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Enter Symbol
or Name
USA
CA



Well Health Technologies Corp
Symbol WELL
Shares Issued 84,360,563
Close 2019-02-15 C$ 0.48
Market Cap C$ 40,493,070
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Well Health arranges $2.72-million private placement

2019-02-19 13:18 ET - News Release

Mr. Hamed Shahbazi reports

WELL HEALTH ANNOUNCES $2.7M NON-BROKERED PRIVATE PLACEMENT LED BY MR. LI KA-SHING AND Well MANAGEMENT

Well Health Technologies Corp. has come to terms for the sale of approximately $2,728,000 of its common shares in a private placement led by Hong Kong business leader Li Ka-shing and Well's own senior management team. The strategic investment by Mr. Li Ka-shing will be made in connection with a non-brokered private placement offering up to approximately 5.9 million shares at a price of 46 cents per share, which reflects the average prior 10-day closing price of Well shares for gross proceeds of up to approximately $2,728,000.

Closing of the offering is subject to a number of conditions, including receipt of any necessary corporate and regulatory approvals, including by the TSX Venture Exchange.

Through Horizons Ventures, Mr. Ka-shing has invested in some of the most iconic and innovative companies of the last decade including Facebook, Spotify, DeepMind, Siri, Impossible Foods, Chromadex and Modern Meadow.

Seven members of Well's management team will co-invest with Mr. Ka-shing in the amount of approximately $1,728,000, including Amir Javidan, Well's newly appointed chief operating officer, who will invest $1-million, and Well's chairman and chief executive officer, Hamed Shahbazi, who will invest $500,000, as part of the offering. In the case of Well's chief executive officer, this investment when combined with previous investments he has made directly or indirectly in Well's stock cumulatively represents over $3.37-million since February, 2018, and well over $4-million overall.

"We're very pleased to demonstrate this big vote of confidence from Well's management team and Mr. Li Ka-shing," said Mr. Shahbazi.

The net proceeds of the offering are intended to be used in connection with the company's continued plans to consolidate and modernize primary health care facilities initially in Canada and then other markets. All securities issued in connection with the offering will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities legislation.

Any participation by insiders in the offering will be a related party transaction under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

About Well Health Technologies Corp.

Well is a unique company that operates primary health care facilities as well as a significant EMR or electronic medical records business that supports the digitization of such clinics. Well's overarching objective is to empower primary care doctors to provide the best and most advanced care possible leveraging the latest trends in digital health. In the last 12 months, Well physicians served approximately 600,000 patient visits through its network of 19 medical clinics.

We seek Safe Harbor.

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