VitalHub Corp. Announces Strategic Private Placement
Toronto, Ontario--(Newsfile Corp. - September 3, 2020) - VITALHUB CORP. (TSXV: VHI) (the "Company" or "VitalHub"), is pleased to announce that it intends to complete a non-brokered private placement (the "Offering") of 1,000,000 common shares ("Shares") at a price per Share of $2.20 for total gross proceeds to the Company of $2,200,000.
In light of the Company's recent acquisitions, use of proceeds from the Offering will be for future acquisition purposes only, to advance the Company's M&A strategy. VitalHub currently has 26,671,712 common shares outstanding. Upon closing of the Offering the outstanding common shares will increase to 27,671,712. The Shares will be subject to a four month and one day restriction from trading as of the date of issuance. Insiders of the Company will make up 100% of the Offering, including Francis Shen, a director of the Company.
Software for Health and Human Services providers designed to simplify the user experience & optimize outcomes.
VitalHub 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, Patient Flow & Operational Visibility, and DOCit Mobile Apps.
The Company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive M&A plan. Currently, VitalHub serves 275+ clients across Canada, USA, UK, Australia, Qatar, and Latvia. VitalHub is based in Toronto, Canada, with an offshore development hub in Sri Lanka. The Company is publicly traded on the TSX Venture Exchange under the symbol "VHI".
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.
Chief Executive Officer, Director
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer's business, capital, or operations that is prospective in nature, and includes future-oriented financial information about the issuer's prospective financial performance or financial position.
The forward-looking information in this news release includes reference to disclosure about the terms of the Offering. VitalHub made certain material assumptions, including but not limited to: prevailing market conditions; general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the ability of VitalHub to execute and achieve its business objectives including its M&A objectives, to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Actual results may vary from the forward-looking information in this news release due to certain material risk factors. These risk factors include, but are not limited to: adverse market conditions; the inability of VitalHub to close the Offering; and regulatory and other risks associated with the capital markets, as well as the medical and technology industries in general. The foregoing list of material risk factors and assumptions is not exhaustive.
VitalHub assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.
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