Monday, April 13, 2015

Patient Home boosts financing to $58.5-million

2015-04-13 11:26 ET - News Release

Mr. Dennis Wilson reports
Patient Home Monitoring Corp. (PHM), in connection with its previously announced bought-deal private placement offering, has entered into an amendment agreement with Mackie Research Capital Corp. as lead underwriter, and including GMP Securities LP and Beacon Securities Ltd., to upsize the offering from $36-million to $58.5-million. The Underwriters have agreed to purchase, on a bought-deal basis, 39,000,000 units (the "Units") of PHM at a price of $1.50 per Unit, for gross proceeds to PHM of $58,500,000.

Each Unit will consist of one (1) common share (a "Common Share") in the capital of PHM and one-half (1/2) of one common share purchase warrant (each whole common share purchase warrant a "Warrant") of PHM. Each Warrant entitles the holder thereof to acquire one Common Share for an exercise price of $1.80 per Common Share for a period of 36 months following closing of the Offering (the "Closing"). The expiry date of the Warrants may be accelerated by PHM at any time following the six-month anniversary of the Closing and prior to the expiry date of the Warrants when the volume-weighted average trading price of the Common Shares is greater than $2.20 for any 20 consecutive trading days, at which time PHM may accelerate the expiry date of the Warrants by issuing a press release announcing the reduced warrant term whereupon the Warrants will expire on the 20th calendar day after the date of such press release.

PHM has granted the Underwriters an option (the "Underwriters' Option") to increase the size of the Offering by up to an additional 15% of the total number of Units to be issued under the Offering, at any time on or before 48 hours prior to the Closing. The Offering is scheduled to close on or about the week of May 4th, 2015 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The securities to be issued under the Offering will have a hold period of four months and one day from the Closing. The net proceeds from the Offering will be used by PHM for acquisition purposes and general working capital.
We seek Safe Harbor.

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