Toronto, Ontario--(Newsfile Corp. - October 23, 2017) - VITALHUB CORP. (TSXV: VHI) (the "Company" or "VitalHub") is pleased to announce that the Company intends to complete a private placement of up to 1,500,000 (the "Offering") of units (the "Units") at a price of $0.10 per Unit, for total gross proceeds of up to $150,000. Each Unit consists of one common share (each, a "Common Share") and one Common Share purchase warrant (each a "Warrant"). In conjunction with the Offering, VitalHub is also pleased to announce it has entered into debt exchange agreements (the "Securities for Debt Transaction") in which the Company proposes to issue 588,321 Units at a price of $0.10 per Unit.
The funds raised pursuant to the Offering will be used by the Company for general working capital purposes.
Pursuant to the Shares for Debt Transaction, Chitiz Pathak LLP ("CP"), the Company's external legal counsel, has agreed to convert $27,000 of debt owed to them by the Company in exchange for 270,000 Units. All amounts to be converted by CP represent indebtedness for services previously rendered to the Company over the last year. In addition, Henry Chow ("Chow"), an arm's length creditor of the Company, has agreed to convert the remaining $31,832.17 of an initial $50,000 debt owed to him by the Company in exchange for 318,321 Units. All amounts to be converted by Chow represent operational indebtedness of the Company.
VitalHub delivers an innovate platform for the creation of mobile health applications that increases productivity within healthcare settings. The VitalHub platform provides the ability to integrate existing individual healthcare applications while maintaining the control, security and privacy essential in healthcare. VitalHub's applications are focused on the fast-growing mental health and long term care markets and the company plans to strategically acquire and grow business in these areas. Currently over 50 healthcare institutions across Canada use products from VitalHub and its subsidiaries.
VitalHub is based in Toronto, ON, and publicly traded on the TSX Venture Exchange: VHI
For further information please contact:
Chief Executive Officer, and Director
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Offering and Securities for Debt Transactions, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are risks detailed from time to time in the filings made by the Company with securities regulators.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, the Company cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
Neither 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.