Mr. Hamed Shahbazi reports
WELLNESS LIFESTYLES INC. ANNOUNCES UP TO $7,315,961 NON-BROKERED
PRIVATE PLACEMENT LED BY STRATEGIC INVESTMENT FROM MR. LI KA-SHING
Wellness Lifestyles Inc. has entered into subscription agreements for the sale of up to $7,315,961 of
its common shares in a private placement led by Hong Kong business leader, Ka-shing Li. The strategic
investment by Mr. Li will be made in connection with a non-brokered private placement offering
of up to 22,169,578 shares at a price of 33 cents per share for gross proceeds of up to $7,315,961. The offering price of 33 cents per share represents a 3-per-cent premium to the 10-day volume
weighted average price (VWAP).
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. Li 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.
"We couldn't be more excited to have Mr. Li join Wellness Lifestyles as a major shareholder and strategic
partner," said Hamed Shahbazi, founder and chairman of Wellness Lifestyles. "Mr. Li has an amazing
record of backing winners who are solving real problems in their respective markets. This investment
reflects the material size of the global market opportunity associated with the company's business and its
corresponding opportunity to positively impact patients to better health."
Mr. Shahbazi will be formally appointed the chief executive officer
of the company on May 23, 2018, and will co-invest with Mr. Li in the amount of $1,826,241 as part
of the offering.
The net proceeds of the offering are intended to be used in connection with the company's plans to
further consolidate health care facilities and integrate accretive technologies. The company has closed on its
first acquisition of six medical clinics in February, 2018, and is investigating further acquisitions. Once a
critical mass presence is established in Canada, the company intends to look at acquisitions south of the
border and beyond if/when circumstances warrant. 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 would 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 Wellness Lifestyles Inc.
Currently the company owns and operates six primary health care facilities in British Columbia. Wellness Lifestyles has more than 34 general practitioners serving more than 240,000 patient visits per year. Wellness Lifestyles was recognized as a TSX Venture 50 company in 2018.
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