Vitalhub Corp. Announces Private Placement & Securities for Debt Transaction
October 23, 2017 – Toronto, Ontario – 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:
Dan Matlow Chief Executive Officer, and Director
(416) 727-9061 firstname.lastname@example.org