04:29:55 EDT Tue 19 Mar 2024
Enter Symbol
or Name
USA
CA



Wellness Lifestyles Inc
Symbol WELL
Shares Issued 57,259,832
Close 2018-04-24 C$ 0.47
Market Cap C$ 26,912,121
Recent Sedar Documents

Wellness lands Li Ka-shing for private placement

2018-04-24 12:45 ET - News Release

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.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.