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MONTRÉAL, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Premier Health of America Inc. (TSXV: PHA) (“Premier Health” or the “Corporation”) announces today that it has entered into a revised agreement with Acumen Capital Finance Partners Limited (the "Underwriter") to increase the size of the previously announced bought deal financing. Pursuant to the amended terms, the Underwriter has agreed to purchase, on a bought deal basis, an aggregate of 6,200,000 common shares of Premier Health (the "Common Shares") at a price of $1.05 per Common Share (the "Offering Price") for aggregate gross proceeds to the Corporation of approximately $6.5 million (the "Offering").
The Corporation has granted the Underwriter an over-allotment option exercisable at any time up to 30 days following the closing of the Offering (the “Closing Date”), to purchase up to an additional 930,000 Common Shares at a price per Common Share equal to the Offering Price, to cover over-allotments, if any, and for market stabilization purposes. In the event that the over-allotment option is exercised in full, the gross proceeds of the Offering will be approximately $7.5 million.
The Corporation expects to use the net proceeds from the Offering to reduce indebtedness, fund future acquisitions as well as for general corporate purposes.
The offering of Common Shares will be completed by way of short form prospectus, qualifying the Common Shares for distribution in all of the provinces of and in the United States by way of private placement pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended, and outside of Canada and the United States on a private placement or equivalent basis.
The Closing Date is scheduled to occur on or about February 22, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities, and the satisfaction of other customary closing conditions.
About Premier Health
Premier Health is a leading Canadian Healthtech company that provides a comprehensive range of outsourced services solutions for healthcare needs to governments, corporations, and individuals. Premier Health uses its proprietary PSweb software platform to lead the healthcare services sector digital transformation to provide patients with faster, cheaper and more accessible care services.
For Further Information Please Contact:
Mr. Jean-Robert Pronovost
Vice-President, Corporate Development
Premier Health of America Inc.
jrpronovost@premierhealth.ca / 1 800 231 9916