VANCOUVER, British Columbia, March 02, 2020 (GLOBE NEWSWIRE) — CloudMD Software & Services Inc. (CSE: DOC, OTCQB: PHGRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a Company focused on revolutionizing the delivery of healthcare has appointed Gravitas Securities Inc. (“Gravitas” or the “Agent”) to act as sole lead agent, to sell, by way of a private placement on a commercially reasonable best efforts basis, up to 6,250,000 units of the Company (the “Units”) at a price of $0.48 per unit for gross proceeds of up to $3,000,000, (the “Offering”).
Each Unit will comprise one common share of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (a “Warrant”). Each Warrant shall entitle the holder thereof to acquire one common share at a price of $0.70 for a period of 24 months from the date of issuance of such warrant.The Company intends to use the net proceeds of the offering for capital expenditures and general working capital purposes.The Company will, upon the closing of the Offering: (1) pay the Agents a commission equal to 8.0% of the gross proceeds of the Offering, payable in cash; (2) issue to the Agents that number of broker warrants (“Broker Warrants”) equal to 8.0% of the aggregate number of Units sold pursuant to the Offering. Each Broker Warrant will entitle the holder to acquire one Unit at an exercise price equal to the issue price. Due to a high level of demand, please ensure interest is reflected by 5:00pm PST today, March 2, as books may close without further notice.The Offering may be completed in multiple closings and will be subject to the receipt of all necessary regulatory approvals, and execution of definitive agreements between the Company and Gravitas. All securities issued pursuant to the Offering will be subject to a four-month and one day hold period in accordance with applicable Canadian securities laws.ON BEHALF OF THE BOARD OF DIRECTORS“Dr. Essam Hamza, MD”
Chief Executive Officer About CloudMD Software & ServicesCloudMD is digitizing the delivery of healthcare by providing patients access to all points of their care from their phone, tablet or desktop computer. The company offers SAAS based health technology solutions to medical clinics across Canada and has developed proprietary technology that delivers quality healthcare through the combination of connected primary care clinics, telemedicine, and artificial intelligence (AI). CloudMD currently has a combined ecosystem of 315 clinics, over 3000 licensed practitioners and almost 3 million registered patients.The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.INVESTOR RELATIONS CONTACT:CloudMD Software & Services Inc.
investors.cloudmd.ca
Email: investors@cloudmd.caRenmark Financial Communications Inc.
Bettina Filippone: bfilippone@renmarkfinancial.com
Tel:(416) 644-2020 or (514) 939-3989
www.renmarkfinancial.com
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