May 26, 2022

CloudMD Enters to $13 Million Bought Deal Public Offering

The telemedicine company, CloudMD Software & Services Inc. announced that it has moved into an agreement with Canaccord Genuity Corp. and Beacon Securities Limited on behalf of a consortium with Underwriters. According to the consortium, the Underwriters have agreed to purchase an aggregate of company’s 9,430,000 common shares at the price of $1.38 on each share. The company will get the total gross proceeds of around $13 million. The purchase will be on a bought deal basis and in line with the filed short form prospectus.

The Company has also allowed the Underwriter to purchase up to an additional 1,414,500 Shares from company’s common stock at the rate of $1.38 for each Share by granting them an option. Those shares would be exercisable at any time between the period of 30 days after the Closing Date. The company will gain additional proceeds of $1,952,010 on the completion of transaction. CloudMD will use the proceeds from the Offering for its general corporate purposes.

The company expects to close the offering on September 22, 2020 while it also dependent on certain conditions which also include the receipt of all necessary regulatory and stock exchange approvals. The company required the approval from the TSX Venture Exchange and the authority that regulates securities.  The company will offer the shares via a short form prospectus that will be filed in all provinces of Canada except Quebec. The Company intends to work on all necessary measures to obtain the required approvals for the listing of the Shares on the TSXV.

CloudMD is focused on revolutionizing the delivery of healthcare by providing patients an access to all points of their care from their phone, tablet or desktop computer.

Dennis Morris writes related to the Business Category. He manages to cover anything thrown at him in these two verticals owing to his natural inclination towards Business. Dennis is our freelance contributor. He is responsible for covering developments in finance and business categories.