VANCOUVER, BC, November 2, 2017 / – Reliq Health Technologies Inc. (TSXV:RHT or OTCQB:RQHTF) (“Reliq” or the “Company”), a technology company focused on developing innovative mobile health (mHealth) and telemedicine solutions for Community-Based Healthcare, is pleased to announce further to its news releases dated October 11 and 30, 2017, it successfully closed an oversubscribed private placement (the “Offering”) led by Canaccord Genuity Corp and Gravitas Securities Inc. (together, the “Co-Lead Agents”) and Beacon Securities Limited (“Beacon” and together with the Co-Lead Agents, the “Agents”) of 12,500,000 Units (the “Units”) of the Company at a price of $0.40 per Unit (the “Unit Price”) for gross proceeds of $5,000,000.
Each Unit consists of one (1) common share of the Company (a “Common Share”) and half of one (1/2) Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”). Each of the 6,250,000 Warrants is exercisable to acquire one Common Share (a “Warrant Share”) for a period of two years following the closing date of the Offering at an exercise price of $0.60 per Warrant Share, subject to adjustment in certain events.
“We are very pleased to have completed a successful oversubscribed financing and to have three of Canada’s leading independent brokerage firms support the Company,” said Dr. Lisa Crossley, CEO of Reliq.
The Company intends to use the net proceeds of the Offering for general working capital, product development and customer acquisition.
In connection with the Offering, the Company paid the Agents a cash fee of $340,000 and issued 625,000 Units to the Agents. Additionally, the Company issued 850,000 compensation warrants to the Agents and other selling dealer group members (the “Compensation Warrants”), with each Compensation Warrant entitling the holder to purchase one Unit of the Company at an exercise price of $0.40 for a period of two years following the closing date of the Offering. Each warrant issued under the Units is exercisable into one Common Share of the Company for a period of two years following the exercise of the Compensation Warrant at an exercise price of $0.60 per Common Share, subject to adjustment in certain events.
All securities issued in connection with the Offering are subject to a four month hold period expiring March 3, 2018.
ON BEHALF OF THE BOARD
“Dr. Lisa Crossley”
CEO and Director
For further information contact:
CORE Capital Partners at 604-566-9233 or email@example.com
Renmark Financial Communications Inc.
Laura Welsh: firstname.lastname@example.org
Tel: (416) 644-2020 or (514) 939-3989
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 release.
Cautionary Statements Regarding Forward Looking Information
Certain statements in this press release constitute forward-looking statements, within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements”.
We caution you that such “forward-looking statements” involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements.
Forward-looking statements include, but are not limited to, statements with respect to commercial operations, including technology development, anticipated revenues, projected size of market, and other information that is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.
Reliq Health Technologies Inc. does not intend, and does not assume any obligation, to update these forward-looking statements except as required by law. These forward-looking statements involve risks and uncertainties relating to, among other things, technology development and marketing activities, the Company’s historical experience with technology development, uninsured risks. Actual results may differ materially from those expressed or implied by such forward-looking statements.
SOURCE: Reliq Health Technologies Inc.