Patient Home Monitoring (PHM-V) Dec 23, '13 has completed a brokered private placement with gross proceeds of $5.75-million to be used to close acquisitions from its growing pipeline of potential target companies, and for additional working capital and general corporate purposes.
PHM earlier announced that it engaged Beacon Securities Ltd. to complete a best-efforts private placement offering of approximately $5-million. Beacon was also offered the option to place up to another $750,000. Beacon exercised its entire option and placed $5.75-million. This offering positions PHM to continue to pursue attractive health care acquisitions. PHM seeks to continue to make acquisitions in the large and fragmented market of small, profitable businesses providing health care products and services to chronically ill patients, and for working capital and general corporate purposes.
The offering was completed by issuing 25 million units at 23 cents per unit, for gross proceeds to PHM of $5.75-million, each unit consisting of one common share in the capital of PHM and one common share purchase warrant, each whole warrant entitling the holder thereof to acquire one additional common share in the capital of PHM at a price of 36 cents per share for a period of 24 months, subject to certain acceleration provisions in the event that the 20-day volume-weighted average trading price of PHM's common shares on the TSX Venture Exchange exceeds 42 cents.
In connection with the offering, PHM paid cash commissions of $402,500 and issued broker warrants to purchase 1.75 million shares of PHM at 23 cents for a period of 24 months following the closing date of the offering.
The offering closed on Dec. 23, 2013, subject to final approval of the exchange. All securities issued in connection with the offering will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable securities legislation.
"We are again grateful for support we have received from the capital markets as the company continues to accelerate profit growth," Michael Dalsin, chairman of PHM, said. "We will work hard to put the funds to good use for our investors. We also want to thank Beacon for their work supporting PHM." |
