant EMR or Electronic Medical Records business that supports the digitization of such clinics. WELL's overarching objective is to empower doctors to provide the best and most advanced care possible leveraging the latest trends in digital health. In the last 12 months, WELL physicians served approximately 600,000 patient visits through its network of 19 medical clinics. WELL is publicly traded on the TSX Venture Exchange under the symbol WELL.V. WELL was recognized as a TSX Venture 50 Company in 2018 and 2019.
Notice Regarding Forward Looking Statements
Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the closing of the Offering, the intended use of proceeds of the Offering and meeting the Qualification Condition. There are numerous risks and uncertainties that could cause actual results and WELL's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks inherent in the primary healthcare sector in general; (iii) that the proceeds of the Offering may need to be used for purposes other than as set out in this news release and other factors beyond the control of the Company. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
Neither the 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.
SOURCE WELL Health Technologies Corp.
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