Toronto, Ontario–(Newsfile Corp. – August 10, 2017) – Vitalhub Corp. (TSXV: VHI) (the “Company” or “Vitalhub“), is pleased to provide this update concerning its previously announced private placement (the “Placement“) of units (the “Units“), each Unit consisting of one common share and one common share purchase warrant, for minimum gross process of $2.8 million and maximum gross proceeds of $5 million. The Company now has approximately $3 million in orders and anticipates being able to close this tranche of its Placement on or about August 29, 2017. Pricing remains unchanged at $0.10 per Unit, with the warrants having an exercise price of $0.18 and a term of 24 months (subject to automatic exercise by the Company if, at any time after the four month statutory hold period expires, the price per share of the Company’s Common Shares on the TSXV is greater than $0.30 for 20 consecutive days).
The Company also continues to work on signing a definitive acquisition agreement with B Sharp Technologies Inc. (“B Sharp Technologies“) to acquire all of its issued and outstanding securities (the “Acquisition“), as previously announced. Following execution of this definitive agreement, the Acquisition is expected to close concurrently with the minimum Placement, on or about August 29, 2017.
Closing of the Placement and the Acquisition remains subject the approval of the TSXV. All securities issued in connection with the Placement shall be subject to a four month statutory hold period.
Update on Acquisition of HI Next and Subsequent Placements
The Company continues to work diligently towards the entering into of a definitive acquisition agreement to acquire H.I. Next Inc. (“HI Next“), as previously announced, and is in advanced due diligence and negotiations with respect to this transaction. The Company will provide updating press releases as material developments unfold with respect to this acquisition.
Founded in 2012, VitalHub delivers an innovate platform for mHealth, a modularized and standardized solution for creating mobile health applications. The VitalHub platform provides the control, security, privacy and consistency essential in the healthcare industry. VitalHub includes apps for clinical care, communications, and medical research, and the platform to expand this to other areas. VitalHub is based in Toronto, Ontario.
For further information please contact:
Chief Executive Officer, and Director
All information contained in this news release with respect to Vitalhub, B Sharp Technologies and HI Next was supplied by the parties, respectively, for inclusion herein, and none of such parties’ directors and officers have relied on such other parties’ for any information concerning such party.
Completion of the transactions described herein is subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance. There can be no assurance that any of the transactions will be completed as proposed or at all. Investors are cautioned that any information released or received with respect to the transactions may not be accurate or complete and should not be relied upon.
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.
This news release contains forward-looking statements relating to the timing and completion of the transactions, the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the transactions, the timing of the transactions, the use of the net proceeds from the Placement, the listing of the Common Shares on the TSX Venture Exchange, the receipt of regulatory approvals and the timing thereof, and the future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the failure to satisfy the conditions to completion of the Acquisitions and other risks detailed from time to time in the filings made by the Company with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, the Company cannot guarantee that transactions described herein, will be completed on the terms and within the time disclosed herein or at all. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
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