Akumin completes US $35M bought deal financing

News Release

Akumin Announces Closing of US$35 Million Bought Deal Offering

For immediate release


Toronto, Ontario – May 2, 2018 – Akumin Inc. (“Akumin” or the “Company”) (TSX: AKU.U) is pleased to announce it has closed its previously announced bought deal offering of common shares by way of short form prospectus sale in each of the provinces of Canada, other than the Province of Quebec. A total of 8,750,000 common shares (the “Shares”) of the Company were sold at a price of US$4.00 per Share, for aggregate gross proceeds of US$35,000,000 (the “Offering”). The Offering was underwritten by a syndicate of underwriters led by Clarus Securities Inc. and included National Bank Financial Inc. and Scotia Capital Inc. (collectively, the “Underwriters”). The Underwriters were granted an aggregate of 525,000 broker warrants (the “Broker Warrants”) in connection with the Offering, each such Broker Warrant entitling the holder to acquire one Share of the Company at a price of US$4.00 per Share for a 24 month period following the closing of the Offering.

The Company intends to use the net proceeds from the Offering: (a) to finance the cash consideration portion of the previously disclosed acquisition by a subsidiary of the Company of certain outstanding non-controlling interests in seven of the Company’s existing Texas-based diagnostic imaging centers (the “NCI Acquisitions”), being approximately US$17.9 million; (b) to support the Company’s growth initiatives and the acquisitions it pursues from time to time; and (c) for general corporate purposes, including to fund other ordinary course expenses.

The Underwriters have the option to purchase up to an additional 1,312,500 Shares at US$4.00 per Share to cover over-allotments, if any, and for market stabilization purposes, for a period of 30 days from and including the closing date of the Offering (the “Over-Allotment Option”). The exercise of the Over-Allotment Option may result in additional gross proceeds of up to US$5,250,000. An additional 78,750 Broker Warrants will be issued to the Underwriters if the Over-Allotment Option is exercised in full, with each such Broker Warrant entitling the holder to acquire one Share of the Company at a price of US$4.00 per Share for a 24 month period following the date of exercise of the Over-Allotment Option.

The Toronto Stock Exchange does not approve or disapprove of the adequacy or accuracy of this release.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws. Accordingly, the Shares may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Akumin in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Akumin

Akumin Inc. is a leading provider of outpatient diagnostic imaging services in the United States with 74 centers located in Florida, Texas, Pennsylvania, Delaware, Illinois and Kansas. Akumin’s centers provide physicians with imaging capabilities to facilitate the diagnosis and treatment of diseases and disorders, and therefore reducing unnecessary invasive procedures, minimizing the cost and improving outcomes for patients. Our imaging procedures include MRI, CT, positron emission tomography (PET), ultrasound, X-ray, mammography and other diagnostic or interventional radiology procedures.

For more information, visit www.akumin.com.

For further information:
Riadh Zine, President and Chief Executive Officer