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Reliq Health Technologies Inc. (RHT: CA), further to its news releases dated March 29, 2017, and April 20, 2017, has received TSX Venture Exchange final approval and closed the convertible debenture financing for gross proceeds of $762,304.97.
All or any portion of the principal amount under the loans is convertible by the lenders into units of the company at any time before the maturity date at a conversion price per unit of 13 cents. Each unit consists of one common share in the capital of the company and one-half share purchase warrant. Each full warrant entitles the holder to purchase one additional common share in the capital of the company at a price of 20 cents per warrant share for a period of 36 months from the date of conversion.
The funds received will be used by the company for continuing corporate and general working capital purposes.
Subscribers of the financing have agreed to a voluntary hold period of six months.
In accordance with the policies of the TSX Venture Exchange, the company paid a finder’s fee of an aggregate of $15,280 and 350,000 finder warrants. Each finder warrant entitles the finder to acquire one common share at a price of 20 cents for a period of 12 months, expiring on April 21, 2018.
As a subscriber to the financing, Aman Thindal, a director and officer of the issuer, may acquire directly or indirectly 769,230 units upon conversion of the convertible debenture. The participation by an insider in the financing is considered to be a related party transaction as defined under Multilateral Instrument 61-101. The transaction is exempt from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101, as neither the fair market value of the securities being issued nor the consideration being paid exceeds 25 per cent of the company’s market capitalization.
About Reliq Health Technologies Inc.
Reliq Health Technologies is a health care technology company that specializes in developing innovative software solutions for the community care market.
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