Protech Home Medical boosts financing to $3-million
PROTECH HOME Medical Corp. has amended the terms of its previously announced bought deal offering of common shares of the company. Under the amended terms of the offering,
Beacon Securities Ltd. has agreed to purchase, on a bought deal basis, 25 million offered shares of the company at a price of 12 cents per offered share for aggregate gross proceeds to the company of $3-million. In addition, the company has granted the underwriter an option, exercisable, in whole or in part, giving notice to the company at any time up to 48 hours prior to the closing date (as defined below), to purchase up to an additional 3.75 million offered shares at the issue price for additional gross proceeds of up to $450,000. In the event the
underwriter’s option is exercised in full, the gross proceeds to the company will be $3.45-million.
The net proceeds from the offering will be used for working capital and general corporate purposes.
The completion of the offering is expected to occur on or about Oct. 31, 2018, and is subject to the completion of formal documentation and receipt of applicable regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued in connection with the offering will be subject to a four-month hold period from the closing date in accordance with applicable Canadian securities laws.
About Protech Home Medical Corp.
The company provides in-home monitoring and disease management services for patients in the United States health care market. The primary business objective of the company is to create shareholder value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. The company’s organic growth strategy is to increase annual revenue per patient by offer-
ing multiple services to the same patient, consolidating the patient’s services and making life easier for the patient.
We seek Safe Harbor.
Greg Crawford, Mark Greenberg
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