CloudMD Announces Closing of $8.2 Million Over-Allotment Option
March 12 2021 - 08:04AM
CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF,
Frankfurt: 6PH) (the “
Company” or
“
CloudMD”), a telemedicine company seeking to
revolutionize the delivery of healthcare to patients, is pleased to
announce that it has completed the sale of an additional 3,060,000
common shares of the Company (the “
Shares”) at the
price of $2.70 per Share for aggregate gross proceeds to the
Company of $8,262,000. The Shares were issued pursuant to the full
exercise of the over-allotment option granted to Canaccord Genuity
Corp., Beacon Securities Limited and Echelon Wealth Partners Inc.
on behalf of a syndicate of underwriters including Laurentian Bank
Securities Inc. and Mackie Research Capital Corporation (the
"
Underwriters") in connection with the Company’s
bought deal short form prospectus offering (the
“
Offering”).
The Company issued the Underwriters an
additional 214,200 broker warrants (the “Broker
Warrants”). Each Broker Warrant is exercisable to acquire
one common share of the Company at the exercise price of $2.70 per
common share for a period of 24 months from the closing date of the
Offering.
About CloudMD Software & Services
CloudMD is digitizing the delivery of healthcare
by providing a patient centric approach, with an emphasis on
continuity of care. The Company offers SAAS based health technology
solutions to healthcare providers across North America and has
developed proprietary technology that delivers quality healthcare
through a holistic offering including hybrid primary care clinics,
specialist care, telemedicine, mental health support, educational
resources and artificial intelligence (AI). CloudMD currently
services a combined ecosystem of over 500 clinics, almost 4000
licensed practitioners and 8 million patient charts across North
America. For more information visit: investors.cloudmd.ca
This news release does not constitute an offer
to sell or a solicitation of an offer to buy nor shall there be any
sale of any of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful, including any of the
securities in the United States of America. The securities have not
been and will not be registered under the United States Securities
Act of 1933, as amended (the “1933 Act”), or any state securities
laws, and may not be offered or sold within the United States or
to, or for account or benefit of, U.S. Persons (as defined in
Regulation S under the 1933 Act) unless registered under the 1933
Act and applicable state securities laws, or an exemption from such
registration requirements is available.
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD" Chief Executive Officer
FOR ADDITIONAL INFORMATION CONTACT:
Julia Becker Vice President, Investor Relations
Email: julia@cloudmd.ca investors.cloudmd.ca
Forward Looking Statements
This news release contains forward-looking
statements that are based on CloudMD’s expectations, estimates and
projections regarding its business and the economic environment in
which it operates, including with respect to its business plans and
its intended use of the proceeds of the Offering. Although CloudMD
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and involve risks and
uncertainties that are difficult to control or predict. Therefore,
actual outcomes and results may differ materially from those
expressed in these forward-looking statements and readers should
not place undue reliance on such statements. These forward-looking
statements speak only as of the date on which they are made, and
CloudMD undertakes no obligation to update them publicly to reflect
new information or the occurrence of future events or
circumstances, unless otherwise required to do so by law.
The TSX Venture Exchange Inc. has in no way
passed upon the merits of the proposed transaction and has neither
approved nor disapproved the contents of this press release.
Neither 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 release.
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