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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES.
TORONTO, May 6, 2024 (GLOBE NEWSWIRE) — HEALWELL AI INC. (“HEAL WELL” or the “Pursue“) (TSX: AIDX) is pleased to announce today that, due to strong demand, the Company has entered into an agreement with Clarus Securities Inc. (“Famous“) and Eight Capital Corp. (“Eight“), as co-bookrunner and co-lead underwriter (the “Co-Lead Underwriter“), on behalf of a consortium of insurers (collectively the “Underwriters“) to increase the size of its previously announced Bought Deal offer of C$16,000,065. Pursuant to the expanded terms and conditions, the underwriters have agreed to acquire 12,592,600 units of the Company on a bought deal basis (the “units“) at a price of C$1.35 per unit (the “price offer“) for aggregate gross proceeds to the Company of $17,000,010 (the “Offer“).
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The Company has agreed to amend the terms of the brokerage option granted to the underwriters to permit the underwriters to purchase up to an additional 2,222,400 Units at the Offering Price. The Option may be exercised, in whole or in part, at any time on or before the date that is two (2) business days prior to the closing of the Offering. If the option is fully exercised, the aggregate gross proceeds from the offering will be CAD $20,000,250.
The Company intends to use the net proceeds of the offering for growth initiatives and for general corporate and working capital purposes.
The offering is expected to close on or about May 24, 2024 and is subject to certain conditions, including, without limitation, receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful. No securities may be sold to, or for the account or benefit of, any person in the United States or to any US person or in any jurisdiction in which such offer or sale would be unlawful without registration under the US Securities Act and others offered or sold subject to any applicable state securities laws or an exemption therefrom or a qualification under the securities laws of such other jurisdiction or an exemption therefrom. “United States” and “U.S. Persons” have the meanings assigned to them in Regulation S under the U.S. Securities Act.
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About HEALWELL AI Inc.
HEALWELL is a health technology company focused on AI and data science for prevention. Its mission is to improve healthcare and save lives through early detection and detection of disease. Using its own proprietary technology, the company develops and markets advanced clinical decision support systems that can help healthcare providers detect rare and chronic diseases, improve the efficiency of their practices and ultimately help improve patient health outcomes. HEALWELL pursues a strategy focused on developing and acquiring technology and clinical science capabilities that complement the Company’s roadmap. HEALWELL is publicly traded on the Toronto Stock Exchange under the symbol “AIDX” and on the OTC Exchange under the symbol “HWAIF”. To learn more about HEALWELL, please visit: https://healwell.ai/
Contact information
Alexander Dobranovsky
Managing Director
416-440-4040 x.201
[email protected]
Cautionary Statement Regarding Forward-Looking Information
Certain statements in this press release constitute “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws and are based on assumptions, expectations, estimates and projections as of the date of this press release. Forward-looking statements in this press release include, but are not limited to, statements regarding the Company’s business strategy, plans and other expectations, beliefs, goals and objectives, as well as information and statements about possible future events, including the intended use of proceeds, the expected closing date of the offering, the exercise of the agent option by the underwriters and the approval of the Toronto Stock Exchange and all other regulatory approvals in relation to the offering. Forward-looking statements are often, but not always, identified by words or phrases such as “expects,” “is expected,” “anticipates,” “believes,” “plans,” “projects,” “estimates,” “anticipates.” , “intentions,” “strategies,” “objectives,” “objectives,” “mission,” “forecasts,” “objectives,” “budgets,” “schedules,” “potential,” or variations thereof, or the indication of specific actions, events or results “may”, “could”, “would”, “could” or “will” occur, occur or be achieved, or the negative of these terms and similar expressions. Forward-looking statements are necessarily based on management’s perception of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that the Company considered reasonable at the time of such statements but are beyond the Company’s control are inherently subject to significant business, economic and competitive uncertainties and contingencies that could cause the forward-looking statements to ultimately be false or untrue, in whole or in part. The forward-looking statements contained in this press release are based on various assumptions and factors, including, but not limited to, the following: the assumption that the Toronto Stock Exchange will approve the offering, assumptions regarding the completion of the offering; and that the risk factors set forth below will not, in the aggregate, have a material impact on the Company’s business, operations, revenues and/or results of operations. By their nature, forward-looking statements are subject to inherent risks and uncertainties, which may be general or specific, giving rise to the possibility that expectations, forecasts, predictions, projections or conclusions may not prove to be accurate or that assumptions may not be accurate and that objectives, strategic goals and priorities are not achieved.
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Known and unknown risk factors, many of which are beyond the Company’s control, could cause the Company’s actual results to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements. These risk factors include, but are not limited to, the factors discussed in the “Risk Factors” section of the Company’s most current annual information form, which is available on the Company’s SEDAR+ profile at www.sedarplus.com. The risk factors are not an exhaustive list of factors that could affect the Company and the reader is cautioned to carefully consider these and other factors, uncertainties and potential events and not to place undue reliance on any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are made for the purpose of providing information about management’s expectations and plans regarding the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, or to explain any material differences between subsequent actual events and such forward-looking statements, except as required by applicable law necessary. All forward-looking statements contained in this press release are qualified by these cautionary statements.
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