CALGARY, ALBERTA / ACCESSWIRE / October 16, 2018 / Prevent Health Care International Corp. (formerly Genix Pharmaceutical Corp.) (“Prevent” or the “Corporation”), is pleased to announce that it has completed and has accepted, the closing of a ‘best efforts’ basis non-brokered private placement of a total of 2,400,000 units (“Units”) at $0.25 per Unit to raise gross proceeds of $600,000 (the “Unit Offering”).
Each Unit consists of one common share of the Corporation (“Common Share”) and one-half of a Common Share purchase warrant (“Purchase Warrants”), with one whole Purchase Warrant entitling the holder to purchase one additional Common Share at a price of $0.40 per Common Share for a period of two years from the date of closing the Unit Offering. The Unit Offering is subject to applicable regulatory requirements.
The net proceeds raised from the Unit Offering are intended to be used for the Corporation’s initiatives in the United States and China as the Corporation continues to move towards commercial sales in the United States and facilitates a China Food Drug & Administration (“CFDA”) application submission, and general corporate purposes. The Corporation has paid cash finder fees of $13,400 representing 8% of gross proceeds raised from subscriptions in the Unit Offering from persons introduced to the Corporation by certain eligible finders (“Finders”). The Corporation has also issued 26,800 non-transferable share purchase warrants (“Finder’s Warrants”) equal to 8% of the number of Units subscribed for by persons introduced to the Corporation by Finders. Each Finder’s Warrant will allow the Finder to purchase one additional Common Share for a period of two years from the date of closing at $0.40 per Common Share.As at October 15, 2018, the Corporation has 81,940,101 Common Shares issued and outstanding.
About Prevent
Prevent Health Care International Corp. is a public non-listed Canadian based healthcare management company. The Corporation’s subsidiary, Prevent Health Care International Limited, is the owner of proprietary U.S. Food and Drug Administration 510(k) approved and “CE” certified cardiac monitoring device (the “my-CAM” event heart monitor recorder) and software system platform (the “my-CARDIA” software and monitoring service), which it developed from firmware acquired. The Corporation intends to operate its business through various subsidiaries to which it will license the cardiac monitoring technology and software system platform. The Corporation’s initial strategy will be to focus on developing the cardiovascular health monitoring business in the US market for physicians, cardiologists, providers and distributors in healthcare markets through its wholly-owned subsidiary, My-Cardia (USA) Inc. based in Palm Desert, California. The Corporation will explore the cardiac healthcare market in the rest of the world, initially through newly formed subsidiaries, which will provide future growth and expansion at the appropriate time under the proprietary my-CAM and my-CARDIA monitoring service.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Prevent Health Care International Corp.
Preston Maddin, CFO
Telephone: (403) 617-0000
Email: preston@prevent-healthcare.com
Cautionary statement regarding forward-looking information
This news release contains forward-looking information within the meaning of applicable securities laws relating to the Unit Offering and the intended use of proceeds of the Unit Offering. Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Corporation can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation, its securities, or its respective financial or operating results.
For additional information on the assumptions made and the risks and uncertainties which may cause actual results to differ from the anticipated results, refer the Prevent’s Management Discussion and Analysis dated September 24, 2018 under Prevent’s profile on SEDAR at www.sedar.com and other reports filed by Prevent with Canadian securities regulators.
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