Premier Health Closes Final Tranche of Private Placement
VANCOUVER, British Columbia, May 16, 2019 – Premier Health Group (CSE: PHGI, OTCQB: PHGRF, Frankfurt: 6PH) (the “Company” or “Premier Health”), is pleased to announced that it has closed a second and final tranche of its previously announced (see news release dated April 3, 2019) non-brokered private placement (the “Offering”).
Upon closing of the second and final tranche of the Offering, the Company issued 684,553 units (each a “Unit”) at a price of $0.65 per Unit for gross proceeds of CAD$444,959.45. Each unit will consist of one (1) common share and one-half (1/2) of a share purchase warrant. Each whole warrant will be exercisable for an additional share at a price of $1.00 for a period of two (2) years from issuance. Aggregate gross proceeds from the first and second tranche closings of the Offering totaled $2,485,071.55.
The Company did not pay any finders fees in connection with the second tranche of the Offering.
Premier Health intends to use the net proceeds of the Offering to fund its ongoing growth strategy in the technology healthcare space and for working capital purposes. All securities issued pursuant to the Offering will be subject to a statutory hold period of four months plus a day from issuance in accordance with applicable securities laws.
Premier Health also announces that it has entered into a settlement agreement with Ms. Brenda Rasmussen, dated effective April 1, 2019, pursuant to which the parties agreed to settle all claims which either may have against the other, including relating to Premier Health’s previous sale of Premier Clinicas De Rehabilitacion Precer, S.R.L. to Ms. Rasmussen and the cancellation of an outstanding convertible promissory note held by her. As part of the settlement, the Company issued to Ms. Rasmussen 400,000 common shares at a deemed price of $0.46 per share. The Company has also agreed to issue to Ms. Rasmussen an additional 75,000 common shares prior to August 1, 2019, or make a $50,000 cash payment in lieu thereof. In connection with the settlement, Ms. Rasmussen also resigned as a director of the Company.
All securities issued pursuant to the settlement agreement will be subject to a statutory hold period of four months plus a day from issuance in accordance with applicable securities laws. In addition, the 400,000 common shares are subject to a contractual restriction on trading, with all such shares being released from such restriction on November 16, 2019.
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD”
Chief Executive Officer
About Premier Health
Premier Health is a Canadian company that is strategically poised to take advantage of business opportunities in the global health care industry. We are focused on innovative health care approaches that combine human skill-based expertise with emerging technologies. Premier Health, in conjunction with its subsidiary Cloud Practice, a cloud-based SAAS Electronic Medical Records software company, is developing proprietary technology to deliver quality healthcare through the combination of connected primary care clinics with telemedicine and artificial intelligence (AI). We currently have a combined ecosystem of 290 clinics, over 3000 licensed practitioners and almost 3 million registered patients. The Premier Health team has deep clinical, operational and financial expertise and a passion for improving healthcare for all patients.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
FOR ADDITIONAL INFORMATION CONTACT:
Premier Health Group Inc.