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Patient Home Monitoring Corp Closes $798,244 Financing-Canada Stockwatch


Wednesday, 19 Jun 2013 08:00pm EDT 

Canada Stockwatch reported that Patient Home Monitoring Corp as raised additional capital to fuel growth in the pharmacy channel and secure the rights to a lower cost meter and testing supplies. While PHM's board of directors authorized an equity financing in late May, 2013, of up to $1.5-million to finance these investment opportunities, PHM projects that these opportunities will require only $750,000 to complete. Therefore, PHM announced that it limited the equity issuance to $798,244. The net proceeds of just over $750,000 will be used by PHM to fuel revenue growth, secure rights to a lower cost meter and testing supplies, and for general corporate purposes and working capital. The non-brokered private placement financing was completed by issuing 9,978,050 common share units at a price of $0.08 per unit for gross proceeds of $798,244. Each unit consists of one common share in the capital of PHM and one-half of one common share purchase warrant of PHM. Each whole warrant entitles the holder thereof to acquire one common share at an exercise price of $0.12 per common share up to the date that is the one year anniversary of closing, and at a price of $0.16 per common share from the day after the one-year anniversary of closing until the two-year anniversary of closing. Receiving brokers included Caldwell Securities Ltd., Canaccord Genuity Corp., Leede Financial Markets Inc., Raymond James Ltd., Dundee Securities Ltd. and Navigator Capital Partners Inc. 

Company Quote

0.37
-0.0050 -1.33%
21 Aug 2014