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Advanced Health Intelligence Ltd: Secures Convertible Note Facility
April 28, 2023 5:18 AM EDT | Source: Advanced Health Intelligence Ltd.
Perth, Australia--(Newsfile Corp. - April 28, 2023) - Advanced Health Intelligence Ltd (ASX: AHI) (NASDAQ: AHI) ("Advanced Health Intelligence", "AHI" or the "Company") wishes to advise shareholders that the Company has placed AUD$1,976,000 via a convertible note offering to sophisticated investors.
The key terms of the convertible note facility are set out below:
Maturity Date | 36 months from the date of signing |
Interest | Interest accrues on the principal amount of the notes at a rate of 8% per annum (calculated daily) and is compounded quarterly in arrears (all payable in cash on maturity or conversion as set out below) |
Repayment | The investors may elect to redeem the outstanding principal and interest on the notes in cash on the Maturity Date, if the notes have not been converted into shares earlier. |
Conversion | At any time after the earlier of 6 months from their date of issue and the date that the Company's share price trades at a minimum of AUD$0.50, a noteholder may elect to convert the principal amount of the notes into shares in the Company at the higher of:
|
Early repayment | At any time prior to the Maturity Date, the Company may notify the investors that it intends to raise capital to repay the outstanding amount under the facility in cash. At that time, the investors may elect to convert the outstanding principal amount of the notes into Advanced Health Intelligence shares at the proposed capital raising price. Should AHI exercise its ability to redeem the note investment, AHI will pay a 10% early repayment fee on the outstanding note funds and interest. |
Security | The notes, when issued, will be unsecured obligations of the Company. However, the Company will consider any reasonable request by the noteholder to be granted security. |
Other terms | The notes are otherwise on customary terms and conditions. |
The Company intends to raise up to USD$10,000,000 under the facility, and this amount is the first funding to be received from investors from active negotiations. The Company has a number of parties currently in discussions regarding the balance being sought.
The proceeds received from the Convertible Notes will be applied toward the Company's working capital requirements. The Company will be utilising its placement capacity under Listing Rule 7.1 for the convertible notes to be issued pursuant to the terms of the facility. An Appendix 3B will be issued in a separate release, following the release of this announcement.
AHI CEO, Scott Montgomery, said, "We are currently in discussions with several parties that have expressed interest in participating in the current round, and we look forward to closing the balance of the funding under the facility in the near future. Allowing AHI to continue executing on our growth and revenue objectives".
AHI Founder and Head of Strategy, Vlado Bosanac, said, "Securing a convertible note financing on these terms demonstrates investors' confidence in the Company's go forward strategy and ability to achieve value creating events that will ultimately result in share price improvement".
The Board of Advanced Health Intelligence Limited has approved this announcement.
For more information, contact:
Vlado Bosanac
Founder/Head of Strategy
Advanced Health Intelligence Ltd
E: admin@ahi.tech
Scott Montgomery
Chief Executive Officer
Advanced Health Intelligence Ltd
E: admin@ahi.tech
About Advanced Health Intelligence Ltd
Advanced Health Intelligence Ltd ('AHI') delivers scalable health assessment, risk stratification and digital triage capabilities to healthcare providers, insurers, employers, and government agencies all over the world via our proprietary technology and processes.
Since 2014, AHI has been delivering Health-tech innovation via a smartphone, starting with the world's first on-device body dimensioning capability. AHI has developed a patented technology, showcasing the next frontier in digitising healthcare with a suite of componentised solutions, culminating in:
- Body dimension and composition assessment to identify the comorbidities of obesity, such as diabetes risk estimates;
- Blood biomarker prediction, including HbA1C, HDL, LDL, and 10-year mortality risk;
- Transdermal Optical Imaging to return vital signs and cardiovascular disease risk estimates;
- On-device dermatological skin identification across 588 skin conditions across 133 categories (Inc. Melanoma); and
- Assisting partners in delivering personalised therapeutic and non-therapeutic health coaching to improve daily habits and build health literacy.
- Our world-class team of subject matter experts in machine learning, AI, computer vision, and medically trained data scientists ensure that AHI's technology is at the forefront of innovation and the needs of our consumers.
- With a focus on impact at scale, AHI is proud to showcase this milestone in digital healthcare transformation, delivering a biometrically derived triage solution accessible on and via a smartphone. With these advanced technologies, AHI helps its partners identify risks across their consumers and triage them into right-care pathways for proactive health management at a population scale.
For more information, please visit: www.ahi.tech
Cautionary Note Regarding Forward-Looking Statements:
This news release contains information or statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
Forward-looking information may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, milestones, strategies, and outlook of Advance Health Intelligence, and includes statements about, among other things, future developments and the future operations, strengths, and strategies of Advance Health Intelligence. Forward-looking information is provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements should not be read as guarantees of future performance or results.
The forward-looking statements made, or perceived to be made, in this news release are based on management's assumptions and analysis and other factors that may be drawn upon by management to form conclusions and make forecasts or projections, including management's experience and assessments of historical trends, current conditions and expected future developments. Although management believes that these assumptions, analysis, and assessments are reasonable at the time the statements contained in this news release are made, actual results may differ materially from those projected in any forward-looking statements. Examples of risks and factors that could cause actual results to materially differ from forward-looking statements may include: the timing and unpredictability of regulatory actions; regulatory, legislative, legal or other developments with respect to its operations or business; limited marketing and sales capabilities; early stage of the industry and product development; limited products; reliance on third parties; unfavorable publicity or consumer perception; general economic conditions and financial markets; the impact of increasing competition; the loss of key management personnel; capital requirements and liquidity; access to capital; the timing and amount of capital expenditures; the impact of COVID-19; shifts in the demand for Advanced Health Intelligence's products and the size of the market; patent law reform; patent litigation and intellectual property; conflicts of interest; and general market and economic conditions.
The forward-looking information contained in this news release represents the expectations of Advance Health Intelligence as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Advance Health Intelligence undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/164065