/Not for distribution to United
States newswire services or for dissemination in
the United States/
TORONTO, March 25,
2024 /CNW/ - VitalHub Corp.
(the "Company" or "VitalHub") (TSX: VHI) is
pleased to announce that it has entered into an agreement with
Cormark Securities Inc. acting as lead underwriter, on behalf of a
syndicate of underwriters (collectively, the "Underwriters")
pursuant to which the Underwriters have agreed to purchase
5,834,000 Common Shares (the "Common Shares") from the
treasury of the Company, at a price of $6.00 per Common Share for total gross proceeds
of approximately $35.0 million (the
"Offering").
In addition, the Company has granted the Underwriters an option
(the "Over-Allotment Option") to purchase up to an
additional 875,000 Common Shares on the same terms exercisable at
any time up to 30 days following the closing of the Offering, for
market stabilization purposes and to cover over-allotments, if
any.
The net proceeds of the Offering shall be used for growth
initiatives including future acquisitions, working capital and
general corporate purposes.
Closing of the Offering is expected to occur on or about
April 9, 2024 and is subject to
regulatory approval including that of the Toronto Stock Exchange
(the "TSX").
The Common Shares to be issued under the Offering will be
offered by way of a short form prospectus to be filed in each of
the Provinces of Canada, except
Quebec, and may be offered in
the United States on a private
placement basis pursuant to an exemption from the registration
requirements of the United States Securities Act of 1933, as
amended, and applicable state securities laws, and certain other
jurisdictions outside of Canada
and the United States.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of
the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction. This press release does not constitute an
offer of securities for sale in the
United States. The securities being offered have not been,
nor will they be, registered under the United States Securities Act
of 1933, as amended, and such securities may not be offered or sold
within the United States absent
registration under U.S. federal and state securities laws or an
applicable exemption from such U.S. registration
requirements.
ABOUT VITALHUB CORP.
Software for Health and Human Services providers designed to
simplify the user experience and optimize outcomes.
VitalHub Corp. 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 & Optimization, and
Patient Flow & Operational Visibility solutions.
The Company has a robust two-pronged growth strategy, targeting
organic growth opportunities within its product suite, and pursuing
an aggressive merger and acquisition ("M&A") plan. Currently
VitalHub serves more than 1,000 clients across Canada, USA,
UK, Australia, the Middle East, and Europe.
VitalHub is based in Toronto,
Canada, with an offshore development hub in Sri Lanka. The VitalHub team comprises more
than 400 team members globally. The Company is publicly traded on
the Toronto Stock Exchange (TSX) under the symbol "VHI" and on the
OTC Markets OTCQX Exchange under the symbol "VHIBF".
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain statements contained in this news release including
statements relating to use of proceeds, closing of the offering and
receipt of all necessary regulatory approvals may constitute
"forward-looking information" or "financial outlook" within the
meaning of applicable securities laws that involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking information or
financial outlook. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"is expected", "expects", "scheduled", "intends", "contemplates",
"anticipates", "believes", "proposes" or variations (including
negative variations) of such words and phrases, or state that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved. Such statements are based
on the current expectations of the management of each entity and
are based on assumptions and subject to risks and uncertainties.
Although the management of each entity believes that the
assumptions underlying these statements are reasonable, they may
prove to be incorrect. Although the Company has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended. No forward-looking statement can be
guaranteed. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they
are made and the Company undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events, or otherwise.
SOURCE VitalHub Corp.
