WELL Health Technologies Announces Closing of $2.7M Non-brokered Private Placement

WELL Health Technologies (TSXV:WELL) has announced it has completed its non-brokered private placement of C$2.728 million of its common shares.

As quoted in the press release:

The Company issued 2.17M Shares to a group of strategic investors led by Li Ka-shing, through Horizons Ventures for gross proceeds of $1M. In addition, the Company issued 3.76M Shares to seven members of WELL’s management team for gross proceeds of $1.728M. The Company issued an aggregate of 5.93M Shares at a price of $0.46 per share and raised aggregate gross proceeds of $2.728M.

Through Horizons Ventures, Mr. Li 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.

Amir Javidan, WELL’s newly appointed Chief Operating Officer invested approximately $1,000,000, and WELL’s own Chairman and CEO, Hamed Shahbazi invested $500,000 as part of the Private Placement. In the case of WELL’s CEO, this investment when combined with other investments he has made directly or indirectly in WELL’s stock cumulatively represents over $3.27M since February 2018 and well over $4M overall.

The net proceeds of the Private Placement are intended to be used in connection with the Company’s continued plans to consolidate and modernize primary healthcare facilities initially in Canada and then other markets. All securities issued pursuant to the Private Placement are subject to a hold period under applicable Canadian securities laws expiring on July 8, 2019.

Click here to read the full press release.